If you are concerned you may not be approved for a loan due to your credit, an auto loan is actually the easiest to receive. Auto loans are a secured loan, meaning an automobile can be repossessed and sold again. If there is a chance your credit score may bar you from other types of loans, an auto loan is a good place to start. Purchasing a lower end car on a short term loan may even help build your credit.
If you have poor credit or no credit, you may need a very large down payment. The types of car loans that are easy to get with little to no credit rating tend to be high interest rates and shorter term loans, meaning your payments will be higher and possibly more often than monthly. When you have a high interest rate the final payout for your car could be two to three times what the actual purchase price stated.
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