State Farm Bank® deposit products are FDIC insured

Vehicle Loans Help Center

General FAQ

State Farm Bank offers financing on these new and used vehicles:

Vehicle Type Loan Term Ranges
  • Cars
  • Light Trucks
  • Sports Utility Vehicles (SUVs)
  • Vans
  • Used term range: 12-72 months
  • New term range: 12-84 months
  • Boats
  • Recreational Vehicles (RVs)
  • Travel trailers
  • Used term range: 12-48 months
  • New term range: 12-240 months
  • Motorcycles
  • Used term range: 12-60 months
  • New term range: 12-72 months

State Farm Bank offers financing on these new and used vehicles:

Dealer Purchase
  • Financing for a vehicle being purchased from a licensed dealership.
Lease Buyout
  • Financing provided to a Lessee when a leased vehicle is being purchased.
Refinance
  • Refinancing an existing vehicle loan from State Farm Bank® or other financial institution.
Personal Secured
  • Used when vehicle title has no liens and the vehicle is being pledged as collateral for a loan.
Private Party
  • Financing for a vehicle being purchased from a private party.
  • Specific procedures exist for handling loan requests for a private party purchase. Please contact a State Farm® agent for assistance with private party sales and vehicle loans.
Prequalification Application
  • Used to see if a customer could qualify for financing and be provided with an approximate loan amount and Annual Percentage Rate (APR).

Important : The loan amount and APR are estimates based on credit information received and the requested loan terms.

Visit this loan calculator to help you estimate how much you might be able to afford each month.

  • There is a title fee charged by the Department of Motor Vehicles (DMV) to record the title with State Farm Bank® as the lienholder; however, State Farm Bank's vehicle loans have no direct closing costs. Often customers find that they can quickly recoup the cost of the title recording fee due to the savings in their monthly payment.
  • State Farm Bank® vehicle loans include Payoff Protector Footnote 1 . Payoff Protector will cancel the difference between the amount your auto insurance pays on a total loss claim and the principal balance you owe on your vehicle loan. Certain restrictions apply. For example, your loan must be in good standing.
  • State Farm Bank® rates are competitive.
  • Your monthly payment on a State Farm Bank® vehicle loan may be lower than the dealer, even if the dealer has a slightly lower interest rate based on there being no application fee, the removal of GAP insurance costs, or a longer loan term from State Farm Bank®.

Talk with a State Farm® agent to find out more.

Return to Reference 1 State Farm Bank Payoff Protector is automatically included as a provision of all newly issued vehicle loan promissory notes. Payoff Protector is not an insurance product. Subject to the terms, conditions, and restrictions of the Payoff Protector provision in your State Farm Bank Promissory Note and Security Agreement. Your loan must be in good standing in order for Payoff Protector to apply. If your vehicle is determined to be a total loss before the loan is paid off, State Farm Bank will cancel the difference between the insurance payout and the unpaid principal balance due on the loan. Please contact State Farm Bank for additional details.

Simple interest is a way of allocating monthly loan payments between the principal and interest. The amount of your loan payment that is allocated to interest is based on the unpaid portion of the principal balance, the interest rate on your loan, and the number of days since your last payment. For example, if we receive a payment 20 days since your last payment, you will then be charged 20 days of interest on the unpaid principal balance of your loan. The rest of your payment is credited to the principal which reduces the unpaid principal balance on your loan.

State Farm Bank® vehicle loans are available in all U.S. states except for Massachusetts and Rhode Island.

Down payment requirements are evaluated on an individual basis. For more information, contact a State Farm® agent or State Farm Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

The minimum is $5,000. Depending on the vehicle, the maximum is up to $250,000. For more information on collateral restrictions and loan amounts, contact a State Farm® agent or State Farm Bank® at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

Applicant must be 18 years of age or over and a U.S. citizen, resident alien or non-resident alien and residing in the U.S.

You can apply for a "pre-approval". This is a preliminary approval based on your credit report, application information and debt-to-income ratio. Final approval cannot be provided until you submit specific collateral information and Bank underwriting is complete.

