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What car loan interest rate can I get with a 550 credit score?

I want to get a car loan, but I'm worried that my credit score isn’t high enough to get a good interest rate. What interest rate should I expect with a 550 credit score?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The average
car loan
 interest rates you can expect to get with a 550 credit score are as follows:
  • New car loans: 10.79%
  • Used car loans: 17.46%
(Values based on Experian’s Automotive Market Finance report as of October 2022)
Lenders put a credit score of 550 in the subprime tier, which means you’re going to have higher interest rates. 
Taking out a high-interest loan with a 550 credit score carries the following risks:
Expert tip: Wait to take out a car loan until you can improve your credit score—aim for 660 or higher.
MORE:
What is a good interest rate on a car?
Car FinancingCredit ScoreCar LoansBad Credit
View full answer 
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