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When someone wants or needs to sell a vehicle, but they still owe money on it, the process can be different from selling one without a loan balance — in other words, with a vehicle that’s been paid off in full. This post will guide you through how to sell a car with a loan under a few different scenarios and then will offer tips on buying the next vehicle.

How to Sell a Car You Still Owe Money On

At a high level, selling a vehicle with a loan has three main steps:

1.    Gather important info.

2.    Determine if you have positive or negative equity.

3.    Pick a selling option.

We’ll explore each of these steps in more depth next.

Gather Important Info

First, get a sense of what the car is worth. This will depend upon its condition, so objectively look at your vehicle. How clean is it? How well has it been maintained? What does the body and interior look like? Examine other used cars like yours for sale and see how they’re priced.

Look at used car valuation guides, as well. They will have different values for trade-ins (when working with a dealership) than for private-party sales (when selling to an individual), and will also list retail values. Look at the one that will fit the situation.

Also, verify the payoff amount on the vehicle’s loan. This will include the principal balance plus any accrued interest and is often available online or can be obtained by calling the lender. During the conversation about selling a vehicle with a loan, you can also find out how to send the payoff amount to the lender and when the lender wants to receive it (before or after the sale of the car).

Recommended: 31 Ways to Save Money on Car Maintenance

Determine If You Have Positive or Negative Equity

The vehicle’s equity is the difference between the resale value and the amount owed on it, and this number can be positive or negative.

Let’s say that a vehicle is valued at $20,000 with a loan amount of $10,000; that car has a positive equity amount of $10,000. If, though, the vehicle is valued at $20,000 and the outstanding loan amount is $25,000, then it has negative equity of $5,000. Loans on cars with negative equity are referred to as “upside-down” or “underwater.”

So, when figuring out how to sell a car with a loan, the processes will differ based on whether the vehicle has positive or negative equity as well as the selling option you select.

Pick a Selling Option

If you have a car with an outstanding loan balance — and it isn’t practical or even possible to pay it off — then selling a car with a loan can typically be handled in one of three ways:

•   Selling it to a used car dealership.

•   Selling it privately to another person.

•   Trading it in.

Selling a Car to a Used Car Dealership

If a car dealership will buy used cars without requiring that you buy one from them during the transaction, then the process will probably be pretty straightforward. The dealer will offer you a certain dollar amount and, if you agree, they will pay off the lender in exchange for getting the vehicle’s title.

If there is positive equity on the vehicle, then you’ll get the money that remains after the loan balance is paid off. If it’s a negative equity situation, then you’d need to pay the difference between what the used car dealer is willing to pay and what it takes to pay off the loan.

For example, If a dealer offers $15,000 on a vehicle that has a $10,000 loan, then the dealer would take care of the loan payoff and provide the person selling the car the remaining money (minus any fees involved). In a negative equity situation, for example, if the vehicle’s value is $10,000 and the outstanding loan is $13,000, then the seller would need to chip in the difference (in this case, $3,000 plus any fees) to complete the sale and transfer the title to the buyer.

Recommended: Smarter Ways to Get a Car Loan

Selling a Car Privately

With a private sale, you might get more money than you would from a used car dealer (who needs to re-sell the vehicle at a profit), but you’d also need to take on more responsibility for managing the sale. This includes the transfer of title and payment of fees among other duties.

Steps to take include the following:

•   Get the current loan payoff from the lender (there will likely be interest owed beyond the principal amount).

•   Find out what paperwork they’ll need and how they want the process to work.

•   Have the buyer follow the lender’s procedures when paying for the car.

From the lender’s perspective, they want to ensure that they get paid. So, as just one possibility, they may have a buyer pay them the agreed-upon price for the vehicle. If it’s more than what’s owed, then the lender could give you the overage. If it’s less than what’s owed, you could give the bank the difference between the price and loan amount.

When selling a car with a loan privately, you’ll also need to handle any fees and forms with the motor vehicle department of your state.

Trading In a Car You Still Owe Money On

As a third possibility, you could trade in the car with a loan balance to a dealer as part of purchasing either a new or used car. The dealer will offer a certain amount of credit for the trade-in vehicle and if its value is more than the loan amount, that difference would go towards the purchase of the replacement vehicle.

If the loan amount is higher than the value, then the dealer may agree to combine the vehicle’s negative equity with the loan for the replacement vehicle. If this is the chosen route, the term may need to be extended to create affordable payments and this will potentially lead to more interest being paid on the new loan.

Recommended: Leasing vs. Buying a Car: What’s Right for You?

