Where does State Farm do business?
State Farm is a bank based in Bloomington, IL. It was founded in 1922 and offers auto loans in 50 states (and Washington, DC).
What APR does State Farm offer on its auto loans?
State Farm has a variable APR starting at 2.54%.
What is the maximum loan term you can get with State Farm?
State Farm has auto loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.
Does State Farm charge an origination fee?
Yes, State Farm may charge a loan origination fee.
Does State Farm charge a late fee?
Yes, State Farm charges borrowers with a late payment penatly fee
Does State Farm charge prepayment fees?
Yes, State Farm does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for a loan with State Farm?
Applicants with a credit score of at least 700 can apply for a loan via State Farm. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
What is the estimated funding time for an auto loan via State Farm?
State Farm will typically approve (or deny) an auto loan application within 48 hours and fund the loan within 7 business days of approval.
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One State Farm Plaza
Bloomington, IL 61701 USA
- Visit Site
Other Services by State Farm
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- Only Individual Applications
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)