It's possible, and many people with scores in the 500s do finance a car. A low score narrows your options and usually raises the cost, but it isn't an automatic no. The rest of your application often matters just as much.
What a 500 or 550 score tells a lender
FICO calls scores under 580 "poor." To a lender, that signals past payment problems such as late payments, collections, a repossession or bankruptcy. What they want to know next is whether things are different now. That's why they also look at:
- Steady income you can document
- How long you've been at your job and your address
- How much you can put down, including trade-in equity
- Whether your most recent payments have been on time
How much down payment do I need with a 550 credit score?
There's no single number. It depends on the lender, the vehicle's price and your income. In general, the lower the score, the more a down payment helps, because it lowers the amount you borrow and shows commitment. Putting down what you comfortably can, choosing a vehicle that fits your budget, or bringing a trade-in can all make approval easier. We'll tell you exactly what your deal needs after we see your application. More on this in low down payment car loans and our down payment guide.
Ways to strengthen a low-score application
- Bring recent pay stubs or bank statements that show your income.
- Fix mistakes on your credit report first. You can get free reports at AnnualCreditReport.com.
- Pay down a past-due account if you can, and bring proof.
- Add a co-applicant if one is available (optional).
- Choose a practical vehicle. A smaller loan is easier to approve.
Start building toward a better score
An auto loan paid on time every month is one of the most visible ways to raise a score. Many people who start in the 500s qualify for better terms down the road. Read how to rebuild credit with a car loan.
Your next step
- Apply online. Get pre-approved in about two minutes. The online form doesn't pull your credit.
- Talk it through. We'll reach out to go over your options, what paperwork you'll need and which vehicles fit your budget. Rather talk first? Call (445) 260-0398.
- Drive it home. Visit us at 6735 Essington Ave, Philadelphia, PA 19153, finish the paperwork and test drive the vehicle you picked.
Approval always depends on your application and the lender's review. We'll always be upfront about where you stand.
Questions
Can I buy a car with a 500 credit score?
It's possible. A score in the 500s narrows your options and usually means a higher rate, but lenders also weigh your income, job history, down payment and recent payments. Apply online to see where you stand. The form doesn't pull your credit.
How much down payment do I need with a 550 credit score?
There's no single number. It depends on the lender, the vehicle and your income. A larger down payment or trade-in equity usually makes approval easier. We'll tell you exactly what's needed once we see your application.
Is a 600 credit score good enough for a car loan?
Many lenders work with scores around 600, and terms often improve as your score climbs. Your income, down payment and payment history matter too.
Updated October 2026 by the Liberty Approved team. General information, not legal or financial advice. Approval always depends on your application.