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It’s common knowledge that a person’s credit score can have a significant impact on their ability to get the best deals on loans and credit cards. And that can potentially save borrowers many thousands of dollars over a lifetime. But exactly what the credit rating scale involves is a mystery to many people. That’s a problem for potential applicants who’d like to boost their score before shopping around for a loan.

We’ll offer insights into how credit scores are calculated, what credit range might qualify as “good” versus “exceptional,” and what you can do to qualify for the best interest rates.

The Three Major Credit Bureaus

Credit bureaus are independent agencies that collect and maintain consumer credit information and then resell it to businesses in the form of a credit report. The Fair Credit Reporting Act allows the government to oversee and regulate the industry.

There are three major credit bureaus that 90% of lenders pull scores from:

•   Equifax, whose scores range from 280 to 850

•   Experian, whose scores range from 300 to 850

•   TransUnion, whose scores range from 300 to 850

What Actually Factors into Your Credit Score?

The FICO® Score uses a scoring model that sources data from credit bureaus to calculate your score. Elements used in the FICO scoring model (as of this writing, that’s FICO Score 8) include:

•   Payment history: 35%

•   Credit utilization (amount owed): 30%

•   Length of credit history: 15%

•   Credit mix: 10%

•   New credit: 10%

Wondering what those terms mean? Let’s break it down:

Payment History

Payment history looks at whether you pay your bills in a timely manner. Do you have a history of paying bills a couple weeks late, or are you the type who always paid your cable bill even before it was due? That’s the kind of thing that will come into play here.

Credit Utilization

“Amount owed” is pretty self-explanatory — it’s how much total debt you’re currently carrying. Your “credit utilization ratio” may not be quite so clear. That’s the amount of credit you actually use compared to the amount of credit available to you. Lenders generally like to see a credit utilization ratio of 30% or lower.

Recommended: Credit Card Utilization: Everything You Need To Know

Length of Credit History

This factor looks at the age of your oldest and newest accounts and the average age of all your accounts. To lenders, longer is better.

Credit Mix

Credit mix considers the variety of your debt — is it primarily credit card debt? Do you carry student loan debt or have a mortgage? A desirable mix is a combination of revolving debt (lines of credit, credit cards) and installment debt (loans with fixed repayment terms like student loans and car loans).

New Credit

New credit looks at what accounts have recently been opened in your name, or if you’ve taken out any new debts.

How’s Your Credit?

Where your credit score falls on the scoring table determines how “good” your credit is. Here’s a breakdown of the credit rating scale according to FICO standards.

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Very Poor: 300-579

Ready for a plot twist? FICO can tweak their algorithm depending on the type of loan you’re applying for. If you’re looking to get an auto loan, your industry-specific FICO Score may emphasize your payment history with auto loans and deemphasize your credit card history. In effect, each consumer has multiple credit scores.

You may also hear the phrase “educational credit score.” This can refer to the proprietary scoring models used by TransUnion and Equifax. The term means that these scores may not be used by lenders, but they help educate consumers about their credit scores.

Trying to Improve Your Credit Score With Credit Card Debt

You’ll notice that a lot of information around improving your credit scores focuses on debt reduction. After all, 30% of your FICO Score is based upon outstanding debt. By paying that down on time, you may be able to boost your credit score. One potential action item for those trying to strengthen their credit history is to work on paying down credit card debt.

Credit card debt may be the highest-interest debt you’re carrying. After all, the average credit card interest rate is currently around 15%, compared to federal student loans, currently at 4.99%, and the average mortgage, hovering around 5.8%. That means if you have credit card debt, it could be your fastest growing debt. By getting rid of it, you may be able to significantly reduce your outstanding debt.

One way to get out of credit card debt is to consolidate it into a lower-interest option. With a balance transfer credit card, you can move your high-interest debt to a 0% interest card. The catch is that the 0% interest is temporary, and after a given amount of time (typically six to 21 months), the interest rate shoots up.

