Yes, you can get a car loan with a 550 credit score, but it will be challenging and likely involve higher interest rates, a larger down payment, and dealing with subprime lenders, as 550 falls into the "poor credit" category. Lenders see you as high-risk, so focusing on proving income, a strong debt-to-income ratio, or getting a cosigner can significantly improve your odds and terms.
Most lending institutions require at least a 600 credit score to approve an auto loan without a downpayment. However, it is possible to purchase a vehicle with a score a score as low as 400. There are a lot of factors that determine your loan eligibility and what interest rate you are eligible for.
With a 550 credit score (considered "poor"), you can get personal loans, but expect smaller amounts (starting around $1,000-$2,000), much higher interest rates (potentially up to 35.99%), shorter terms, and higher fees from specialized lenders like Upstart, LendingPoint, or OneMain Financial, though mortgage options like FHA loans (with 10% down) or some auto loans might also be possible, notes Bankrate and this article from Bankrate.
It's possible to get a car loan with a credit score of 500, even though that's considered a poor score. Your best bet would be to work with a lender that's known for giving loans to people with a subpar credit history.
Buyers with credit scores under 600 may still get approved, but they'll likely face higher interest rates and more limited loan terms. Some lenders will require additional proof of income or ask for a co-signer.
The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage. We're going to take at look at FICO® since it has long been the auto industry standard.
Poor (300-579): 300 is the lowest credit score a person can have, and it's impossible to drop below that number. Fair (580-669): Lenders and banks will look at a Fair score more favorably, but their best offers may still be out of reach. Good (670-739): FICO® reported 715 as the average credit score in 2025.
A 550 credit score is considered poor by most major credit scoring models, including FICO and VantageScore. This means lenders may see a borrower with a 550 credit score as a higher risk borrower, making it potentially harder to get approved for credit.
If you want to increase your score, there are some things you can do, including:
Car dealers may perform a soft inquiry without a shopper's permission or, in some instances, knowledge because they don't affect your credit score. However, a car dealer can't perform a hard inquiry without your written consent because a hard pull will diminish your credit score.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. Most borrowers need a FICO score of at least 661 to get a competitive rate on an auto loan.
You can probably still get financing with a credit score under 500, but most likely you'd pay a very high interest rate. Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730.
How to Improve Your Credit Score
You can finance a vehicle with a credit score as low as 300, though most lenders consider below 580 “poor.” Scores above 580 unlock subprime deals with APRs around 15 percent, while scores over 620 move you into more favorable interest tiers under 12 percent.
It's possible to qualify for a loan with a 550 credit score. However, the lower your credit score, the higher your personal loan interest rate will be. Consider using a cosigner or applying for a secured loan to increase your approval odds.
Because there's no specific credit score needed for car finance, it's possible to get approved for car finance with an average credit rating.