The Takeaway

Selling a car with a loan is a little different from selling one that’s paid in full. When thinking about how to sell a financed car, it’s easier to do so if you have positive equity in your car but still can be doable with negative equity. Some options include selling to a dealer or to an individual or trading in the vehicle towards another one.

Setting up a SoFi Money® Vault as a car fund can be a good option for saving towards a new car if you’re considering selling your current vehicle. Account-holders earn interest on their deposits and pay zero fees, so more of your hard-earned money can be put toward your financial goals.

Photo credit: iStock/Sakkawokkie

SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
The SoFi Money® Annual Percentage Yield as of 03/15/2020 is 0.20% (0.20% interest rate). Interest rates are variable subject to change at our discretion, at any time. No minimum balance required. SoFi doesn’t charge any ATM fees and will reimburse ATM fees charged by other institutions when a SoFi Money™ Mastercard® Debit Card is used at any ATM displaying the Mastercard®, Plus®, or NYCE® logo. SoFi reserves the right to limit or revoke ATM reimbursements at any time without notice.
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It may seem old school to whip cash out of your wallet to pay for your purchases. But there are times when good-old greenbacks can actually be a better way to pay than tapping your credit card.

While credit can be a quick and convenient way to pay, using cash for many of your routine transactions can be more secure. Paying in cash can also help you save money, stick to your monthly spending budget, as well as duck savvy marketers.

Read on to learn when it’s better to pay with cash, and when plastic may be the ideal way to go.

The Benefits of Cash

You May Get a Discount

You may be rewarded for paying cash, like paying a lower price at the gas station or when you get take-out at a restaurant.

Many businesses pay a fee for accepting credit and debit cards, so they may be willing to charge you less if you’ll pay in cash. If you frequently fill up your tank, saving even 10 to 20 cents per gallon can add up to significant savings over time.

It Can Help You Avoid Overspending

When you tap or swipe your credit or debit card, you don’t physically see your money leaving your account. Since there’s no sense of immediacy or consequence, it can be easy to spend more than you originally intended.

If, on the other hand, you leave home with only the amount of money you need for the day in cash, your spending is likely to be more mindful and you may have a better chance of sticking to your budget.

Recommended: 9 Tips to Stop Overspending

There are Fewer Security Risks

Yes, someone could rob you when you are carrying cash. However, there is less risk of identity theft or your information getting stolen when you pay with cash vs a debit or credit card.

You Can Avoid Fees

Cash is a one-shot deal — the purchase you made won’t end up costing you a penny more. With credit and debit, however, you can end up paying additional charges down the line, from late fees and overdraft charges to interest payments on debt.

Recommended: How to Avoid Overdraft Fees

Times When You Should Pay in Cash

Your Tab is $10 or Less

It can be a good idea to carry cash for small purchases. Many retailers have a minimum amount of money you must spend in order to use debit or credit. If your purchase is under, you’ll have to throw in extra things (you probably don’t need) to meet the minimum.

When Shopping at a Small or Local Business

Small businesses often offer discounts for cash payments, since it helps them save on bank fees. This can be an easy way to support your local businesses and save a few dollars at the same time.

You Want to Keep Advertisers at Bay

You may have noticed that after you buy something with a credit or debit card, you often get hit with ads and offers for similar products. That’s because retailers can track their customers’ spending and share their information with a third party, who can then target them with ads.

This can be annoying, and also lead to more spending if you’re enticed by an offer. Using cash makes it much harder for businesses to collect and share your information.

Times When You Shouldn’t Pay With Cash

Buying a House

If real estate is hot where you live, you may be tempted (if you can) to plunk down cash to ensure you get that dream house before someone else does.

While buying a home with cash vs getting a mortgage may get you the house, it may not be the most prudent move in the long run, especially if it wipes out all of your savings.

A mortgage has tax benefits and timely payments can help you build good credit. Also, there could be better uses for all that cash, like investing in the stock market or elsewhere.

Business Expenses

If you own your own business, have a side gig, or do freelance work, it can be better to use credit (or even a check) to pay for business-related purchases. You’ll likely want a paper trail so you can deduct these expenses on your tax return.

Another potential perk of using credit is that it may offer some purchase protection in event something you buy for your business that breaks or gets stolen soon after you purchase it.

Paying Service Providers

You may think a service provider, whether it’s an electrician or an auto mechanic, did a good job, but only time will tell. Using credit can offer you some protection in the event that you experience problems with a service after you’ve already paid for it.