Required information for a pre-approval:
  • Date of birth
  • Social Security number or Tax ID number
  • Employment information
  • Collateral type
  • Collateral year

General eligibility requirements and conditions:

Borrowers
  • Must be at least 18 years of age
  • Must provide proof of identity
  • At least one borrower must be listed as a registered owner on the title and registration
Vehicle
  • Only one vehicle per loan
  • Insurance is required and can be obtained from any acceptable insurer.
Terms
  • Minimum loan term of 12 months
  • Minimum monthly payment of $100
  • Minimum loan amount of $5,000
  • Maximum loan amount of $250,000

Note : Certain restrictions may apply. For more information, contact a State Farm® agent or State Farm Bank® at 877-SF4-BANK ( 877-734-2265 ). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

Collateral Restrictions
  • Golf carts
  • Lawn mowers
  • Tractors
  • Tractor trailers
  • Utility trailers
  • Mopeds
  • Scooters
  • Sports bikes including R and RR suffixes
  • Fisker automobiles
  • Offshore or drag racing boats
  • Salvaged vehicles
  • Rebuilt and reconstructed vehicles
  • Custom-built vehicles
  • Grey market vehicles
Mileage and Age Restrictions
  • Boats, motorcycles and recreational vehicles over 15 years old
  • Vehicles with over 150,000 miles
  • Vehicle driven more than 50,000 miles annually
Other Restrictions
  • Vehicles for hire
  • Vehicles that do not have a NADA listed value
  • Vehicles purchased through an internet auction without a verifiable independent inspection report
  • Vehicles titled ‘branded’ or disqualified through AutoCheck
  • Vehicle used a primary residence

Note : Certain restrictions may apply. For more information, contact a State Farm® agent or State Farm Bank® at 877-SF4-BANK ( 877-734-2265 ). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

Choosing a State Farm Bank® vehicle loan comes with the advantage of Payoff Protector® Footnote * (not an insurance product).

When choosing a vehicle loan, look closely at the low interest rates and manufacturer's rebates offered. Dealers may keep your rebate, offer a shorter finance period than you prefer, or include a balloon payment at the end.

With State Farm Bank®, you can use your rebate for an additional down payment to help lower your monthly payment.

Financing Comparison

Consider this example comparing dealer financing to bank financing.

  Dealer Financing Bank Financing
Annual Percentage Rate (APR) 3.90% 8.24%
Purchase Price $12,000 $12,000
Less down payment - $1,200 - $1,200
Less manufacturer's rebate $0 - $1,500
Amount Financed $10,800 $9,300
Monthly Payments (48 Months) $243.37 $228.08

The above comparison assumes monthly payments on a 48-month term, $12,000 vehicle purchase price with a down payment of $1,200. One loan is 3.90% APR with no manufacturer's rebate and the other loan is 8.24% APR with the manufacturer's rebate of $1,500. Rates may not reflect current interest rates. Example is for illustration purposes only.
To find the deal that works best for you, contact your participating State Farm® agent or compare your financing offers using the Vehicle Loan payment calculator.

Return to Reference * State Farm Bank Payoff Protector is automatically included as a provision of all newly issued vehicle loan promissory notes. Payoff Protector is not an insurance product. Subject to the terms, conditions, and restrictions of the Payoff Protector provision in your State Farm Bank Promissory Note and Security Agreement. Your loan must be in good standing in order for Payoff Protector to apply. If your vehicle is determined to be a total loss before the loan is paid off, State Farm Bank will cancel the difference between the insurance payout and the unpaid principal balance due on the loan. Please contact State Farm Bank for additional details.

State Farm Bank® vehicle loans are simple interest loans. Simple interest calculations are used for installment loans:
  • The remaining principle is multiplied by the interest rate to calculate the total interest for one year.
  • The annual interest is divided by the number of the days in the year to calculate the interest per day.
  • The interest per day is multiplied by the number of days between payments to calculate the amount due each payment.
Example:
  • A $20,000 loan at 8.49% APR = $1698.00 (annual interest)
  • $1698.00 / 365 = $4.652 (daily interest)
  • $4.652 x 30 = $139.56 (monthly interest)
  • However, the first month the loan is due, $4.652 would be multiplied by the number of days from the date the funds are disbursed to the date the payment is processed.

In most states, State Farm Bank® holds the title to a vehicle. However, in title-holding states you hold the title to your vehicle with our lien on it. A few states have an electronic title that the state retains electronically.

If State Farm Bank® holds the title or has a lien on the title, it will be released to you on the 10th business day after the payoff is received, processed, and all other conditions are satisfied. Please allow for normal mail time.

Note: If you live in a state that retains titles electronically, time frames may vary.

A lien release removes a lender as holder of the security interest in a vehicle on a title, generally after the loan is paid off.

Yes. We accept customer initiated title changes. However, research fees and state title and registration fees may apply. If you wish to make changes to your title, contact us at 877-SF4-BANK (877-734-2265). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service.

