Lester Freeman
State Farm, in alliance with U.S. Bank, offers vehicle loans to its customers. State Farm Bank provides auto loans for a variety of vehicle types, including cars, boats, recreational vehicles, trailers, and motorcycles. The loan amount can range from $5,000 to $250,000, depending on the vehicle and the borrower's eligibility. State Farm Bank also offers preapproval and multiple repayment options for its auto loans. Additionally, they provide a Vehicle Loan Help Center with resources to assist customers in the loan application process.
| Characteristics | Values |
|---|---|
| Loan Amount | $5,000 to $250,000 |
| Prepayment Penalty | $100 if paid in full within the first 12 months |
| Prepayment Penalty (Alternative) | Not specified if paid in full after 12 months but before 18 months |
| Preapproval | Available |
| Payoff Protector | Offered with every car loan |
| Eligibility | Must be 18 years or older, have proof of identity, reside in the U.S. and be listed as a registered owner on the title and registration of the vehicle |
| Ineligible Locations | Massachusetts and Rhode Island |
| Ineligible Vehicles | Vehicles with more than 150,000 miles or driven more than 50,000 miles annually |
| Application Channels | Phone, in-person, online (for existing State Farm Bank account or State Farm insurance policy holders) |
| Application Processing Time | Within an hour if submitted during normal hours of operation |
| Application Validity | 60 days from the submission date |
| Repayment Options | Multiple |
| Interest Rate | Not specified |
| Loan Types | Personal loans, vehicle loans, business banking products |
What You'll Learn
- State Farm Bank auto loans offer preapproval and multiple repayment options
- State Farm Bank auto loan amounts can range from $5,000 to $250,000
- State Farm Bank doesn't finance vehicles with more than 150,000 miles
- State Farm Bank charges a $100 prepayment penalty for loans paid in full within the first 12 months
- State Farm Bank auto loans are not available to residents of Massachusetts or Rhode Island
State Farm Bank auto loans offer preapproval and multiple repayment options
State Farm Bank offers auto loans with preapproval and multiple repayment options. The bank provides loans for various vehicle types, including cars, boats, recreational vehicles, trailers, and motorcycles. The auto loan options include new-car, used-car, and refinancing options.
State Farm Bank allows customers to apply for preapproval to estimate the loan amount and annual percentage rate (APR) they may qualify for. While preapproval does not guarantee a loan, it is valid for 30 days, and customers can receive a decision within an hour if the application is submitted during normal business hours. To qualify for the most favourable rates, customers likely need to have solid credit.
State Farm Bank offers multiple repayment options, including online, phone, and mail payments. The bank also provides a Payoff Protector feature with every car loan, which can provide peace of mind and potential savings on gap insurance. However, it is important to note that Payoff Protector does not waive past due payments, interest, fees, or charges incurred before a total loss.
Additionally, State Farm Bank charges a prepayment penalty of $100 for any auto loan paid in full within the first 12 months. Customers can make prepayments towards the principal balance at any time before maturity, but a full prepayment within the first 18 months may result in a prepayment penalty.
State Farm Bank also offers personal loans that can be used for various purposes, including private-party vehicle purchases. These loans range from $1,000 to $50,000 and have fixed APRs from 8.74% to 24.99%, depending on credit score, loan amount, purpose, and term.
Overall, State Farm Bank provides customers with auto loan options, preapproval estimates, and flexible repayment choices to meet their vehicle financing needs.
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State Farm Bank auto loan amounts can range from $5,000 to $250,000
State Farm Bank offers auto loans ranging from $5,000 to $250,000. The loan amount depends on the car and your eligibility. State Farm Bank does not finance vehicles with more than 150,000 miles or vehicles driven more than 50,000 miles annually.
State Farm Bank offers preapproval for car loans, allowing you to check if you can get an estimate of the loan amount and annual percentage rate (APR) you may qualify for. The preapproval process does not indicate whether it will result in a hard or soft inquiry on your credit. If you are not an existing State Farm insurance or bank customer, you will need to apply by phone or in person.
State Farm Bank provides multiple repayment options for its auto loans. However, there is a $100 prepayment penalty if the loan is paid in full within the first 12 months. They also offer Payoff Protector, which can minimise the need to roll over any unpaid loan balance into the cost of a replacement vehicle.
State Farm Bank also offers various other financial products and services through its alliance with U.S. Bank. These include checking accounts, savings accounts, certificate of deposit (CD) accounts, and individual retirement accounts (IRAs). Additionally, U.S. Bank offers unsecured personal loans ranging from $1,000 to $50,000 for various purposes, including private-party vehicle purchases.