Renting a Car

Often your credit card will provide insurance on car rentals, but only if you use that form of payment, as opposed to debit or cash. Using credit for the car rental can help you avoid paying for something you don’t need to purchase.

Recommended: 10 Tips for the Cheapest Way to Rent a Car

You’re Looking to Build Credit

If you need to build your credit score, one way to accomplish that is to use your credit card on a regular basis and show that you’re responsible by paying what you owe each month, consistently and on time.

When Buying Electronics

Using your credit card instead of cash for electronics can be a big advantage if your credit card offers extended warranties as a cardmember benefit. This allows you to get peace of mind without having to pony up for the store’s warranty. And, you can simply pay off the balance as soon as the bill comes.

You’re Looking to Track Your Spending

If you’re looking to see where your money is going so you can track your spending and set up a monthly budget, it can be easier if you pay with credit or debit.

Your financial institution may even offer you a pie chart of your spending, broken down into categories. Seeing everything in black and white can help you become better at budgeting.

Alternatives to Using Cash

Cash vs Credit cards

A credit card can be a good alternative to cash if you are able to pay it off in full every month, and you do. If managed well, credit cards (even secured credit cards) can help you build credit to buy a home or another large purchase in the future.

Cash vs Debit cards

A debit card can be a good substitute for cash, as long as you know there’s money in the bank. By using a debit card, you’re not incurring any new high-interest debt. As long as you are not incurring any overdraft fees, or withdrawing money from ATMs that charge high fees, debit cards can be a simple way to make purchases.

Cash vs Financing or Loans

It can sometimes be better to pay for a major purchase, like a car or a home, with a loan rather than cash if the interest rate is lower than what you could likely earn by investing that money.

However, you’ll also want to keep in mind that there is risk involved in investing in the stock market, so there is always a chance that you could lose money.

Recommended: Leasing vs. Buying a Car: What’s Right for You?

The Takeaway

Even as we move towards a more cashless society, it can be important to keep cash in your wallet and use it for certain everyday expenses.

Paying in cash can help you garner discounts at local businesses, stick to your budget, avoid paying overdraft and interest fees, protect against identity theft, and keep advertisers from targeting you.

There are times, however, when it can make more sense to pay with credit rather than cash. These can include: when you’re making business purchases and buying electronics and/or you’re looking to build credit or closely track your spending.

Another easy way to keep close tabs on your everyday spending is to open a SoFi Money® cash management account. With SoFi Money, you can easily track your weekly spending — and make sure you’re not going overboard — right in the dashboard of the app.

Photo credit: iStock/towfiqu ahamed

SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
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 .
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.
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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When you buy a new or used car, the salesperson may offer you an extended warranty.

These policies are designed to cover the cost of certain repairs that occur after the manufacturer’s warranty — typically three years or 36,000 miles (whichever comes first) — comes to an end.

Extended warranties can offer peace of mind and, if you end up needing an expensive repair down the line, they can cover some, or all, of the cost.

However, extended warranties often come with a high price tag you may not have counted on when you were saving up for a car, and they generally don’t cover everything that could go wrong.

Read on to learn more about extended car warranties and their pros and cons to help you decide if it’s worth getting one for your car.

What is an Extended Car Warranty?

While all new cars (and some used cars) come with a manufacturer’s warranty, an extended warranty is an optional plan you can buy to help you pay for the cost of certain repairs your vehicle may need while you own it.

Extended car warranties, also called extended service contracts, typically cover the price of major repairs or replacements (with exclusions) for a certain number of years or number of miles.

The extended warranty usually begins when the manufacturer’s warranty expires, but sometimes the two overlap.

While these plans are often offered at the point of sale, you can typically purchase them any time until the original manufacturer’s warranty expires.

Extended warranties are also offered by third-party vendors. If you’re interested in getting an extended car warranty, it can be worth going online to compare policies from independent providers to see exactly what each one covers, what’s excluded, and how much it costs. This can help you decide which warranty would work best for you and whether it is worth getting.

What Does an Extended Car Warranty Cover?

Exactly what the policy covers will vary with every provider and the type of warranty you choose.

The only way to know for sure is to carefully read the extended warranty policy agreement, but here are some general rules of thumb.

What it Covers

Extended warranties typically cover the major mechanical parts of your car, such as the engine, transmission, steering, suspension, clutch, air-conditioning, and electricals, including in-car audio and navigation systems.

So if your engine blows or oil starts leaking, it will likely be covered. Coverage may not be 100 percent, however, and you may have to pay a deductible before coverage kicks in.

Some policies also offer add-ons like 24/7 roadside assistance, rental car reimbursement, trip interruption service, and tire protection.

