Thank you for your interest in borrowing through State Farm Federal Credit Union (SFFCU). Please review the information below for answers to common questions about our loan products and the loan application process.
Q: Who is eligible to apply for a loan?
All members meeting the criteria listed below are eligible to apply for a loan. Applying for a loan does not guarantee approval of a loan application; loan approvals are dependent on a number of factors including credit history and underwriting guidelines.
- All borrowers must be full service Credit Union members with an open and funded Share Savings Account (minimum funding of $5 for individual accounts and $10 for joint accounts)
- Borrowers and co-borrowers must be 18 years of age or older at the time of application
- Primary borrowers must have a share account under the primary borrower’s name and SSN
- Co-borrowers must be named as either owner or joint owner on an S1 share account (note: joint owners who do not meet the field of membership requirements are ineligible for loans)
Q: What factors are used to determine if I will be approved for a loan? If I am a State Farm® employee, agent, or retiree will my loan be approved?
Membership in State Farm Federal Credit Union, including current employment status, does not guarantee approval of your loan application.
Upon receipt of your application, we will first verify your eligibility for membership. We will then obtain and evaluate your credit report(s), verify the information supplied on your application, assess your standing with State Farm Federal Credit Union, and evaluate your debt-to-income and loan-to-value ratios (when applicable).
If your application meets underwriting guidelines for the type of credit requested, we will contact you with a loan approval. If your application does not meet underwriting guidelines for the type of credit requested, we will contact you and provide information related to the basis for the decision.
Q: How can I apply for a loan?
We offer multiple ways to apply for a loan through State Farm Federal Credit Union.
- Access our online banking system, select the Applications widget, and follow the instructions to apply online (note: the Applications widget may be located in the “More” widget section of your online banking display). Use this method to submit all information electronically, upload required documents, and check the status of loan applications at any time
- Call our Member Services Center at 1-888-521-5209 between the hours of 7am – 7pm CST , Monday – Friday, and complete an application over the phone with a Member Services Representative
- Visit one of our Member Care Stations to complete an application
Q: What type of information is required when applying for a loan?
The specific information required when applying for a loan varies based on the type of loan requested. Examples of what may be required are provided below.
- Borrower/co-borrower information (name, Social Security Number, date of birth, email, contact phone, address)
- Employment and income information
- Collateral information (when applicable)
- Requested loan amount & term
- Type of loan
- Method to receive funds
- Repayment options
Q: What type of documentation is required when applying for a loan?
Examples of documentation required when applying for a loan are provided below. Specific requirements will vary based on individual circumstances and the type of loan requested.
- Proof of income (must be current and valid)
- Sales agreement for all vehicles purchased through a dealership
- Used vehicle worksheet for private party purchases, some dealer purchases, refinancing from another financial institution, and applying for a loan using an auto or truck for collateral
- Copy of the vehicle title for private party sales
- Copy of the lease buyout agreement, along with the total amount required to finance including applicable taxes, is required for members wishing to buy out their current vehicle lease
- In cases of debt consolidation, a list of accounts you wish to consolidate and current balances
Q: What sources of income documentation are acceptable when applying for a loan?
Please click here for a list of acceptable proof of income.
Q: Does the Credit Union conduct a full credit report review?
Yes, we obtain and review a credit report from a major credit reporting bureau for payment history and account information.
Q: How long does the loan decision process take?
Loan decisions are provided as quickly as possible. Decision times vary based on loan request volume, loan type, collateral type and complexity. Click here to see our current loan application processing timeframe.
Q: How do I increase my loan pre-approval amount?
Contact the Credit Union prior to making your purchase to determine if you may qualify for a higher pre-approval amount.
Q: How much can I finance on my vehicle loan request?
Maximum loan amounts are based on the Loan to Value (LTV)%. LTV% is loan amount requested divided by the vehicle’s value. The percentage used in the final approval amount factors in the collateral type, loan type, and an evaluation of the applicant(s) credit.
Q: What types of vehicles does the Credit Union finance?
- New and used private passenger autos
- RVs (examples: motorhomes, travel trailers, campers)
- Boats (32 feet or less in length; any watercraft requiring Coast Guard documentation & Ship Mortgage is ineligible)
- Personal watercraft
- Trailers – for personal use only (examples: motorcycles, boats, horse/utility/cargo trailers)
Certain vehicle collateral restrictions may apply.
Q: What does the Credit Union consider as prohibited vehicles (i.e., vehicles not eligible for Credit Union financing)?
The following are common examples of vehicles the credit union does not finance. This is not a comprehensive list, and other exclusions may apply. Please contact us if you have questions regarding a specific vehicle.
- Salvage, rebuilt, reconstructed, and gray market vehicles
- Custom built vehicles
- Vehicles with a branded title or issues determined during underwriting (e.g., lemon, flood damage, etc)
- Vehicles designed or used expressly for commercial purposes
- Vehicle assembled partly or wholly composed of parts from a non-traditional automobile manufacturer
- Farming vehicles, tractors, lawn mowers
- Any watercraft that requires Coast Guard documentation and Ship Mortgage
- Commercial watercraft
Q: What types of vehicle loans are available?
We offer vehicle loans to our members for a variety of needs.
