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Say you want to send money to a relative in South America, or you bought a painting at an online auction hosted in Europe. International money transfers, such as international wire transfers (which SoFi does not offer at this time), can be a convenient way to move funds between different countries. These transfers are typically completed electronically, without any currency physically changing hands.

When choosing the best way to make an international money transfer, it’s important to consider cost, funding speed, and any limits that might apply to how much you can send. Learn the details here.

How Do International Money Transfers Work?

International money transfers work by allowing individuals or businesses to send funds from one country to another electronically. Rather than sending cash, a paper check, or a money order in the mail, it’s possible to transfer money from your bank account (or possibly another funding source) to someone else.

Completing an international transfer is usually a straightforward process. For the popular option of a wire transfer, as well as some other methods, you’ll usually need to have:

•   Your recipient’s name and address, and the name and address of their bank

•   An international bank account number, or IBAN for the recipient

•   A routing number for the recipient’s bank which, when it’s an international transaction, is a SWIFT or BIC code

•   Your bank account number and routing number

•   Funds to complete the transfer

Wiring money internationally from your bank account can be a safer option than mailing funds via a check, as there’s no risk of any physical currency being lost or stolen along the way. An international wire transfer can also be a faster method of sending money, depending on which type of transfer service you’re using.

International Wire Transfer Regulations

There are no rules on how much money you can send overseas via an international money transfer. While the federal government doesn’t limit how much you can send, there are financial regulations that govern when money transfers need to be reported.

•   Specifically, the Bank Secrecy Act of 1970 requires banks to report transfers in excess of $10,000 to the Financial Crimes Enforcement Network (FinCEN). That rule applies to individual and aggregate transfers occurring in the same business day. FinCEN uses reporting data to monitor for and detect potentially criminal activity, including money laundering.

(Worth noting: There are also rules to know if you’re thinking about opening a bank account in another country. If you maintain overseas bank accounts or investment accounts, you’ll need to file a Report of Foreign Bank and Financial Accounts, or FBAR, on FinCEN Form 114. This form must be submitted with your tax return each year.)

Back to the topic of outgoing money transfers: Know your rights. The Consumer Financial Protection Bureau (CFPB) enforces federal protections for money transfers. Specifically, consumers have the right to:

•   Have money delivered to the correct person or business

•   Be informed of the currency exchange rate and any fees or taxes the money transfer service will collect

•   Cancel a transfer within a certain time frame without being charged a fee

•   Report problems to the transfer service and have them investigated

These regulations are designed to prevent consumers from being charged unfair fees or otherwise being taken advantage of when sending money internationally.

Recommended: Benefits of Mobile Banking

3 Ways to Transfer Money Internationally

There are several options for completing international money transfers. Comparing the pros and cons, as well as how they work, can help you to decide which one might be right for your needs.

1. International Bank Transfer

Some banks may offer international transfers without any fees as part of their suite of mobile banking tools.

If this international bank transfer isn’t available, you might consider an international wire transfer at your bank if you have a checking account, savings account, or other bank account. You can tell the bank which account you’d like to transfer funds from, provide the recipient’s information, and the bank does the rest.

•   How long an international wire transfer takes can depend on your bank and the recipient’s bank. It may take anywhere from one to five business days, or more if you’re sending a larger amount of money.

•   Keep in mind that once you submit a wire transfer request, it’s very difficult to get the money back, so you’ll want to double-check your information beforehand.

•   There’s one thing to watch out for with bank transfers: international wire transfer fees. Banks can charge a fee to send the transfer on your behalf, which you’ll need to pay before the transfer can be completed. You could easily pay anywhere from $35 to $50 per transfer, depending on where you bank. (Some banks may offer free international wire transfers for certain types of accounts; check with your financial institution to see what may be available.)

Now you know the drill for international wire transfers, which can be a secure and reliable way to send funds overseas.

2. Money Transfer Services

Money transfer services can send funds internationally, and in some cases, they may arrive much faster than they would with a bank wire transfer.

•   There are money transfer services that allow you to send funds internationally online using your bank account number, credit card, or digital wallet. Others may have branches where you can schedule bank account or cash transfers in person.

•   When comparing money transfer services, it’s important to consider the banking fees. Fees vary depending on which country you’re sending funds to and how much you need to send. For example, Western Union currently charges $8 to send up to $1,000 from the U.S. to certain locations in Central and South America. Prices vary depending on how the funds are accessed as well, such as whether they will be deposited into a bank account or picked up at a Western Union location.

