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State Farm

in Auto Loans

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State Farm

Unaffiliated

in Auto Loans

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Overview

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."
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Available in 48 States
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Age
18
Military Status
  • Active Duty Military
  • Non-Military
Joint Loan Applications Accepted
  • Co-signer
Maximum Vehicle Age
15
Credit Score Range
700 - 850
850 300 700
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Permanent Resident
Verification Documents Required
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Term (Months)
Up to
84
Loan Amount
$5K - $250K
$500 $100K+
APR
Starting at
2.54%

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