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State Farm Bank doesn't finance vehicles with more than 150,000 miles
State Farm Bank offers vehicle loans to its customers. However, State Farm Bank does not finance vehicles with more than 150,000 miles on the odometer or vehicles that are driven more than 50,000 miles annually. The bank also has specific requirements for the loan application process. New applicants who are not existing State Farm insurance or bank customers must apply by phone or in person. This means calling the State Farm Bank customer service line or connecting with a local agent in your area. If you are an existing State Farm Bank account holder or have a State Farm insurance policy, you can apply for the loan online.
State Farm Bank also allows customers to apply for pre-approval for a car loan to check the loan amount and annual percentage rate (APR) they may qualify for. The car loan amounts can range from $5,000 to $250,000, depending on the car and the customer's eligibility. The bank also offers multiple repayment options, and a $100 prepayment penalty is charged for any auto loan paid in full within the first 12 months.
State Farm Bank also provides a Payoff Protector with every car loan. This feature minimizes the need to roll over any unpaid loan balance into the cost of a replacement vehicle. Additionally, State Farm has a Vehicle Loan Help Center that provides answers to frequently asked questions, calculators, and helpful articles for customers applying for a vehicle loan or refinance.
State Farm has an alliance with U.S. Bank, which offers personal loans to State Farm customers. These loans can be used for various purposes, including purchasing private-party vehicles. The loan amounts range from $1,000 to $50,000, and U.S. Bank considers the customer's credit score, debt-to-income ratio, credit history, and other factors when making underwriting decisions.
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State Farm Bank charges a $100 prepayment penalty for loans paid in full within the first 12 months
State Farm Bank offers vehicle loans to customers. The loan amounts can range from $5,000 to $250,000, depending on the car and the customer's eligibility. State Farm Bank does not finance vehicles with over 150,000 miles or those driven more than 50,000 miles annually.
State Farm Bank's prepayment penalty is relatively low compared to the average cost of prepayment penalties, which can often amount to thousands of dollars. This suggests that State Farm Bank may be more accommodating of early loan repayment than other lenders. However, it is important to note that State Farm Bank's prepayment penalty only applies if the loan is paid in full within the first 12 months. After this initial period, customers may be able to make prepayments towards their principal balance without incurring a penalty.
The prepayment penalty is just one of the costs associated with State Farm Bank's vehicle loans. Other potential costs include interest, fees, and charges. It is important for customers to carefully review the terms and conditions of any loan agreement before committing to ensure they understand all associated costs and potential penalties.
State Farm Bank offers multiple repayment options for its vehicle loans. Customers can choose to make payments online through their State Farm account, via the State Farm mobile app, or by phone. State Farm also offers a Payoff Protector with every car loan, which can help minimize the need to roll over any unpaid loan balance into the cost of a replacement vehicle.
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State Farm Bank auto loans are not available to residents of Massachusetts or Rhode Island
State Farm Bank offers a variety of auto loans, including new-car, used-car, and refinance options, at competitive rates. However, State Farm auto loans are not available to residents of Massachusetts or Rhode Island. This is because State Farm does not actively market new business in these two states. Some states highly regulate insurance companies and put caps on how much they can charge and raise premiums, so many insurance companies avoid doing business in those states. State Farm has not accepted any new policies for auto insurance in Massachusetts due to the state's insurance laws.
State Farm Bank provides auto loans for a variety of vehicle types, including cars, boats, recreational vehicles, trailers, and motorcycles. The Payoff Protector feature could provide some peace of mind and possibly savings on gap insurance, depending on the level and cost of coverage. It is important to note that Payoff Protector is not an insurance product and does not cover past-due payments or related late fees.
If you are a resident of a state where State Farm Bank auto loans are available, you can apply for a loan by speaking with a State Farm agent, unless you already have a State Farm Bank account or insurance policy. In that case, you can log into your State Farm account online and apply. State Farm Bank requires all new applicants to apply by phone or in person if they are not existing customers.
State Farm also offers personal loans in alliance with U.S. Bank, which can be used for various purposes, including purchasing a private-party vehicle. These loans offer flexible terms and competitive rates, and customers can check their eligibility without impacting their credit score.
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Frequently asked questions
Yes, State Farm Bank offers vehicle loans.
The loan amount can range from $5,000 to $250,000, depending on the vehicle and your eligibility.
You must be 18 or older, have proof of identity, reside in the US, and be listed as the registered owner of the vehicle.
Yes, State Farm Bank offers the option to apply for pre-approval to check if you can get an estimate of the loan amount and APR you may qualify for.
You can apply online if you have an existing State Farm Bank account or State Farm insurance policy. Otherwise, you need to apply by phone or in person.