One other tip for potentially boosting your credit score: Thoroughly review your credit report for errors. Mistakes happen, and some of them can bring down your score. You can file a dispute online to correct or remove the information.

Recommended: Using a Personal Loan to Pay Off a Credit Card

The Takeaway

Credit scores, calculated based on information in your credit report, influence the interest rates you qualify for on loans and credit cards. The higher your score, the less you’ll pay in interest. The factors that determine your score include your history of on-time payments, your total debt compared to the amount of credit available to you, the types of debt you have, and the age of your accounts. One of the best ways to boost your credit score is to pay down credit card debt.

A common way to consolidate high-interest credit card debt is with a low-interest personal loan. While your credit score is likely to be reviewed by lenders when you apply for a personal loan, there are other financial factors they consider, such as your current employment situation and income. If you think a personal loan might be right for your financial situation, SoFi offers personal loans with no fees required — and no headaches.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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

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 .

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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One of the best things to do for your anxiety and your credit score is to pay off credit card debt. People who commit to a payoff strategy (like Snowball or Avalanche) will make quick progress while building their credit history. People in financial crisis may benefit from negotiating with creditors to freeze their account or lower their interest rate, though their credit rating may suffer. Simplifying payments with a debt consolidation loan is also an increasingly popular tactic.

We’ve compiled several strategies that can help you consolidate credit card debt without hurting your credit score. Find the one that best suits your circumstances.

What Not to Do: Ignoring Credit Card Debt

When it comes to credit card debt, the consequences of avoidance and procrastination are steep. If you miss payments, your creditor will likely reach out and notify you of your delinquency.

Miss enough payments and your account might be closed. Your credit card issuer will report your missed payments to credit reporting agencies, which can negatively impact your score. Remain delinquent long enough and your account might be sent to collections (either in-house or third-party). Needless to say, this is not good for your credit score and history.

What You Should Consider: Paying off Credit Card Debt Using a Planned Approach

We mentioned anxiety earlier. Well, trying to pay down a large credit card balance without a debt payoff strategy is a recipe for more anxiety. Sure, making a plan may require taking a close look at your bad habits, which is stressful. But trust us when we say, a good plan is the best way to set yourself up for smooth sailing. Two common approaches to getting out of credit card debt without ruining your credit rating are the Snowball and the Avalanche.

With the Snowball method, you work to pay off your debts from smallest balance to largest, regardless of the interest rate. As you pay off each card, you roll that monthly payment over to the next smallest balance. Meanwhile, it’s important to make minimum payments on your other cards. (Take a deep dive into the Snowball method here.)

The Avalanche method advises focusing on the debt with the highest interest rate. Let’s say you have two credit cards, one with an interest rate of 8% and the other of 15%. Start with the balance accruing 15% interest. When you pay off that card, turn your attention to the debt with the next highest interest rate. And of course, be mindful that you’re making credit card minimum payments on all your debts.

Both strategies serve to build a positive credit history as you get out of debt. Not only will they not ruin your credit, you may even end up with a higher FICO Score.

Negotiating and Settling Credit Card Debt

If you have been struggling to make payments on your credit cards, there is a good chance your credit score has dropped. Before the debt is sent to collections, you may be able to negotiate with the credit card company.

Like any business, the primary goal of a credit card company is to make a profit. When it becomes apparent that a cardholder is unable to pay their bills, companies are sometimes willing to find an arrangement that will enable the customer to make payments based on their situation. Three possible options are a debt settlement, a hardship repayment plan, and temporary forbearance.

In a debt settlement, the credit card company agrees to reduce the balance owed in exchange for a lump sum payment. If your balance is $15,000, the company may agree to a payment of $8,000 and “forgive” the rest. There are two disadvantages with this scenario: The card holder has to come up with $8,000, and their credit score can be negatively affected.

