Frequently Asked Questions – Loans

Application & Eligibility

Application & Eligibility

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)
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.
  • Access our online banking system or SFFCU mobile app, select the Applications widget, and follow the instructions to apply online.  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 Credit Union Specialist.
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
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

  • Auto/Truck 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.  If financing another vehicle type complete the Boat/Motorcycle/RV/Other Vehicle Worksheet.

  • Payoff Information Form – required for refinancing from another financial institution and private party purchases if the seller has a loan on the vehicle you are purchasing

  • Copy of the vehicle title for private party sales (upon approval if no lien exists)

  • 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
Yes, we obtain and review a credit report from a major credit reporting bureau for payment history and account information.
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.
  • Log in to online banking, selection the Applications widget 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.
We offer several convenient ways to make loan payments.

  • State Farm payroll deduction

  • Schedule recurring online transfers to have payments withdrawn from another financial institution or from an SFFCU share savings account

  • Automatic payment through ACH from another financial institution

  • Loan coupon book
 
For vehicle loans:

  • Funds can be sent directly to the dealership via overnight check or wire transfer. Funds are wired the same day if processed prior to 2pm (CST).

  • For private party purchases, funds will be payable to the seller either by overnight check or wire transfer.

  • For refinance transactions funds will be sent to the lienholder.

For personal loans or line of credit:

  • Funds can be deposited into the member’s share account and then transfer funds to an external account, using online or mobile banking.

  • Funds sent by overnight check or wire transfer to member.

  • For debt consolidation loans it may be required that checks are made payable to creditors and sent overnight to member.
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 Federal Credit Union
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

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 Credit Union Specialist

  • Transfer funds from your Share Savings Account

  • Mail check payments using a coupon book (a coupon book will be automatically mailed to you if 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.

Vehicle Loans

Vehicle Loans

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

  • Lease Buyouts

  • Loans using a free & clear auto or truck title as collateral.  (This excludes RVs, boats and other watercraft, motorcycles, other on- and off-road vehicles.)
  • New and used private passenger autos

  • Trucks

  • RVs (examples: motorhomes, travel trailers, campers)

  • Boats (32 feet or less in length; any watercraft requiring Coast Guard documentation & Ship Mortgage is ineligible)

  • Motorcycles

  • Personal watercraft

  • Snowmobiles

  • Trailers – for personal use only (examples: motorcycles, boats, horse/utility/cargo trailers)

  • ATVs & UTVs
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.
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
Contact the Credit Union prior to making your purchase to determine if you may qualify for a higher pre-approval amount.
Loans using free & clear auto or truck titles as collateral are limited to automobiles and trucks only. This excludes RVs, boats and other watercraft, motorcycles, other on- and off-road vehicles.
  • Worksheets can 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 Credit Union Specialist
Either the primary borrower or co-borrower must be listed on the title. Non-borrowers may be added after signing a security agreement.
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.
Not at this time. If you are refinancing an existing loan and purchased GAP through the dealer be sure to check with your provider for a refund on your premium upon payoff. GAP does not transfer to your new loan.

Vehicle Titling

Vehicle Titling

State Farm Federal Credit Union
PO Box 853944
Richardson, TX 75085-3944

Either the primary borrower or co-borrower must be listed on the title. No individuals may be listed on the title unless they have signed the security agreement. If we receive a title that includes additional names we will require non-borrowers to sign a security agreement. Trusts cannot be listed on titles.
Any individual having an ownership interest in the vehicle must sign our Security Agreement acknowledging the vehicle will be used to secure the loan.
No. A Co-signer cannot have ownership interest in the vehicle securing the loan.
No. At least one individual must be listed on the title.
Your state’s titling authority will send paper and electronic titles directly to SFFCU once we are added as the lienholder. For title holding states, the actual title isn’t sent. In these situations, either documentation stating SFFCU is listed as lienholder is provided, or you may be asked to provide a copy of the title showing SFFCU as the lienholder.
Please refer to our Title and Insurance Requirements page and follow the instructions as outlined.
We will adjust the interest rate to the default rate until we have verification SFFCU has been added as lienholder. Once this is verified, we will revert the rate back to the original vehicle loan rate.
Each state is different, please contact your state titling office for instructions. Please complete this as soon as possible, as the timeframe varies by state.
We require members to handle the titling process in order to provide the benefits of reduced loan rates and no loan fees.
Typically, dealers are required to record SFFCU as lienholder on the vehicle being purchased. For private party purchases it is the responsibility of the member (or buyer) to contact their state titling agency for more information on all documents and fees necessary to title their vehicle.