- Loan preapprovals
- Purchases from dealerships
- Purchases from private sellers
- Refinances from other financial institutions
- Loans using a free & clear auto or truck title as collateral (excludes RVs, boats and other watercraft, motorcycles, other on- and off-road vehicles, and non-standard classic and vintage automobiles and trucks)
Q: Does the Credit Union offer loans on clear titles for any vehicle?
Loans using free & clear auto or truck titles as collateral are limited to standard automobiles and trucks only. This excludes RVs, boats and other watercraft, motorcycles, other on- and off-road vehicles, and non-standard classic and vintage automobiles and trucks.
Q: Where can I obtain the vehicle worksheet for autos, boats, RVs and motorcycles?
We offer multiple options for obtaining vehicle worksheets when required.
- The vehicle worksheet will be sent to members after submitting an application, and can also be found in the Quick Links section of our online banking system.
- Call our Member Services Center at 1-888-521-5209 between the hours of 7am – 7pm CST , Monday – Friday, and complete a worksheet over the phone with a Member Services Representative
- Visit one of our Member Care Stations to complete a worksheet
Q: Who can be listed on vehicle loan titles?
Either the primary borrower or co-borrower must be listed on the title. Non-borrowers may be added after signing a security agreement.
Q: I’m trading a vehicle that I have financed with SFFCU, how should the payoff be received?
If you plan to finance your new vehicle with SFFCU, we will pay off the loan for the vehicle you are trading and send the remaining balance to the dealer. We will release the lien of the traded vehicle and send separately in most cases to the dealer.
Q: Does the Credit Union offer GAP insurance coverage?
Not at this time.
Q: When will I receive my vehicle title if I pay off my current auto loan with a personal check?
We release titles for vehicle loans paid off with personal checks after 10 business days.
Q: Do you offer Personal Loans?
Yes, we offer closed end personal loans, lines of credit and loans secured by Share Savings account(s).
Q: How can I check the status of my loan application?
We offer multiple options for checking the current status of loan applications:
- Log in to online banking, selection the Applications widget (often located in the “More” widget section), and enter the application system. Select the specific application desired to see the current status.
- Call our Member Services Center at 1-888-521-5209, between the hours of 7am – 7pm CST, Monday – Friday
Q: What are my loan repayment options?
We offer several convenient ways to make loan payments.
- State Farm payroll deduction
- Scheduled online transfer (automatic deduction from another financial institution)
- Automatic payment from an SFFCU Share Savings Account
- Loan coupon book
Q: What is the fastest way to receive funds?
There are several ways to receive funds from your Credit Union account(s).
- If you live near a Member Care Station you may pick up a check any time during normal business hours. Click here for a list of locations and hours
- Wire transfer to an account at another financial institution (funds are transferred the same day if processed prior to 2pm CST )
- For vehicle purchases the funds are sent directly to the dealer
- For personal loans the funds can be wired directly
- Transfer funds to an account at another financial institution
- Funds from savings, personal loan, or line of credit accounts are sent overnight and available the following business day
Q: How can I request a Line of Credit advance?
There are several ways to request a line of credit advance.
- Log in to online banking and select the Line of Credit Advance Form in the Quick Links section. Advances are processed in the order received between the hours of 7am – 7pm CST , Monday – Friday
- Call our Member Services Center at 1-888-521-5209 between the hours of 7am – 7pm CST , Monday – Friday, and request an advance over the phone with a Member Services Representative
- Visit one of our Member Care Stations to request an advance
Q: If I pay down the balance on my line of credit and then take a new advance, how is the monthly payment recalculated?
The payment is recalculated after each advance based on a 60 month repayment term on the new line of credit balance.
Q: What is the mailing address for loan payments?
For regular mail, please make checks payable to State Farm Federal Credit Union. Include your name, account and loan number in the memo line. Mail payments to:
State Farm FCU
PO Box 853944
Richardson, TX 75085-3944
For overnight mail/payoffs, please make checks payable to State Farm Federal Credit Union. Include your name, account and loan number in the memo line. Overnight payments to:
State Farm FCU
1415 State Street Suite 1000
Richardson, TX 75082
Q: What happens to my loan(s) if I am no longer employed with State Farm?
While you may not open new accounts if you are no longer in State Farm Federal Credit Union’s field of membership, you are still financially responsible for the terms outlined in your loan agreement(s). We offer several ways for individuals no longer in our field of membership to make payments.
- Set up payments from another financial institution using online transfers
- Log in to online banking and set up a recurring scheduled transfer in the Classic tab of the Transfers widget. If making payments from an external account, you’ll need to set this up as a transfer account first.
- Call Member Services Center at 1-888-521-5209 between the hours of 7am – 7pm CST , Monday – Friday, and complete ACH enrollment over the phone with a Member Services Representative
- Transfer funds from your Share Savings Account
- Visit one of our Member Care Stations and make payments in person
- Mail check payments using a coupon book (a coupon book will be automatically mailed to you i f you do not set up ACH payments)
After your loan(s) have been paid in full, your Share Savings Account(s) will remain open unless you contact us to request closure.
Q: Do you offer mortgages or student loans?
We do not currently offer mortgages, home equity loans/lines of credit, student loans or credit cards. However, we continually review our products and services to provide the greatest value to our members. Visit State Farm Bank for information regarding other financial products.
Please contact us at 1-888-521-5209 Monday – Friday with additional lending questions or for account-specific requests.