With hardship repayment, the company freezes the current debt and works with you to create a repayment plan based on your current income and circumstances. The company may lower your interest rate and waive fees during the repayment period. You may qualify for a hardship program if your debt is the result of unemployment, serious illness, family emergency, or a natural disaster. In hardship cases, your credit rating is usually not affected, though your participation in the program may be reported to the credit bureaus.

Finally, in a temporary forbearance, the credit card company freezes any combination of the current debt and interest rate, and eliminates late fees and penalties for an agreed upon period of time. This is usually reserved for card holders who are currently in financial crisis. One drawback is that your debt isn’t resolved but merely put on hold while you sort out your finances.

You should know that most forgiven debt is considered income by the IRS. So if you had $15,000 in debt but settled for $8,000, the IRS may consider that extra $7,000 to be taxable income.

Recommended: What Is Credit Card Debt Forgiveness?

What Is the Statute of Limitations on Credit Card Debt?

The statute of limitations governs how long a creditor can sue you for nonpayment of a debt. The statute of limitations on credit card debt varies from state to state, but is typically between three and 10 years.

You can find out yours by requesting a debt verification or validation letter from your creditor. The statute of limitations clock starts from the last moment the debt was active. When you contact your creditor, don’t agree to any payment plan until you confirm the statute of limitations on your debt. Otherwise, you may inadvertently restart the clock.

Even if your debt is past the statute of limitations, it may still be within the credit reporting time limit. This is the amount of time delinquent account information can appear on your credit report. In most cases, the credit reporting time limit for negative information is seven years.

If your debt is sold to a third-party collections agency, try to negotiate a payoff amount to close the collections attempt. Debt collectors buy debt from the company you owed for a fraction of the original unpaid balance. Because of this, collectors might take less than what you owe if you have strong negotiation skills.

Say Goodbye to Credit Card Debt with a Personal Loan

Personal loans are a type of unsecured loan. There are a number of uses of personal loans, but paying off credit card debt is one of the most common. Loan amounts vary by lender from $1,000 to $100,000, and are paid out as soon as the loan is approved. The borrower then pays back the loan — with interest — in monthly installments.

Many unsecured personal loans come with a fixed interest rate. An applicant’s interest rate is determined by several factors, including credit score, income, and debt-to-income ratio, among other factors. Typically, the higher an applicant’s credit score, the better their interest rate will be, as the lender may view them as a less risky borrower.

When using a personal loan for credit card debt, the loan proceeds are used to pay off the cards’ outstanding balances, consolidating the debts into one loan. This is why it’s also sometimes referred to as a debt consolidation loan. Ideally, the new loan will have a much lower interest rate than the credit cards. By consolidating credit card debt into a personal loan, a borrower’s monthly payments can be more manageable and cost considerably less in interest.

In the long run, the borrower’s credit history and rating is strengthened by paying off the personal loan.

The Takeaway

To pay down a large credit card balance, it’s essential to have a strategy. Two of the most popular are the Snowball and the Avalanche. The Snowball entails working to pay off the lowest balance card first, while making minimum payments on the others. The Avalanche advises paying off the highest-interest card first, while making minimum payments on the others. Neither method will hurt your credit rating, and may help it. It’s also fairly common to take out a debt consolidation loan to pay off cards.

If you are considering consolidating your credit card with a personal loan, check out SoFi. SoFi Personal Loans offer low fixed rates and no fees required. And if you lose your job, SoFi will temporarily pause your payments and even provide career coaching. SoFi’s Personal Loan was even named NerdWallet’s 2022 winner for Best Online Personal Loan.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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.

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 .

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 debt accumulates on a high-interest card, interest starts to add up as well, making it harder to pay off the total debt — which, in turn, can become a credit card debt spiral. If you end up with mounting debt on a high-interest credit card, a balance transfer is one possible way to get out from under the interest payments.