•   Also note the time required. Some transfers may take up to five business days. Other services (like Western Union’s “Money in Minutes”) promise a much faster timeline, whether within 24 hours or mere moments. Make sure you understand the details before sending funds.

•   There may also be limits on the amount you can send. If you’re trying to send larger amounts in a single transaction, you may be asked to split it up into several smaller transfers. Doing so could result in paying more fees to send money internationally.

It’s always wise to do your research before getting ready to use a money transfer service to make sure you fully understand the requirements, timing, and fees.

3. Person-to-Person Payment Apps

Person-to-person payment apps, such as PayPal, Wise, and WorldRemit, allow you to send funds from your bank account to someone else, sometimes almost instantly. To make an international money transfer via an app, you might just need to know the recipient’s email address, phone number, or bank account number.

Fees will vary. With PayPal, for instance, consider:

•   The current fee is 5% of the transaction amount for personal international transfers using a PayPal balance, up to $4.99.

•   There are other possible fees, such as a 2.9% funding fee for using different sources of funding, as well as currency conversion charges.

•   There may be limits on how much you can send in a single transaction or per day.

The recipient may have to pay a fee for instant availability of funds vs. waiting for the funds to transfer over a few days to their bank account.

Which Is the Best Method to Send Money Internationally?

There is no single best method to send money internationally, as some options might work better for some people than others.

For instance, you might choose a bank transfer if you don’t use person-to-person payment apps and you need to send a larger amount of money. Or you might head to an international money transfer service if you’re hoping to deliver funds in a shorter time frame and you want to avoid the wire transfer fee that your bank charges.

Again, the most important things to consider when choosing a money transfer option include:

•   How much it will cost you in fees

•   Where you can send money to, as some person-to-person payment apps (such as Venmo) don’t allow you to transfer funds to other countries

•   When the money you send is likely to arrive

•   What funding methods you can use (say, cash vs. a bank account)

You may also need to consider your recipient’s ability to receive funds. If they don’t have a bank account, for example, then you might need to opt for a person-to-person payment app or money transfer service that allows you to send cash so they can pick it up at a brick-and-mortar location.

Recommended: Guide to Depositing a Check

Tips on International Wire Transfers

When transferring money internationally, it helps to do your research first to choose the best way to move funds. Apart from that, consider how you might be affected by regulatory guidelines.

•   As noted, if you’re transferring more than $10,000 from your checking account to someone else’s, your bank is required to report that to the IRS and possibly other law enforcement entities. Even though you may be doing nothing wrong, sending large amounts could put you under scrutiny if your bank believes those transfers are suspicious.

•   If you’re receiving money via international wire transfer, it’s also helpful to know what you might pay. Banks charge fees to send wire transfers internationally, but they can also charge you money to receive them. A typical amount is $15. That’s something you’d like to know up front so that you’re not taken by surprise when a deposit you’re expecting ends up being less than the full amount.

Knowing these details can help you understand international wire transfers and use them effectively.

The Takeaway

If you need to make an international money transfer (or receive one), there are different ways to do it. These methods include wire transfers, money transfer services, and payment apps. Choosing the one that’s most cost-efficient and/or fastest might suit your needs best, so it’s helpful to shop around.

FAQ

What is the best way to transfer money internationally?

The best way to transfer money internationally is the one that allows you to get money where you need it to go in the way that suits you best, whether that means in the shortest time frame or while charging the lowest fees. With that in mind, the options for sending money internationally include wire transfers at a bank, money transfer services, and person-to-person payment apps.

What is the cheapest way to transfer money internationally?

The cheapest way to transfer money internationally may be a transfer directly from your bank, if your bank doesn’t charge for this feature. Otherwise, you may need to comparison-shop and see how money-transfer-service and payment-app fees stack up.

Is there a way to transfer money internationally for free?

Depending on your financial institution and the type of bank account you have, your bank may allow you to transfer money internationally for free. There are money transfer services that advertise that they allow you to send funds internationally without paying a fee. However, there may be limits on how much you can send (or the requirement that you send a large sum), the transfer may take several business days, and a bank account may be required for both the sender and the recipient.

Photo credit: iStock/xavierarnau

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Good news for drivers with excellent credit: The average auto loan interest rate for consumers with an 800 credit score is 5.25% for a new car and 7.13% for a used car, according to Experian’s 2024 State of the Automotive Finance Market report.

