Looking for an auto loan with 550 credit score? We’ll help. Around 5% of your fellow shoppers have a credit rating of 500 to 550. Since this FICO score is perceived as bad by most lending standards, getting approved for an auto loan with a credit score in this range can be frustrating. Only some loan creditors are able to grant car loans for 550 credit ratings. In particular, to be eligible for a car loan from the bank, you generally must have a credit rating of 720 or higher – 550 scarcely cuts it. That’s the reason we’ve joined with a wide range of dealers and finance companies who will grant bad credit car loans for folks with a credit score of 550.
Simply submit your application, and our Advanced Credit Matching (ACM) system will go to working, matching you with a local lending specialist who can get you approved. They will be able to answer your questions and guide you into the driver’s seat at a rate you can afford.
How To Get Auto Loans with a 550 Credit Score
Any time you’re hoping to buy a car with 550 credit scores, you really need to coordinate your vehicle loan beforehand, which means submitting your application. As soon as you do this, we try to connect you with the ideal car finance company considering your region, credit ratings, advance payment, and budget. And after that, you’ll be pre-approved to pay for the new or used car or truck of your choice.
Rates for Consumers with 550 Credit Scores
Rates for loans in this credit tier – how expensive should they be? That’s tough to say exactly. However, listed below are some national rate ranges for 550 credit ratings:
- Used Car Loans: higher than 21%
- New Car Loans: more than 18%
Please remember, these are only approximations, and your individual rates could fluctuate considerably, depending on:
- Amount of Money Borrowed
- Financing Term
- Your City
The above numbers are not advertisements. They are simply provided to give you an idea of what to expect. The only way to truly find out what rate you will be charged is to apply for financing and see what rate you are offered. Of course, we are here to help you do just that.