A balance transfer credit card allows you to transfer your existing credit card debt to a card that temporarily offers a lower interest rate, or even no interest. This can provide an opportunity to start paying down your debt and get out of the red zone. But before you make a balance transfer, it’s important that you fully understand what a balance transfer credit card is and have carefully read the fine print.

How Balance Transfers Work


The basics of balance transfer credit cards are fairly straightforward: First, you must open a new lower-interest or no-interest credit card. Then, you’ll transfer your credit card balance from the high-interest card to the new card. Once the transfer goes through, you’ll start paying down the balance on your new card.

Generally, when selecting to do a balance transfer to a new credit card, consumers will apply for a card that offers a lower interest rate than they currently have, or a card with an introductory 0% annual percentage rate (APR). Generally, you need a solid credit history to qualify for a balance transfer credit card.

This introductory period on a balance transfer credit card can last anywhere from six to 21 months, with the exact length varying by lender. By opening a new card that temporarily charges no interest, and then transferring your high-interest credit card debt to that card, you can save money because your balance temporarily will not accrue interest charges as you pay it down.

But you need to hear one crucial warning: After the introductory interest-free or low-APR period ends, the interest rate generally jumps up. That means if you don’t pay your balance off during the introductory period, it will start to accrue interest charges again, and your balance will grow.

Recommended: How to Avoid Interest On a Credit Card

What to Look For in a Balance Transfer Card


There are a number of different balance transfer credit cards out there. They vary in terms of the length of no-interest introductory periods, credit limits, rewards, transfer fees, and APRs after the introductory period. You’ll want to shop around to see which card makes sense for you.

When researching balance transfer credit cards, try to find a card that offers a 0% introductory APR for balance transfers. Ideally, the promotional period will be on the longer side to give you more breathing room to pay off your debts before the standard APR kicks in — one of the key credit card rules to follow with a balance transfer card.

You’ll also want to keep in mind fees when comparing your options. Balance transfer fees can seriously eat into your savings, so see if you qualify for any cards with $0 balance transfer fees. If that’s not available, at least do the math to ensure your savings on interest will offset the fees you pay. Also watch out for annual fees.

Last but certainly not least, you’ll want to take the time to read the fine print and fully understand how a credit card works before moving forward. Sometimes, the 0% clause only applies when you’re purchasing something new, not when transferring balances. Plus, if you make a late payment, your promotional rate could get instantly revoked — perhaps raising your rate to a higher penalty APR.

Should I Do a Balance Transfer?

Sometimes, transferring your outstanding credit card balances to a no-interest or low-interest card makes good sense. For example, let’s say that you know you’re getting a bonus or tax refund soon, so you feel confident that you can pay off that debt within the introductory period on a balance transfer credit card.

Or, maybe you know that you need to use a credit card to cover a larger purchase or repair, but you’ve included those payments in your budget in a way that should ensure you can pay off that debt within the no-interest period on your balance transfer card. Again, depending upon the card terms and your personal goals, this move could prove to be logical and budget-savvy.

Having said that, plans don’t always work out as anticipated. Bonuses and refund checks can get delayed, and unexpected expenses can throw off your budget. If that happens, and you don’t pay off your outstanding balance on the balance transfer card within the introductory period, the credit card will shift to its regular interest rate, which could be even higher than the credit card you transferred from in the first place.

Plus, most balance transfer credit cards charge a balance transfer fee, typically around 3% — and sometimes as high as 5%. This can add up if you’re transferring a large amount of debt. Be sure to do the math on how much you’d be saving in interest payments compared to how much the balance transfer fee will cost.

Recommended: When Are Credit Card Payments Due

Balance Transfer Card vs Debt Consolidation Loan

Both a personal loan and a balance transfer credit card essentially help you pay off existing credit card debt by consolidating what you owe into one place — ideally at a better interest rate. The difference comes in how each works and how much you’ll ultimately end up paying (and saving).

