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Can you get a car loan with a 550 credit score?
I am currently shopping around for a new car to get me to my new job, and I’m nervous because I have a low credit score of 550. Will I be able to get a car loan with a 550 credit score?
Kevin Martinez · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
First and foremost, congrats on getting a new job! That’s so exciting.
A 550 credit score could make it tough to get a car loan—but it’s not impossible.
While a 550 credit score is considered very poor, there are plenty of ways to still qualify for a car loan—even if you’re not able to do it on your own.
Here are some tactics to improve your chances of getting approved:
- Make a larger down payment-—Typically, if you’re able to make a larger down payment, it will improve your odds of qualifying for a loan. You’ll need to borrow less and will be exhibiting your financial responsibility, proving you’re not as big of a risk to lenders.
- **Add aco-signer**—If you add a creditworthy co-signer to your loan, it will help make you a better candidate. A co-signer agrees to have your back should you default, so lenders are more likely to lend to you.
- Find an auto lender who specializes in lower-credit individuals—There are plenty of lenders that work with people with low to no credit. However, expect high interest rates.
Lastly, be ready for some rejection. But if you’re persistent and work on improving your credit by paying your bills on time, eventually you’ll succeed.
While shopping around for car loans with a 550 credit score can be challenging, finding the right car insurance shouldn’t be.
Jerry
, the car insurance
broker and comparison app, can help make the process smooth and simple—no matter what your credit score is.Jerry is an insurance comparison app that shops for low prices with over 50 insurance companies for free. You will get quotes in seconds, and if you ever have any questions, agents are just a text away. The average Jerry user saves $887 a year on car insurance.
MORE: The best car insurance for bad credit drivers
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- Gregory R.
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