You may take your vehicle out of the country if you meet certain requirements and obtain permission from State Farm Bank®.

For more information or to request to take your vehicle out of the country, contact us at 877-SF4-BANK (877-734-2265). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service.

During the loan application process, all co-applicants and co-signers must provide the following:

Personal Information
  • Name
  • Date of birth
  • Address
  • Social Security number
  • Primary phone number
  • Monthly housing payment
  • Residence status (rent or own)
Employment and Income Information
  • Employment status
  • Employer name
  • Employer phone number
  • Position or title
  • Length of time at current employer
  • Income amount and sources of income
Vehicle Information
  • Model year
  • Vehicle Identification Number (VIN)
  • Vehicle mileage
Current Loan Information (for refinances only)
  • Remaining loan balance
  • Current lender information

Most vehicle loan applications submitted during our hours of operation receive a decision within one hour of submission. The Bank Loan Center's hours of operation are Monday through Friday from 7:30 a.m. to 7:30 p.m. CST and Saturday from 9:00 a.m. to 4:00 p.m. CST.

A loan application is valid for 60 days from the initial submission date.

You should expect to provide the following at closing:
  • A driver's license or state issued ID
  • Proof of insurance

Note: The information you need to bring to closing depends on the type of loan. For example, a refinance also requires the vehicle’s registration to be provided at closing.

No. State Farm Bank® does not charge a vehicle loan application fee.

General Payment Information

To create a new online account, complete these steps:
  1. Access statefarm.com®
  2. Click Log In
  3. Click Create an account
Once you have an online account, complete these step to add you vehicle loan account to your My Accounts page:
  1. Access statefarm.com®
  2. Enter your User ID and Password in the Log In box
  3. Click My Accounts
  4. Select Add/View Bank Account
  5. Enter your 10 digit account number beginning with an 8
  6. At the end of the account number, type 0001 without spaces
    Example: 81234567890001
  7. Enter your email address
  8. Click Submit

You will receive a confirmation email once the account is registered. It may take an hour after registration before the account is viewable online.

To make an online vehicle loan payment, your vehicle loan account must first be added to your My Accounts page. Once your account is added, complete the following steps:
  1. Access statefarm.com®
  2. Enter your User ID and Password in the Log In box
  3. Select Make a payment button next to the vehicle loan on which you would like to make a payment
  4. Select the Amount Due radio button or enter a different amount to pay in the input field
  5. Choose your Payment Date
  6. Select a payment account from which to make your payment. You may use an existing payment account or add a new one.
    Note: To add a new payment account you will need the institution’s routing number and your account number at that institution. You will also need to indicate whether you want to save the new account for future use.
  7. Click Continue button
  8. Review your payment information. If all of the information is correct, click Submit Payment button
  9. Click Done button
View Example

  1. Download the State Farm mobile app
  2. Once you log in, tap on your Vehicle Loan and then Make a Payment
  3. Add or choose an existing payment account
  4. Select your payment amount and date
  5. Review and submit your payment

To set up automatic vehicle loan payments using a State Farm Bank account, or an account at another bank, complete and mail the Automatic Payment Authorization Form [PDF] form along with a voided check or savings deposit slip to this address:

State Farm Bank, F.S.B.
ATTN: Loan Services
P.O. Box 5961
Madison, WI 53705

You can also fax these documents to 800-420-8124. Please include a cover page and send to the attention of “Loan Servicing.”

Note: You don't need to send a voided check or deposit slip if you're paying with a State Farm Bank deposit account, and we'll stop your automatic payments when your loan is paid in full.

Vehicle Loan Payments/Payoffs With Coupons - Regular Mail

State Farm Bank
P.O. Box 3299
Milwaukee, WI 53201-3299

Vehicle Loan Principal Only Payments, or with Special Instructions

State Farm Bank
P.O. Box 5961
Madison, WI 53705-3298

Vehicle Loan Payments Without Coupons or Other Correspondence - Regular Mail

State Farm Bank
P.O. Box 5961
Madison, WI 53705-0961

Vehicle Loan Payments/Payoffs Footnote * Overnight Payment or Special Instructions

State Farm Bank
ATTN: Loan Servicing
2535 Daniels Street
Madison, WI 53718

Return to reference * Loan Balance is not the same as Payoff Amount. Using the loan balance amount may result in additional interest charges and could delay lien release. The payoff amount may change if there are additional fees such as late fees that accumulate during the quoted period, and/or a Prepayment Penalty (Vehicle/CD Secured). The payoff amount may also be affected if the account has payments reversed or payments in process such as ACH, bill pay, online, or mailed payments.