Consumers with high credit scores tend to secure the best loan rates and terms for any lending products, including auto loans. But many different factors impact the interest rate a borrower receives when they apply for a car loan.

Let’s dive into what auto loan interest rates you can expect, how they differ among lenders, and some steps you can take to get the best deal.

Average Used Car Interest Rate for 800 Credit Score

As mentioned, the average interest rate for a car loan with an 800 credit score is going to be 7.13% for a used car. Experian’s 2024 report found that borrowers with a credit score of 781 or higher access those rates on average.

Having a higher credit score generally leads to getting your hands on the best loan rates and terms. If a borrower has a credit score of 800, that means they have good credit habits that lenders like to see. If you’re just starting your credit journey, there are ways to help build your credit over time.

Factors That Affect Auto Loan Interest Rates

When you apply for an auto loan, lenders take a few factors into consideration when determining the loan amount, interest rate, and loan terms. Here’s a closer look.

Credit Score

Lenders evaluate your credit score to get an idea of how likely you are to make your loan payments on time. Having a high credit score shows that you know how to manage credit responsibly, and as a result, you can often secure a better interest rate. Borrowers with lower credit scores can make lenders nervous, so they’re often charged higher interest rates to balance out the risk.

What affects your credit score? Make consistent on-time payments, avoid hard credit inquiries, and keep your credit utilization ratio low to improve your score over time.

Lender

Whom you choose to borrow money from can impact the interest rate you receive. In general, you’re more likely to secure a better deal by getting a loan from a bank, credit union, or online lender than from a dealership — even if you have a lower credit score.

Amount Borrowed

The amount you borrow can impact your auto loan interest rate. A larger down payment helps lower your loan-to-value (LTV) ratio, which can lead to better loan rates and terms. A money tracker app can help you track and manage your finances.

Length of the Loan

If you can choose the loan term, you may be tempted to pick a long one. After all, the longer your loan term is, the lower your monthly payments will be. While lower payments can help you manage your monthly budget, you’ll end up paying more interest over the life of your loan. Longer loan terms are also often associated with higher interest rates, since there’s an increased risk a borrower defaults or pays off the loan early. You can use a spending app to create a budget that accommodates larger loan payments.

Economic and Market Conditions

Some factors that impact loan rates are out of your control. For example, current economic and market conditions affect the Fed rate, which in turn influences auto loan rates. Lenders also take certain market conditions into consideration, like vehicle demand and how well their current borrowers are repaying their loans on time.

How to Get a Better Auto Loan Interest Rate

If you want to spend as little as possible when you borrow money to finance a car purchase, there are a few ways you can help secure a lower interest rate.

To start, spend some time improving your credit score. Borrowers with a high credit score tend to access better interest rates because they pose less risk to the lender. Regular credit score monitoring can help you find ways to continuously improve your score.

It takes time to build credit, but making a large down payment can help immediately. You can also shop around for a lender to see who can offer you the lowest interest rate.

Recommended: What Is the Starting Credit Score?

How Often Do Auto Loan Rates Change?

Interest rates on lending products like auto loans change daily, so check the current loan rates before you walk onto a car lot. It’s also a good idea to get prequalified or preapproved ahead of time. That way, you have a better idea of what you can afford.

How to Use Average Car Interest Rates

It’s important to remember that average rates are just a helpful guidepost, not a guarantee. Understanding what the average car interest rate looks like can help you evaluate if you’re getting a good deal when shopping around for a car loan.

Where Are Auto Loan Rates Heading?

Unfortunately, there is no crystal ball that can help you predict exactly what auto loan rates will look like in the future. However, making an educated guess is possible. Thanks to recent interest rate cuts by the Federal Reserve, some economists believe we should continue to see auto loan rates drop in late 2024 into 2025.

Ways to Get a Better Car Loan Rate

If you’re looking for ways to get a better car loan rate, consider taking these steps:

•  Buy a more affordable car. Expensive cars come with more expensive car loans. If you can’t make a large down payment on a pricey car, look for a more affordable option.

•  Shop around. Apply for a car loan with a few different lenders to get an idea of which one can offer you the best terms at the right price.

•  Pay off your revolving credit. One quick way to get a credit score boost is to lower your credit utilization ratio by paying off any revolving forms of credit like a credit card or home equity line of credit.

•  Check your credit report for errors. You can check your credit score and report without paying. Once a year, check for errors that are harming your credit report and dispute any that you believe should be removed.