A debt consolidation loan is an unsecured personal loan that allows you to consolidate a wider range of existing personal debt, including credit card debt and other types of debt. Basically, you use the personal loan to pay off your credit cards, and then you just have to pay back your personal loan in monthly installments.

Personal loans will have one monthly payment. Plus, they offer fixed interest rates and fixed terms (usually anywhere from one to seven years depending on the lender), which means they have a predetermined payoff date. Credit cards, on the other hand, typically come with variable rates, which can fluctuate based on a variety of factors.

Just like balance transfer fees with a credit card, you’ll want to look out for fees with personal loans, too. Personal loans can come with origination fees and prepayment penalties, so it’s a good idea to do your research.

How to Make a Balance Transfer

If, after weighing the pros and cons and considering your other options, you decide a balance transfer credit card is the right approach for you, here’s how you can go about initiating a balance transfer. Keep in mind that you’ll need to have applied for and gotten approved for the card before taking this step.

Balance-Transfer Checks


In some cases, your new card issuer will provide you with balance-transfer checks in order to request a transfer. You’ll need to make the check out to the credit card company you’d like to pay (i.e., your old card). Information that you’ll need to provide includes your account information and the amount of the debt, which you can determine by checking your credit card balance.

Online or Phone Transfers

Another way to initiate a balance transfer is to contact the new credit card company to which you’re transferring the balance either online or over the phone. You’ll need to provide your account information and specify the amount you’d like to transfer to the card. The credit card company will then handle transferring the funds to pay off the old account.

The Takeaway

Whether you should consider a balance transfer credit card largely depends on whether the math checks out. If you can secure a better interest rate, feel confident you can pay off the balance before the promotional period ends, and have checked that the balance transfer fees won’t cancel out your savings, then it may be worth it to make a balance transfer.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

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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Cars and trucks tend to lose value as they age and experience wear and tear through everyday use. This loss of value is known as depreciation. How much these vehicles tend to depreciate will vary. For example, trucks tend to hold their value better than cars.

That said, depreciation depends on a number of factors, such as make and model, age, mileage, and accident history. Here’s a closer look at what impacts car and truck value, and how depreciation can differ between the body types.

Recommended: What Credit Score is Needed to Buy a Car

What Is Vehicle Depreciation?

Cars and trucks lose value each year due to normal wear and tear. The rate of depreciation will vary depending on the make and model of a car. However, the first year tends to see the greatest depreciation, when cars lose as much as 20% of their starting value. (For that reason, savvy consumers believe it’s wiser to buy a used car than a new car.) Within the first five years of ownership, a vehicle can depreciate by as much as 60%.

Depreciation is not necessarily an accurate representation of wear and tear on a vehicle. You may find that after a number of years, your car has lost significant value even if it’s in pristine, like-new condition. Deprecation will continue to affect the value of your car until it reaches $0 on paper. At that point, your car no longer has any equity, and is not considered an asset. The only value left is the value of the metal for scrap.

Depreciation is an important factor to understand whether you are buying a used car, a new car, or if you plan to lease a vehicle. When leasing a car, your monthly payment will cover the cost of depreciation.

Recommended: What Credit Score Do You Need to Lease a Car?

Recommended: Does Net Worth Include Home Equity

How Is My Car Value and Truck Value Depreciation Calculated?

There are various sources that supply car depreciation figures, including Kelley Blue Book and Edmunds. Each company has their own algorithm that accounts for the factors that affect depreciation, such as:

Mileage

How much a car or truck has been driven is often seen as a proxy for wear and tear. The more something is used, the more likely it is to wear out. As a result, vehicles that have been driven less tend to fetch higher values.

Make and Model

You can think of the make and model of a vehicle as the brand and specific product on offer. For example, Toyota is the make, while Tacoma is a specific type of truck the company builds. There may be a series of letters and numbers after the model name that further delineates the trim level of the vehicle. Trim level can refer to different features, engine size, or materials used in the making of the car or truck.

