State Farm Bank was started in 1922 at Bloomington in the state of Illinois. It provides Auto Insurance to over 80,000 People in the United States of America and Canada. Financial Support options were developed at the State Farm Bank in the late years of 1990. These options included loans and mutual funds. Currently, the State Farm Auto Loan allows clients to receive competitive rates, good customer care services and very affordable payment options for loans.
The State Farm Bank offers loans with some good features. State Farm Auto loans have zero application fees. Loans are available for new cars, SUV or light trucks. Used vehicles are also financed by loans without discrimination. State Farm Auto Loan has a payoff protector. The payoff protector helps clients avoid paying principal charges when you lose your vehicle. Since you no longer have the car, Payoff protection shields you from making payments for a vehicle you no longer possess. There is also an Annual Percentage Rate (APR) reduction which is offered at 0.15 percent for customers who set an automatic car loan repayment through any State Farm Bank services. These services include bank checking, money market or the savings account from the processed loan.
How does State Farm Auto Loan work?
State Bank gives three types of loans. There is the new car loan, used car loan, and the auto loan refinancing. Borrowers must have a Social Security number( SSN) to qualify for any of the above loans. Other requirements are a Tax Identification Number (TIN) or an Individual Taxpayer Identification Number (ITIN). All those wishing to apply for the State Farm Auto Loan have to be at least 18 years old according to the State Farm bank lending policy. You can get more details of the requirements at https://www.statefarm.com/finances/banking/loans/vehicles.
What are the State Farm Auto Loans interest rates?
There are annual percentage rates as will be shown below:
- New vehicles( between 2015 to 2017) – from as low as 2.49 percent
- Used vehicles( from 2014 and older) – from as low as 2.91 percent
There are also autopay discounts from 0.15 percent.
How much can you borrow from State Farm Auto Loans?
The minimum loan you can receive from the State Farm Auto Loan plan is $ 5000 while the maximum amount you can receive is $ 250,000.
Which states do the State Farm Auto Loans operate in?
State Farm Bank has its services in all the states in the United States of America. Estimates show that one in every five vehicles is financed by State Farm Auto Loan by State Farm Bank. The bank has also extended its services into three states in Canada. They are Alberta, New Brunswick, and Ontario. You can have a view on https://www.statefarm.com/agent/US.
How do you apply for a State Farm Auto Loan?
You only need to contact your local agent and apply for your loan. There is a form you fill with your location, using the city, state or ZIP code and get in touch with a State Farm agent. You can visit https://www.statefarm.com/agent/ to get your form online.
How is state Farm Auto Loan better than other lenders?
State Farm Auto Loan is better in providing three important services; payoff protector, Interest rate deductions, and Recreational vehicles. Payoff Protector shields borrowers from financial burdens in case of a loss, major accident or theft.
There are Interest rate reductions for those borrowers who bank with State Farm Bank using Bank checking, money market or even a savings account. Customers who use monthly electronic automated withdrawals are also legible to receive interest rate deductions. On recreational vehicles, State Farm does not restrict their financing options to vehicles. Boats, ATVs, snowmobiles amongst others are still considered for financing.