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 48 states across the USA.
How much can you borrow via State Farm?
State Farm auto loan amounts start at $5,000 and go up to $250,000.
What APR does State Farm offer on its auto loans?
State Farm offers auto loans with fixed APRs starting at 2.54%. Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccuate information in your credit history with these credit monitoring tools.
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.
STATE FARM Disclosure: "Not all applicants will qualify for the 'as low as' Annual Percentage Rates (APR) shown. Factors that may impact the final Annual Percentage Rate offered include the applicant(s) Credit Score, Loan Amount, Term, Collateral Model Year, and Loan Type."
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One State Farm Plaza
Bloomington, IL 61701 USA
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Other Services by State Farm
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Employed Full-Time
- Employed Part-Time
- U.S. Permanent Resident
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)