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State Farm auto loans review

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State Farm vehicle loans
Min. Loan Amount
Max. Loan Amount
Starting at 4.64%


Financing up to $250,000 for your next car, boat, RV or travel trailer.

This insurance provider can do more than just protect your home and car in an accident. State Farm offers loans for cars and other vehicles at financing up to $250,000 and APRs starting of 4.64%. But online applications aren't available in every state — you may have to speak to a local agent to apply.


  • High maximum loan amount
  • State Farm Bank Payoff Protector
  • Wide range of vehicles
  • Loyalty discounts


  • Prepayment penalty
  • Limits to mileage
  • Online application restrictions
  • Prequalification, not preapproval

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question


Product details

Min. Loan Amount $5,000
Max. Loan Amount $250,000
APR Starting at 4.64%
Interest Rate Type Fixed
Requirements State Farm vehicle loans aren’t available in Massachusetts or Rhode IslandFees

First, am I eligible?

To get a loan from State Farm you must:

  • Not reside in Massachusetts or Rhode Island.
  • Be a US citizen or permanent resident.
  • Be at least 18 years old.

What makes State Farm unique?

You may know State Farm by its insurance commercials, but it offers more than that. Beyond insurance and banking, you can finance your next vehicle purchase through State Farm, including both new and used cars, motorcycles, boats and personal watercraft, RVs and travel trailers. If you’re looking to buy out a lease or refinance a loan, you’ll need to contact a local representative for rates for these services.

What types of auto loans does State Farm finance?

State Farm offers loans between $5,000 and $250,000 for new or used cars and boats, and $40,000 for motorcycles.

Loan typeMinimum APRLoan term
New car, truck, van or SUV3.54%12–84 months
Used car, truck, van or SUV4.29%12–72 months
New boat, RV or travel trailer4.64%12–240 months
Used boat, RV or travel trailer5.19%12–48 months
New motorcycle6.24%12–72 months
Used motorcycle6.84%12–60 months

What are the benefits of a vehicle loan from State Farm?

  • High maximum loan amount. If you have your eye on an expensive vehicle, like a new car to a luxury RV, you can apply for a loan from State Farm for up to $250,000.
  • State Farm Bank Payoff Protector. Automatically included with all vehicle loans, Payoff Protector cancels the outstanding balance on your loan if your vehicle is deemed a total loss by an insurance company.
  • Wide range of vehicles. You aren’t just limited to cars with State Farm. You can also finance anything from a boat to a motorcycle.
  • Loyalty discounts. If you already bank with State Farm, you might be eligible for a rate discount.

What to watch out for

  • Prepayment penalty. State Farm charges a fee of $100 for any loan paid off within the first 12 months.
  • Limits to mileage. To be covered by a loan, your vehicle must not have more than 150,000 miles or have been driven more than 50,000 miles per vehicle year.
  • Online application restrictions. You won’t be able to apply for a lease buyout or private party loan through the State Farm online application, and some states don’t have access to the online application.
  • Prequalification, not preapproval. While you can prequalify for rates and terms before shopping around, they aren’t guaranteed until you submit the full application.

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Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
No minimum credit score
3.9% to 27.9%
1 to 6 years
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Get pre-qualified for used car financing and receive competitive, personalized rates.

State Farm reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.4 out of 5 stars, based on 218 customer reviews
BBB customer complaints 1,358 customer complaints
Trustpilot Score 2.4 out of 5 stars, based on 39 customer reviews
App Store Score 4.8 out of 5 stars, based on 225,862 customer reviews
Google Play Score 4.7 out of 5 stars, based on 40,676 customer reviews
Customer reviews verified as of 16 October 2020

State Farm has mostly poor customer reviews — its Trustpilot and Better Business Bureau (BBB) customer review scores are both low. However, the vast majority of comments are about its insurance products, not its car loans. However, many customers were upset about the quality of customer service, which could also affect borrowers.

How do I apply?

If you want to apply online, follow the steps below. Keep in mind that only residents of Connecticut, Delaware, Florida, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Virginia, Vermont, West Virginia and Washington, DC can fill out the online application. Other applicants must contact a local State Farm representative instead.

  1. Go to the State Farm site, click Menu in the upper left-hand corner and then select Vehicle Loans.
  2. Enter your ZIP code on the loan page.
  3. Sign in to your State Farm account or continue as a guest.
  4. Select the type of loan you’re requesting, as well as your vehicle type and year.
  5. Enter your address, name, date of birth, Social Security number, email and phone number.
  6. Enter information about your employment, income and housing.
  7. Select if you’re applying by yourself, with a cosigner, as joint credit or as joint credit with a cosigner.
  8. Read over the terms and conditions, agree and submit your application.

If you choose to add a cosigner or coapplicant, you will need to enter their basic information and give permission for State Farm to contact them about the application.

How to apply step-by-step

  1. Go to the State Farm website, and select Vehicle Loans.
  2. Select the Get Started button, and enter your ZIP code.
  3. Log in or start application as a guest.
  4. Start filling in your application.

What documents do I need to apply?

To complete your application, you and your cosigner or coapplicant need to provide the information listed below.

  • Your name, date of birth, address, Social Security number and phone number.
  • Your monthly housing payment and whether you rent or own.
  • Your employment status, time at current employer and employer’s contact information.
  • Your monthly or yearly income and its sources.
  • The make, model, VIN number and mileage of the vehicle you’re looking to buy.

If refinancing, you need to provide State Farm with your remaining loan balance and information about your current lender.

What happens after I’m approved for a vehicle loan?

After you’re approved and have received your funds, it’s time to start paying down your loan balance. State Farm allows its borrowers to make payments online, over the phone, by mail or through wire transfer services like MoneyGram or Western Union.

You’ll be on the hook for late fees if you’re more than 10 days late on a payment. The exact amount varies based on your loan terms, so check your promissory note, coupon book or online account for more information.

Keep an eye on your loan balance and your bank account, and if you notice anything off, reach out to State Farm as soon as possible by calling 844-619-8906.

Bottom line

State Farm offers competitive rates and high loan amounts for people looking to finance their next vehicle, either on the road or in the water. Depending on where you live, however, you may not be able to apply online. And its prepayment penalties may be a turnoff if you were hoping to try to pay off your loan within a year.

Before settling on a lender, compare your car loan options to make sure you find the best one for your needs.

Interested in State Farm car insurance? Read our review.

Frequently asked questions

What impacts my APR?

State Farm bases your rate off of your credit score, loan amount, loan term, vehicle model year and the type of loan you’re requesting. If you have a cosigner or coapplicant, their credit score is also considered.

How long is my interest rate valid?

Your APR is valid for up to 60 days after your application, giving you time to decide if a State Farm vehicle loan is the right option for your finances.

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