After reviewing quotes from dozens of lenders, just select the best auto refinance rate and Jerry will do all the hard work of completing the paperwork and phone calls for you.

While you’re with us, make sure to compare car insurance rates and make sure you’re not overpaying for the coverage you need.

Calculate your APR

Here’s a handy tool to help you calculate your approximate loan interest rate:

Loan Amount

Credit Rating

Average Annual Interest Rate	Average Monthly Payment
8.45	$362

State Farm Bank loans overview

State Farm Bank auto loans are currently suspended. Check with an agent to inquire when loans will become available again.

Normally, State Farm Bank provides auto loans for new and used cars in all U.S. states except Massachusetts and Rhode Island.

Here’s everything you need to know about State Farm Bank auto loans:

Starting APR: 2.54% (new cars), 3.04% (used cars)
Loan amounts: $5,000 to $250,000
Loan terms: Up to 84 months for new cars, 72 for used
Application fee: No
Prepayment penalty: Yes
Prequalification or preapproval: Yes
How to apply: Apply through a customer service line or a local State Farm agent

State Farm Bank auto loan pros	State Farm Bank auto loan cons
“Payoff Protector” provides similar protection to gap insurance	Services are not FDIC registered
State Farm customers can apply online for loans or preapproval	Loans are subject to $100 prepayment penalties if paid off within the first 12 months
Wide range of options	Non-State Farm customers must apply over the phone or in-person
—	Not available in MA or RI

What kind of auto loans does State Farm Bank offer?

State Farm Bank has offered loans for new cars, used cars, auto refinancing, lease buyouts, and private-party vehicle financing.

How much do they cost?

State Farm Bank has offered loans between $5,000 and $250,000 plus interest.

Your interest rate will be higher if you have a lower credit score (below 600) or if your loan term is longer (usually 60 months or more).

Benefits

State Farm Bank loans have come with a “Payout Protector” feature that helps protect you financially in the case your car is totaled while being financed.

If you are in good standing with your loan payments, your car is declared a total loss, and you still owe more on your principal than you receive in a settlement, State Farm may cover the difference.

Who is eligible?

You do not have to be an existing State Farm customer to apply for a State Farm Bank auto loan. Still, State Farm insurance or bank customers have the advantage of applying online.

Restrictions

Applicants must be 18 or older, show proof of identity, reside in the U.S., and be the registered owner of the vehicle they wish to finance.

You cannot finance a vehicle with State Farm Bank if it has over 150,000 miles total or is driven more than 50,000 miles annually.

Getting a quote

Apply over the phone or in-person with a State Farm representative (unless you’re already a State Farm customer). You can apply for prequalification to know your loan amount ahead of time.

Application requirements

You’ll need to have the following information eady:

Information about the car you want
Identifying information and address
Social security number
Employment and income information

At this point, the lender may conduct a hard inquiry on your credit, which can cause your credit score to drop temporarily.

After you find a vehicle and it’s time to sign the loan, you’ll need to present proof of car insurance.

Financing amount

State Farm Bank has offered loans between $5,000 and $250,000. In addition to the loan amount and interest, you’ll be responsible for the following throughout the loan:

Taxes, licensing fees, or dealer fees
Add-ons such as gap insurance

Refinancing your State Farm Bank auto loan

State Farm Bank has also offered auto refinance loans. If you’re not happy with the terms of your current loan, you can take out an auto refinance loan to pay off your existing loan at a more favorable rate.

A few reasons you might consider refinancing include:

You can no longer afford your monthly payments
Your interest rates are very high
You have better credit now to qualify for better terms than when you first signed

Before refinancing, you’ll need to have positive equity, meaning you owe less on the loan than the vehicle is worth. If you have negative equity, you may need to provide a large payment upfront to secure a refinance.

What if State Farm Bank isn’t the right choice for you?

Again, State Farm Bank auto loans are currently suspended. However, they may become available in the future.

The loan terms you receive can vary depending on factors like your credit score and history, employment, debt-to-income ratio, and down payment.

To make sure you find the best rates, it’s important to shop around with multiple lenders.

Jerry is the super app that helps you save on all your car-related expenses, including auto loan refinancing.

After a quick sign-up, Jerry will compare loans from dozens of different lenders to find you the best loan terms. Even better, Jerry will handle all the hard parts of refinancing so that you can sit back and enjoy the monthly savings.

Hare are average rates from some of the most popular lenders:

Lender	Starting APR	Terms (months)	Loan amount
Bank of America	2.59%	48–72	$7,500+
Lightstream	2.49%	24–84	$5,000–$100,000
myAutoLoan	2.49%	24–72	$8,000+
Carvana	3.9%	36–72	$1,000–$85,000
Capital One	3.99%	36–72	$4,000–$50,000

FAQs

How do you apply for a State Farm Bank auto loan?

If you’re not an existing customer with State Farm’s insurance or banking, you’ll need to call the customer service hotline or meet with an agent in-person.

If you are an existing customer, you can apply for a loan online.