What it Doesn’t Cover

Generally, extended warranties won’t cover routine maintenance or damage caused by normal wear and tear, such oil changes, replacing the timing belt (unless it fails before the recommended replacement time), new tires, new brakes, windshield wipers, and more.

If an item isn’t listed in the policy, you can assume it’s not covered.

How Much Does An Extended Car Warranty Cost?

Pricing will vary depending on the type of vehicle, what the plan covers, what the deductible is, and the length of the contract. The upfront cost of the warranty can range from $1,000 to $3,000 or more.

If you purchase a car warranty from a dealer and include it in your financing, you are likely also going to pay interest, which will increase the total cost of the warranty.

You might have to pay a deductible every time you submit a claim, plus kick in money for a portion of the bill.

Recommended: Smarter Ways to Get a Car Loan

Is an Extended Car Warranty Worth it?

Whether you should get an extended car warranty or not is a personal decision. It will depend on how reliable the car is and, if you’re buying a used car, how old the car is. It will also depend on how well you would be able to manage if your car encountered a problem that will be costly to fix.

Here are some pros and cons you may want to consider when making the decision.

Pros of an Extended Car Warranty

•   You may save money. If your car needs a very costly repair that’s covered under your extended warranty, you could save money. Instead of paying the entire bill out of pocket, you’d only be responsible for covering the deductible (if you have one) and then the warranty provider would pay for all or most of the rest.

•   It provides peace of mind. If you’re worried about how you’d cover a car repair bill, having an extended warranty can make you feel less stressed about something going wrong with your car. If your plan also incorporates roadside assistance, you won’t have to worry about breaking down on the road.

•   It can make your car more attractive to a future buyer. If you plan to sell your car down the road, a transferable warranty can make your car more appealing to prospective buyers.

Recommended: Is it Smart to Buy Your Leased Car?

Con of an Extended Car Warranty

•   You may never use it. Many people who purchase an extended car warranty don’t end up using it. And if they do, the cost of the repairs they need may be less than the cost of the warranty.

•   There may be overlap. If the coverage period of the extended warranty overlaps with the manufacturer’s warranty, you may end up paying for coverage you’re already getting at no cost.

•   Exclusions and limitations. Every contract comes with fine print that specifies how you can use the warranty. For example, the provider might deny coverage for a problem caused by normal wear and tear or reduce the payout based on your car’s depreciation. You may also be required to take the car to certain auto repair shops to be covered.

Recommended: Leasing vs. Buying a Car: What’s Right for You?

How to Choose an Extended Car Warranty

If you decide an extended warranty makes sense for you, it’s a good idea to look at the policy contract closely — this is where you’ll find the fine print that spells out all the rules and exceptions — and not just the glossy brochure or the online advertising.

If the seller won’t show you this info before you sign on the dotted line, it can be wise to take your business elsewhere.

Here are some things you may want to look for in a contract before you sign:

•   Is there a deductible for each visit? You might have to pay $100 or more out of pocket every time you get a repair.

•   Is the service contract transferable to another owner? This is a consideration if you are thinking of selling your car down in the future. Typically, these contracts aren’t transferable if you sell to a dealer.

•   Does the service contract pay the repair shop? In some cases, you may have to foot the bill and then file a claim to get reimbursed. With this scenario, it’s possible that after you pay for a repair, the claim can be rejected.

•   What are the exclusions and requirements? You will need to read the fine print to find out what repairs are and aren’t covered and other limitations or restrictions.

•   Where can you go for repairs? Manufacturer-backed contracts typically require that you go to a dealer. Third-party vendors may have restrictions on where you can take your vehicle, or let you choose the repair shop.

The Takeaway

An extended warranty could add thousands of dollars to the purchase of a new or used car and may or may not be worth the price tag.

If you would have trouble covering the cost of a major repair and/or worrying about car expenses keeps you up at night, the cost of one of these contracts might be worth the peace of mind it can bring.

If you’re buying a vehicle with a reliable track record, however, it might make sense to skip the warranty and, instead, set aside the money you’d spend on it, then use the funds for needed repairs.

If you don’t end up using all of it for your car, you can keep saving it or use it for something else.

With a SoFi Money® cash management account, you can actually create a separate savings “vault” for car repairs (or any other savings goal), then set up automatic transfers so you have a solid back-up when and if you need it.

Photo credit: iStock/Pekic

SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
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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Maybe you signed up for an app planning to cancel it before the free or discounted trial ends. Then a month or more goes by and you completely forget about it. That is until you see a charge from Apple on your bank statement and find yourself paying for a monthly subscription you don’t want.