877-SF4-BANK ( 877-734-2265 )

Use our Interactive Voice Response system to make a vehicle loan payment by phone. When the system asks why you are calling, say "Make a payment."

You can use your State Farm Loyalty Rewards points Footnote * to make car payments. Just log in to your account and click "Redeem State Farm Points" under the credit card. Or call 877-SF4-VISA (877-734-8472).

Learn about Loyalty Rewards

Return to reference * You must have at least 2,500 points to make a redemption and you cannot apply points to your bill if it's less than 5 calendar days before the due date.

Make a one-time online transfer from a State Farm Bank Home Equity Line of Credit (HELOC) to your Vehicle Loan account: Call 877-734-2265

Western Union: Call 877-734-2265 for Western Union instructions
Western Union service fees may apply

MoneyGram: Call 877-734-2265 for MoneyGram instructions
MoneyGram service fees may apply

Wire transfer: Call 877-734-2265 for wire instructions
Fees may be assessed by originating financial institution

You can make principal-only payments by one of the following methods:

Online Transfer

Use a State Farm Bank deposit account to complete an online transfer. The account must be registered online with a User ID and Password.

Regular Mail:

State Farm Bank
P.O. Box 5961
Madison, WI 53705-0961
Note: Write your loan account number and ‘Principal Only’ on the memo line.

Phone Transfer

877-SF4-BANK ( 877-734-2265 )

Use our Interactive Voice Response system to make a vehicle loan payment by phone. When the system asks why you are calling, say "Make a payment."

The overage is applied to the principal loan balance if there are no outstanding fees. This will reduce the principal loan balance.

To view scheduled, submitted, cancelled, and paid payments made through the online vehicle payment system, complete these steps:

  1. Access statefarm.com®
  2. Enter your User ID and Password in the Log In box
  3. Click Make a Payment next to your vehicle loan
  4. Click Payment History on the top navigation bar

Note: Payments scheduled to be processed on a business day can only be canceled via the online vehicle payment system if the cancellation request is submitted by 7:00 p.m. CT on the day before the scheduled payment date. You can also cancel payments in advance or same day with a representative by calling 1-877-SF4-BANK ( 877-734-2265 ).

To cancel a scheduled online vehicle payment, complete these steps:

  1. Access statefarm.com®
  2. Enter your User ID and Password in the Log In box
  3. Click Make a Payment button next to your vehicle loan
  4. Click Payment History on the top navigation bar
  5. Under Scheduled Payments, select the payment you want to cancel
  6. Click Cancel button
  7. Confirm the cancellation by clicking Yes

Note: Payments scheduled to be processed on a business day can only be canceled via the online vehicle payment system if the cancellation request is submitted by 7:00 p.m. CT on the day before the scheduled payment date. You can also cancel payments in advance or same day with a representative by calling 1-877-SF4-BANK ( 877-734-2265 ).

View Example

Yes. To edit your online payment accounts, complete these steps:

  1. Access statefarm.com®
  2. Enter your User ID and Password in the Log In box
  3. Click Make a Payment button next to your vehicle loan
  4. Click Manage Payment Accounts on the top navigation bar
  5. Click Edit button next to the payment account you wish to edit
  6. Make your edits
  7. Click Save Changes button

Note: You may also add a new payment account within Manage Payment Account section of the page. To add a new payment account, you will need the institution’s routing number and your account number at that institution. You will also need to indicate whether you want to save the new account for future use.

View Example

Your account balance is the amount still owed of the original funds borrowed.
Your payoff amount includes the principal account balance, accrued interest, and any fees (if applicable).

The grace period for auto loans is 10 calendar days. If a payment is not received by the 10th calendar day of the grace period, interest will continue to accrue and a late fee will be assessed.

You can find information about late fees on:

  • Your promissory note
  • Your coupon book
  • The payment system on statefarm.com® (within the Make a Payment section)

For additional assistance, call State Farm Bank® at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

Note: Payments scheduled to be processed on a business day can only be canceled via the online vehicle payment system if the cancellation request is submitted by 7:00 p.m. CT. on the day before the scheduled payment date. You can also cancel payments in advance or same day with a representative by calling 877-SF4-BANK ( 877-734-2265 ).

Do you have any more questions?

Call us at 844-619-8906

Neither State Farm® nor its agents provide tax or legal advice. These calculators are for illustrative and educational purposes only. Their accuracy and applicability to your circumstances is not guaranteed. Please consult your own adviser regarding your particular circumstances.

State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.

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