Recommended: How Often Does Your Credit Score Update?

The Takeaway

In 2024, the average used car loan interest rate for an 800 credit score is 5.25% for a new car and 7.13% for a used car. That said, these are just averages. The car you choose to buy, your down payment amount, your credit score, and the lender you work with can all impact what your actual interest rate ends up being. It’s a good idea to spend some time working on improving your credit score and to shop around for the right lender to avoid overspending on interest.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What car loan interest rate can I get with an 800 credit score?

You can expect to find an average interest rate of 5.25% if you have an 800 credit score and are applying for a new car loan. Buying a used car? You can expect to encounter an average interest rate of 7.13%.

Is 800 a good credit score to buy a car?

Having a credit score of 800 is considered excellent. As a result, you can expect to access favorable auto loan rates and terms.

What is the average interest rate on a 72-month car loan?

It can be difficult to gauge exactly what a 72-month car loan interest rate will be, but it is safe to say it will cost more than a shorter-term loan. Choosing a 72-month car loan will result in lower monthly payments, but also in paying more interest.

Is 7% interest rate high for a used car?

A 7.00% interest rate for a used car is about average for borrowers with good credit.

What is a bad APR for a car?

As of Q3 2024, the average 60-month new car loan APR is 8.40%, according to the Federal Reserve Board. If you are offered an interest rate higher than that amount, you may want to work on improving your credit score before accepting a loan offer.

Is 5.90% APR good for a 72 month car loan?

If you can manage to secure a 5.90% APR for a 72-month car loan, you likely have a great credit score and a large down payment on your side.

Photo credit: iStock/Thx4Stock

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re in the market for a new (or new-to-you) set of wheels with plans to finance it, predicting your interest rate will help you figure out the total costs of the loan. According to recent Experian data, the average interest rate for a new car loan for someone with a 750 credit score is 6.87%. For a used car, the average interest rate is 9.36%.

In general, the higher the interest rate, the more expensive the loan. But what exactly does an interest rate mean for your wallet, and how can you get a lower score? We’ll look at the ins and outs of what factors can impact the interest rate on your auto loan and what you can do to get a better rate.

Average Used Car Interest Rate for 750 Credit Score

As we discussed above, drivers with a 750 credit score who are shopping for a used car can expect to pay an average interest rate of 9.36%.

A score of 750 is considered very good and is a sign to lenders that you’re able to successfully manage your credit. This means you could qualify for credit cards and loans and better-than-average lending terms. If your credit score isn’t where you’d like it to be, there are steps you can take to build your credit over time.

Factors That Affect Auto Loan Interest Rates

Several variables play into the interest rate on your car loan. Let’s look at the most common ones:

Credit Score

Your credit score can play a major role in determining your interest rate. Usually, the higher your credit score, the lower your interest rate. On the flip side, the lower your score, the higher your rate.

Case in point: Based on Experian data, the average interest rate for used-car borrowers with a deep subprime credit score (500 or under) is 21.55%. Meanwhile, the average interest rate for those with super prime credit (781 and above) is 7.13%.

Lender

Whether you go through a bank, credit union, online lender, or dealer, the car loan interest rate you’re offered is influenced in part by where you get your loan. Interest rates vary widely by lender.

Amount Borrowed

When you borrow a large amount of money, you’re considered a greater risk to the lender. That’s because they stand to lose more if you aren’t able to pay back the loan. In turn, a lender may decide to charge a higher interest rate on a larger loan.

Length of the Loan

Typically, the longer the loan term is, the higher the interest rate. That’s because there’s more time for your financial circumstances to shift, and you might have a harder time keeping up with your payments down the line. Conversely, shorter loan terms typically have lower interest rates.

Economic and Market Conditions

Decisions made by the Federal Reserve can influence the lending rates on car loans. The strength of the economy and larger market trends may also play into what interest rates are offered. For instance, the higher the inflation rate, the greater the chances that interest rates rise.

How to Get a Better Auto Loan Interest Rate

There are a number of measures you can take to improve your chances of getting a better auto loan insurance rate.

A good place to start is to focus on building your credit. This means staying on top of bill payments, keeping your credit usage low, and only applying for credit when necessary, among other things.

You can also spend some time improving your credit score. Regular credit score monitoring can help you find ways to boost your score.

Finally, shop around for a lender to see which one can offer you the lowest interest rate.

Recommended: What Is the Starting Credit Score?

How Often Do Auto Loan Rates Change?