Some makes and models are more popular than others, and some models have higher trim levels — both can help a vehicle hold its value longer.

Reputation

A vehicle’s reputation for safety and reliability can play a big role in its popularity. The higher the demand for a particular make and model, the more slowly it may depreciate.

Larger vehicles are typically safer than smaller cars, which helps explain why trucks tend to hold their value longer. When measuring vehicle fatalities per 10 billion miles, cars average 36 deaths, while trucks average 18 deaths, or half the number of car fatalities.

Fuel Economy

More fuel efficient vehicles may also hold their value better than gas-guzzling counterparts, especially when fuel prices are high. Diesel trucks may depreciate more slowly than gasoline-powered cars and trucks because they tend to have more powerful engines, better fuel economy, and emit less carbon dioxide. A gallon of diesel contains roughly 10% to 15% more energy than a gallon of gasoline, and as a result, a diesel engine can go 20% to 35% farther on a gallon of fuel.

Local Market

Your local automobile market can also have a big impact on how much your car depreciates. For example, trucks may be in higher demand in rural areas, while cars may be more popular in urban settings. Vehicles with four-wheel drive may be more sought after in places with snow, while convertibles may be in higher demand in warm, sunny climates.

You may be asked for your zip code when you look up the value of your car. This can help valuation companies zero in on how much your car is worth in your locale.

Recommended: What is The Difference Between Transunion and Equifax

Average Truck Value vs Car Value Depreciation Comparison

Cars and trucks begin to depreciate as soon as they leave the lot. As mentioned above, they can lose as much as 20% in the first year alone, and up to 10% each year after that. By year five, a vehicle may have depreciated by as much as 60%.

That said, various types of cars and trucks tend to depreciate at different rates. And depreciation can vary a lot depending on current economic conditions. For example, Recent supply chain issues and increased demand have caused a drop in depreciation. Used cars have become more valuable as there are fewer cars entering the market. In 2021, the average five-year-old vehicle depreciated by 40.1%, compared to 49.1% just a year earlier in 2020, according to research by iSeeCars.

The same research states that trucks held their value best of all vehicles. Midsize pickup trucks depreciated just 21.4% over five years in 2021, while full-sized pickups’ five-year depreciation was 31.8% on average.

Small cars, including compact and subcompact cars, depreciated an average of 36.3% over five years, while midsize cars depreciated an average of 43.6% over five years.

Here’s a side-by-side comparison of car and truck depreciation:

Recommended: What Should Your Average Car Payment Be?

Monitor Your Car Value With SoFi

Recent research confirms that trucks hold their value the best of all vehicles. And while size matters, bigger isn’t better when it comes to depreciation. Midsize pickup trucks depreciated less than full-sized pickups, and small cars depreciated less than midsize cars. If you plan to trade in your car or truck after a few years, consider buying a vehicle that is likely to hold its value longer to get a better trade-in value.

SoFi’s money tracker app now features Auto Tracker. Discover real-time vehicle values in just a few clicks.

FAQ

At what mileage do cars lose value?

Cars and trucks unfortunately start to lose value as soon as you drive them off the lot. After that, depreciation is calculated each year.

Does mileage affect car value?

Mileage is one of the most important factors that go into car valuation. The higher the mileage, the more wear and tear the vehicle is presumed to have, and the less the vehicle will be worth.

At what age does a vehicle depreciate most?

Cars and trucks depreciate most in their first year, when they can lose 20% or more of their value.

Photo credit: iStock/timnewman

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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.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. Vehicle Identification Number is confirmed by LexisNexis and car values are provided by J.D. Power. Auto Tracker is provided on an “as-is, as-available” basis with all faults and defects, with no warranty, express or implied. The values shown on this page are a rough estimate based on your car’s year, make, and model, but don’t take into account things such as your mileage, accident history, or car condition.

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.

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