State Farm Vehicle Loans Review

State Farm Vehicle Loans is offered by State Farm, a financial services company founded in 1922 and based in Bloomington, IL. State Farm Vehicle Loans is available in 48 states across the USA.

How much can you borrow via State Farm Vehicle Loans?

State Farm Vehicle Loans auto loan amounts start at $5,000 and go up to $250,000.

What APR does State Farm Vehicle Loans offer on its auto loans?

State Farm Vehicle Loans offers an auto loan product that ranges from 2.54% APR.

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 inaccurate information in your credit history with these credit monitoring tools.

What is the maximum loan term you can get with State Farm Vehicle Loans?

State Farm Vehicle Loans 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 Vehicle Loans charge an origination fee?

Yes, State Farm Vehicle Loans may charge a loan origination fee.

Does State Farm Vehicle Loans charge a late fee?

Yes, State Farm Vehicle Loans charges borrowers with a late payment penatly fee

Does State Farm Vehicle Loans charge prepayment fees?

Yes, State Farm Vehicle Loans 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.

Can I pay off early my State Farm Vehicle Loans loan?

Yes, you can. However, State Farm charges a prepayment fee if you pay your auto loan early. This fee could reduce or eliminate the savings from paying the auto loan early.

What do you need to qualify for State Farm Vehicle Loans?

Applicants with a credit score of at least 700 and up to 850 may be eligible for State Farm Vehicle Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

State Farm Vehicle Loans does not have or does not disclose a minimum annual income eligibility requirement. State Farm Vehicle Loans only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via State Farm Vehicle Loans. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for an auto loan via State Farm Vehicle Loans?

State Farm Vehicle Loans will typically approve (or deny) an auto loan application within 48 hours and fund the loan within 7 business days of approval.