You may also be paying for subscription apps you rarely use anymore, like a streaming service you hardly ever watch or a digital magazine you haven’t read in months.

While each subscription fee may be relatively small, they can add up and make it harder to stay within your monthly spending budget.

The good news: It’s easy to cancel subscriptions you’ve set up through the App Store and are connected to your Apple ID account, whether they’re Apple’s own services, like Apple Music, or streaming service from another provider, such as Hulu or Spotify.

When you cancel a paid subscription, you can keep using the subscription until the next billing date. If you cancel an app subscription during a free trial period, you may lose access to the subscription immediately.

Here’s how to cancel app subscriptions on Apple devices.

Recommended: Budgeting for Basic Living Expenses

How to Cancel App Subscriptions on an iPhone or iPad

Here are the steps for cancelling a subscription on your mobile ios device.

Step 1. Open the Settings app.

Step 2. Tap your name at the top of the page.

Step 3. Tap Subscriptions.

Step 4: Tap the subscription that you want to cancel.

Step 5. Tap Cancel Subscription. If you don’t see Cancel as an option, the subscription has already been cancelled and won’t renew.

Another option:

Step 1. Go to the App Store.

Step 2. Tap your profile image.

Step 3. Scroll down to Subscriptions and tap. You will then see any active subscriptions.

Step 4. Tap the subscription you want to cancel.

Step 5. Confirm by tapping Cancel Subscription.

How to Cancel Subscriptions on a Mac

Follow these instructions to cancel app subscriptions on a Mac laptop or desktop computer.

Step 1. Open the App Store (you can locate this in Finder under Applications, or at the bottom of your home screen).

Step 2. Click the sign-in button or your name at the bottom of the sidebar.

Step 3. Click View Information at the top right of the window. You may be prompted to sign in.

Step 4. On the page that appears, scroll until you see Subscriptions, then click Manage.

Step 5. Click Cancel Subscription. If you don’t see Cancel Subscription, then the subscription is already cancelled and will not renew.

You can also cancel an app subscription on a Mac using iTunes. Here’s how:

Step 1. Open iTunes

Step 2. Click Account > View My Account

Step 3. Enter your Apple ID password to see your account information.

Step 4. Scroll to the bottom of your Account page and click Manage next to the setting for Subscriptions.

Step 5. Click Edit next to the subscription you want to cancel.

Step 6. Click Cancel Subscription. A message will pop up asking you to confirm that you want to cancel.

Step 7. Click Confirm and the App subscription will be cancelled.

Accidentally Cancelled a Subscription? Here’s How to Restart

If you got a little trigger happy and cancelled the wrong subscription, or you have a change of heart after cancelling an app and want to get it back, you can easily reactivate a subscription. It’s easiest to do this on your iPhone or iPad. Here’s how.

Step 1. Open the Settings app.

Step 2. Tap your name at the top of the page.

Step 3. Tap Subscriptions.

Step 4. Look for the list of expired subscriptions at the bottom of the screen. Tap the one you would like to reactivate.

Step 5. On the subscription page, tap the subscription option you want and then confirm your choice. You’ll now be resubscribed.

How-to Tip: Setting Reminders to Avoid Unwanted Subscriptions

The next time you sign up for a new app that has a trial period promotion going on, you may want to set a Reminder on your mobile device to cancel your app subscription. This will make you avoid unexpected monthly expenses.

You could use your phone to ask Siri to set a Reminder to cancel a subscription a few days before fees will kick in. Or, you could use the Reminders app on your phone or iPad.

Another option is to use Calendar to create a New Event for the date and time you want to cancel an app. To get a notification on that day, you’ll want to make sure the Alert section is set to “at time of event.”

Recommended: Are Monthly Subscriptions Ruining Your Budget?

The Takeaway

Most subscriptions automatically renew unless you cancel them. If you sign up for a free trial and don’t cancel in time, you will end up paying a monthly fee that you likely won’t be able to get refunded.

A good way to make sure you aren’t paying for subscriptions you don’t want is to track your monthly spending and then set up a basic budget. Having a budget can help ensure that your spending is in line with your priorities and short term financial goals.

With a SoFi Money® cash management account, it’s easy to track your monthly spending using the SoFi Relay app. The app allows you to connect all of your financial accounts in one dashboard, and keep an eye on charges and balances on the go.

Photo credit: iStock/Suwaree Tangbovornpichet

SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
SoFi’s Relay tool offers users the ability to connect both in-house 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. 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 provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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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