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SoFi Review

Sunday, April 14th

2024 Auto Loan Company Reviews

SoFi Review 3.5 Star Rating

SoFi

3.5 Star Rating
  • Auto loans available from $5,000 to $100,000
  • Flexible repayment terms spanning from 2 to 7 years
  • Most loans funded same or next day
  • Available in all states except Mississippi
  • Live customer support 7 days a week
  • "A+" BBB rating

SoFi aims to empower you to manage your finances wisely, with over two million members and $50 billion in funded loans, helping individuals like you achieve their financial goals. While SoFi provides auto loans, it also offers a range of additional products and tools to assist you in paying off your debt strategically, building financial security, investing, saving for your future, and more. These resources can help you navigate your financial journey and reach financial independence.

Not the most competitive rates

At the time of this review, SoFi's auto loan rates included a 0.25% autopay rate discount and a 0.25% direct deposit rate discount. They may not have the most competitive rates, but at least they're lower than what you'd pay on a typical credit card. Still, most of us aren't trying to buy a car on our MasterCard.

Origination fees or not?

We were also confused with SoFi saying in their large print that there are "no origination fees required" , but the fine print at the bottom tells borrowers to expect origination fees of 0% to 6%, deducted from any loan proceeds. Which is it? We encourage you to read the details very carefully on any SoFi loan you consider, and maybe confirm the details with someone at SoFi's live customer support (available 7 days a week).

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Quick and easy application

The application itself is pretty speedy: you'll start by providing basic information such as your name, desired loan amount (ranging from $5,000 to $100,000), and indicate the loan's intended use; in your case, that would be "major purchase" . Next, indicate your birthdate, citizenship status, individual income, and the other details typically requested when applying for an auto loan. These questions are used to help verify your identity; otherwise, you'll need to provide your Social Security Number if your credit history can't be matched with the details you provided.

Most loans are funded the same day

If SoFi makes you an offer you like on a car loan, we've got great news: 82% of their loan applications are funded the same day when signed before 7PM EST on a business day. That means you could find the car of your dreams in the morning, apply for the loan at lunchtime, and go back to the dealership with funds in hand after work.

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Mostly five-star ratings, with a few exceptions

And, overall, SoFi has a strong reputation, demonstrated by an "A+" rating from the Better Business Bureau and over 7,000 five-star ratings on Trustpilot alone. For the most part, people who use SoFi to finance a vehicle through what's technically a personal loan are happy with the amount they can borrow, the speed at which the funds are available, and the transparency of the process. But, we'd be lying if we said that SoFi's track record is completely unblemished: at the time of this evaluation, there were over 700 complaints in the most recent 12-month period, and a total of more than 1,300 in three years. Fortunately (?), however, those were almost always related to glitches people were experiencing with SoFi's banking products (like not being able to access money from checks deposited remotely) and not with auto loans themselves.

A decent option for auto financing

You've got nothing to lose by getting an auto loan quote from SoFi. It's a soft pull, so it won't hurt your credit score, and some of their perks are very consumer-friendly. Our one tip: try going through one of the auto loan referral platforms higher up on our list first, so that you can get a SoFi quote and several others at the same time.

Where Can You Get the Best Auto Loans?

You might be wondering, can you really find the ideal auto loan right at the dealership? Well, the truth is, that's not always the case. Sure, those financing offers they dangle in front of you might sound tempting, but the reality is that unless your credit is in tip-top shape, you might not meet their strict requirements. And if you're not careful, you could end up with sky-high interest rates that could cost you more in the long run.

The wise move, as savvy consumers know, is to hunt for competitive rates on auto loans by exploring what online lenders have to offer. And, you don't have to spend hours researching. In just a few minutes, you can discover how much you can borrow and what kind of loan terms you qualify for. Armed with this information and maybe even a preapproval letter, you'll be much better prepared walking into the dealership, ready to negotiate the best deal on your car.

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Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.
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Continued from above...

In fact, online auto loans have gained immense popularity in recent years, transforming the way individuals finance their vehicles. This surge in preference for online auto loans stems from a variety of factors that can save you money.

First, the convenience offered by online car lending platforms is transformational. Traditional methods of getting a competitive auto loan often involved visiting banks or credit unions in person, which could be time-consuming and inconvenient. Online lending platforms has revolutionized this process, letting you apply for an auto loan from the comfort of your homes. This streamlined online application process, coupled with the elimination of paperwork, significantly reduces the time and effort required to get a loan.

Second, the competitive nature of online lending platforms means multiple lenders vie for your attention. This competition often leads to more favorable loan terms, including lower interest rates, smaller fees, and flexible repayment options. Empowered by the ability to easily compare different loan offers enables you to choose the option that best suits your financial needs.

For those of you with less-than-perfect credit, don't worry. There are lenders out there who specialize in helping people like you. They'll work with you to find a loan that fits your budget, considering your entire financial situation, not just your credit score, any past late payments, or a past bankruptcy. And if your credit history is impeccable, shopping around for an online auto loan can open the door to a plethora of options.

Now, before you dive in, there are some key factors to weigh when you're comparing different online lenders. Here's what you should look for:

  • Process. Find an auto loan site that makes the borrowing journey straightforward, from gathering information to securing your funds. You should be able to navigate the steps quickly and with ease.
  • Referral platform or direct lender. Understand what you're getting into: does the site lend to you directly or match you up with financing sources you might not have been aware of? Both are solid routes to go, but there are pros and cons to each.
  • Fees and rates. Don't forget to read the fine print. Will you pay any origination fees to get your loan? Are there any requirements to get the lowest possible interest rates (like having a banking account with the lender or setting up your loan payments to go out automatically)?
  • Reputation. A fantastic auto loan isn't worth much if the lender isn't trustworthy. Check what the Better Business Bureau has to say about the company and look for reviews from other car shoppers to get a sense of their experiences.

Looking for expert guidance? Top Consumer Reviews has got you covered. We've reviewed and ranked some of the most popular sources of auto loans today. Our aim is to assist you in finding the perfect financing solution for your next vehicle purchase or refinance. Happy car shopping!

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