Auto loan interest rates change daily and can vary based on the lender, loan amount, market conditions, and other factors. It’s a good idea to check your auto loan rate at different points of your shopping journey. Also, recheck your auto loan rate if you decide to get a new car instead of a used one or change the loan term or amount.

How to Use Average Car Interest Rates

Knowing the average car loan interest rates — and the average interest rate for a car loan with a 750 credit score, if that’s your situation — can help give you an idea of what you’ll pay for your used set of wheels.

To figure out the total cost of the car, factor in the interest rates, fees, routine maintenance and repairs, gas, and registration and title fees. You’ll also want to determine your monthly payments, which include the loan amount, interest rate, and repayment term. That way, you can gauge what’s an affordable amount to cover each month.

Where Are Auto Loan Rates Heading?

While it’s impossible to say where exactly auto loan rates will be in the coming months, they have gradually increased over the past several years. According to Experian, in Q2 of 2024, the average interest rate for new car loans was 6.84%, and 12.01% for used cars. Compare that to Q2 of 2019, when the average interest rate for new car loans was 5.70% and 9.34% for used cars.

However, you may be able to get more for your money if you’re planning to buy a car in the months ahead. The Federal Reserve is expected to lower its benchmark rate multiple times in late 2024 into 2025, which will likely impact borrowing costs for a new car.

Ways to Get a Better Car Loan Rate

Here are some ways you can help improve your odds of receiving favorable car loan rates:

Build Your Credit

Your credit score isn’t the only factor a lender considers when determining your interest rate, but it’s an important one. Generally speaking, the higher your score, the lower your interest rate will be. A good first place to start is to check your credit score to see where you stand.

Some credit card issuers, banks, credit counselors, and spending apps offer free credit scores. They’ll also alert you when your score changes and give you insights into what caused your score to go up or down.

To build up credit, stay on top of your payments, lower your credit utilization, and avoid taking out credit unless absolutely necessary. It’s not an overnight process, but putting in the effort and taking the right steps make for steady progress.

Recommended: What Affects Your Credit Score?

Work With Lenders You Know

If you have an existing loan with a lender, that longstanding relationship could help boost your odds of getting more favorable rates. Sit down with your lender and see what kind of car loan rates you might qualify for.

Shop Around

Different lenders have different lending criteria and a range of available financing. Do your homework and get quotes from several lenders for the same loan amount and repayment term. That way, you can compare your rates side by side.

Opt for a Shorter Loan Term (If Possible)

A shorter loan term poses less risk for lenders and could translate to a lower rate for you. A shorter term can also mean larger monthly payments, so play around with different loan terms to see how much you might owe on your car loan each month in different scenarios.

Save for a Larger Down Payment

Because higher loan amounts mean higher interest rates, see if you can shore up funds for a larger down payment. That can bump down the rate on your auto loan. (A money tracker app can help you set budgets and monitor spending.)

Get a Cosigner

A cosigner with strong credit may help boost your odds of landing a lower interest rate. However, should you fall behind on your payments, the cosigner is on the hook financially to pay what is due. You’ll want to have a discussion about each person’s role and responsibilities beforehand.

The Takeaway

Getting your head around the average used car loan interest rate for a 750 credit score can help you determine how much you’ll be paying on interest on a car should you get financing. In turn, it can give you a stronger handle on the total cost of the car.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

How common is an 825 credit score?

According to Experian, 21% of consumers have a credit score between 800 and 850, which is considered exceptional.

How many people have a 900 credit score?

Nobody has a 900 credit score. That’s because standard credit scores range from 300 to 850. That said, FICO created industry-specific FICO® Score models that range between 250 and 900, but these models have very limited use.

How rare is an 800 credit score?

About a quarter of Americans (22%) have a credit score of 800 or higher, which falls within the “Excellent” range.

What is a bad APR for a car?

A bad APR on a car is typically associated with lower credit scores. For instance, the average interest rate for used-car borrowers with a credit score of 500 or under is 21.55%.

What is a good interest rate on a 72-month car loan?

According to MarketWatch, the average interest rate for new cars on a 72-month car loan is 6.86%, and 12.80% for used ones. An interest rate that falls below that is considered better than average.

Is 750 a good credit score to buy a car?

A 750 credit score is in the “Very Good” range and considered above average. With that score, you can usually qualify for more competitive interest rates, larger loan amounts, and more flexible repayment terms.

Photo credits: iStock/Drazen Zigic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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