“If you look around, you should be able to find a lender that will work with you. However, at 550, you will likely be forced to borrow from a lender that specializes in bad credit loans.
Lenders that work with borrowers who have bad credit assume a lot of risk, and because of that they have to charge a higher interest rate. Many require a larger down payment as well.
You can get a car loan from a bad credit lender while you build up your credit, and then refinance later to reduce your payments and interest rate, but this could take up to two years. Your best option is to wait and either save up enough money to pay cash for a car or build up your credit score. “