Please refer to our Title and Insurance Requirements page for detailed information.
We process all titles within 2 business days of being paid in full.

If your loan is paid in full with a personal check, it will be released after 10 business days. If your title is electronic, it may take longer as it is your state’s responsibility to release your title after receiving notification from SFFCU. The timing for receiving titles varies by state.
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.

If you do not plan to finance your new vehicle will SFFCU, we will pay off the loan for the vehicle you are trading. We will then release the lien of the traded vehicle and send separately in most cases to the dealer.
Specialty type vehicles (i.e., ATVs, UTVs, snowmobiles, jet skis, certain boats, boat trailers & boat motors, etc.) that do not issue titles will require a Uniform Commercial Code (UCC) filing to secure our interest as lienholder.

Please visit your state’s department of motor vehicles or titling agency for instructions specific to your state.

Business Loans

Business Loans

Generally SFFCU considers only applications for consumer loans and does not make business loans as defined by National Credit Union Association (NCUA) rules and regulations, part 723, which references a threshold of $50,000. As such we will consider a maximum threshold of $49,999 on loans for business purposes.
  • All SFFCU share accounts must be held in corporate names and require tax IDs.

  • All borrowers must be a member of the SFFCU.

  • The individual co-borrower must also have an individual account open under their own Social Security number (SSN).

  • All officers of the corporation must meet the eligibility requirements for membership in the SFFCU.

  • A copy of the Articles of Incorporation listing all officers is required at the time of opening the share account in the corporation name.
  • A natural person co-borrower is required on the loan. Sales agreements must include the natural person borrower; it cannot be listed solely in the business name. If a title is received in the business name only it will need to be corrected.

  • The title or lien must be in the name of the corporation, LLC, or partnership, along with the individual person.

  • All loans in the name of a corporation or business entity account are automatically considered to be for business purposes.

  • All individual or joint loans with a stated purpose of business expense of the natural person co-borrowers are combined with loans in the name of a corporation/business entity to determine the $49,999 aggregate threshold.

  • If the vehicle is to be titled in the name of the business, it is automatically considered for business purpose.
  • A credit report is generated on the individual borrower. We do not generate reports for a corporation, LLC, or partnership.

  • Loan documents, including the loan application, must include:
    • A signature of a corporate, LLC, or partnership representative listed as an Authorized Person in Section 2 of the Corporate/Business Entity/Organization Membership Statement form.
    • The signature of the individual as a co-borrower.

  • Loans made to a sole proprietorship or to a sole proprietor in their name are considered to be loans made to an individual.

Personal Loans

Personal Loans

Closed end personal loans, open end lines of credit and loans secured by Share Savings account(s).

Personal Loans – Allows borrowers a fixed repayment term and payment loan;  borrower receives the full loan proceeds at the time of loan funding.  Minimum loan $1000.  Maximum is $50,000.

Personal Lines of Credit (LOC) – Allows borrowers to request advances up to an approved credit limit.  Limited to one LOC per member.  Minimum Loan is $1000. Maximum is $50,000.

Share Secured Loans – Allows borrowers to use up to 100% of the balance in their Share account as collateral.  Borrowers must have ownership interest in the account and can secure up to two share accounts.  Share account continues to earn interest as the funds are pledged against the loan.  Minimum loan amount is $500.
  • 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.

  • From your SFFCU mobile app, access the Message Center. Tap Compose and select the subject “Line of Credit Advance Request.”  Answer the eight questions and submit your request.

  • 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 Credit Union Specialist
Payment is recalculated after each advance (minimum $500) based on a 60-month repayment term on the new line of credit outstanding balance.
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