550 Credit Score Auto Loans
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,” getting approved for 550 credit score auto loans 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 finance companies who will grant bad credit car loans for folks with a credit score of 550.
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.
550 credit score car loan rates – 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