by 
mwill666
ANSWERS: 5
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A credit score of 551 is at the very bottom of the "poor" category, just before hitting the "very poor" category. However, you should be able to get a car, as long as you are willing to pay exorbitant interest, my credit score when I got my car was in that range, and I pay 17.9%...
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I concur with DiggerDelt. A 551 will cost you tons of money in interest, Get the score up, but in the mean time suck it up and pay about 19% on your car loan. Join a credit union and get a low limit credit card (secured) to help pull your credit up.
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You'll have a tough time getting a loan, let alone a decent loan. Some dealerships will offer "credit amnesty weekends" and other specials. These dealers will look at your income and employment history, but will also charge you a high interest rate. I'd suggest that you save up and purchase a mechanically sound used car and make monthly "payments" to a savings account that's earmarked for auto repair or replacement.
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Sorry, not while this credit debacle is going on. You probably need perfect credit + 110% of what you need in cash as collateral for a loan.
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If you need a car loan immediately with that low of a score, yes, you will pay tons of interest. However, 1 option would be to refinance your car loan after you've repaired your credit after about a year of hardwork. There are downfalls to this such as being upside down on your loan etc. Check out this site for more accurate info...http://www.ihavebadcredit.ws/
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