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supermom2000

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If my credit score is 550, can I still get approved on a new car loan?

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For a new vehicle, no. You may be able to find a "buy here pay here" lot or go to a dealership that specializes in bad credit financing, but you will not get a brand new vehicle, it would be used and probably overpriced and the interest rate would be extremely high. Remember that most auto lenders are going to use FICO scores and not the scores that you get here, so you may want to buy your Fico scores to see exactly where you stand. I would advise that you work on building your credit up before you apply for an auto loan. Look locally for a beater car to get you by until you improve your credit enough to get a reasonable loan that will not cause you financial hardship.

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