Some information to assist you in applying for a loan. Your loan application and all accompanying documentation should be mailed, faxed, or delivered to your local branch.
Loan Application - All information is required for each applicant. If you are applying for joint credit, you must include your co-borrower’s information. (Applicants residing in a community property state, even if married, may apply for individual credit.)
Member Protection Program Option SheetPlease look over the different coverage available and let us know what works best for you and your family. MPP coverage is not required for any loan.
Proof of Income - Note: alimony, child support or separate maintenance income need not be revealed if you do not choose to have it considered.
Current State Farm Employees—current pay stub Agents—agent online recap showing Total Payable per Agreement plus Total Awards and Bonuses Co-Borrower/Spouse—most recent pay stub Retirees—direct deposit as shown on bank statement or current pay stub for retirement or social security income as applicable Self-Employed—IRS form 1040, Schedule C or F Part-time Employment—proof of 6 months continuous income Child Support or Alimony—divorce decree with current proof or check stubs Rental—schedule E or current signed lease agreements if prior year Schedule E is not available.
Vehicle Loans -
Pre-approval — Pre-approvals are encouraged for new or used vehicle purchases. Submit the required forms as above; making a request for the most you think you will need to borrow. Your pre-approval is good for 90 days giving you plenty of time to shop. Dealer Purchase — For a new or used purchase, please submit a copy of the purchase agreement. Private Party Purchase — Used Vehicle Worksheet or call a CU Specialist to obtain an NADA value. Refinance — Submit the Used Vehicle Worksheet or call a CU Specialist to obtain an NADA value.
Proof of Vehicle Insurance - All secured loans (i.e. autos, boats, motorcycles, RVs, etc.) are required to maintain insurance listing the State Farm FCU as lien holder. Comprehensive and collision coverage is required (maximum deductible $1,000). Contact your agent to add the Credit Union as lienholder:
State Farm FCU
P.O. Box 7609
Lafayette, IN 47903-7609
Payroll Deduction from your State Farm employee or agent income is available. Please indicate on the Loan Request form if you wish to take advantage of this convenient option.
ACH - Withdrawal from your checking account or other financial institution savings account is also possible. Please submit the ACH Origination Authorization Form to take advantage of this option.
Some members prefer to have payments made directly from a Credit Union share savings account, either temporarily because of vacation, or permanently. This option is often chosen for Share Secured loans. For this option, submit the Periodic Payment Authorization.
If you wish to have your loan proceeds sent by wire transfer (subject to the fees in place at the time of your wire), please make sure we have a current Wire Transfer Authorization Form on file. If the loan proceeds are being sent to a 3rd party such as a car dealer, a new Wire Transfer Authorization form must be submitted, even if you have provided one in the past.
