There are almost as many types and details to auto loans as there cars.  In fact you can get your loan more customized then any car you will ever buy.  So where do you start?  Actually you start in the same way in which you would for any other loan.
 
The first thing you need to do is to look at your situation and make sure that you actually need the loan and how important is this car to you.  In this country we have many people that are living above their means solely to look cool and it is ruining their credit and making their lives miserable.  So make sure that you need this car and that you cant make due with a cheaper model that still gets you to work and back.  If you are buying a five series BMW because it looks cool and chicks will love that great, but if it makes you go bankrupt then it does not really help all that much. Chicks don't dig bankrupt.

Once you have assessed your situation and you are sure that you are buying a car out of necessity and not out of neighbor envy we can look at the actual auto loan requirements.There are a lot of different types of auto loans and the requirements will be different for each one of them. For example, if you go to a dealer who offers 100% guaranteed loans you aren't going to have a problem as long as you have a job.

However, if you go into a bank to get an auto loan you're going to need to have decent credit. They probably won't consider loaning to you unless you have a credit score that's above 600 and in some cases 650. Generally the credit requirements are slightly higher for people that are buying a brand new car. These cars devalue a lot when you drive them off the lot so the bank is taking on more risk.

The next step is to look at your credit history.  If you want a cheap and good auto loan then you will want to do what you can to lower your effective interest rate as well as require less for the down payment.  If you do not look at your credit history then be ready for a very steep interest rate and expect the repo man to show up the first time you miss a payment.

If you have good credit then you likely know what you need to do in order to qualify for a good loan.  On the other hand if you have bad credit it is really worth fixing it before you buy the car as it will save you thousands of dollars over the course of your vehicles life.

If you have a lot of small credit card debt that is late or unpaid then go and take care of those as small unpaid debt is very dangerous and damaging to your credit history.  Once you have gone through and taken care of any delinquent debt and fixed any mistakes it is time to go to the dealerships and the banks.  The most important thing is to do good shopping in order to make sure that you are getting the best auto loan that you can. If you just sign up at the dealership, many times you will spend far more then you have to in order to get your car paid off. 

No reputable bank is going to lend you money if you don't have a job, especially if you're in need of auto loans for people with bad credit. The only exception to this rule is if you have a huge amount of money saved or invested with that particular bank. Obviously they would give you a $20,000 loan if you had $2,000,000 in your savings account with them.

Banks make their money by providing funds to individuals who they believe will pay back the money. Obviously they couldn't stay in business if people didn't make their payments and call me crazy but it's pretty hard to get payments from people that don't have jobs or make money.

Requirement #1 is having a job.

There are a lot of reasons you would want to use auto loans. If you have a car that's paid off, you can get a loan using the car as collateral for almost any reason. Let's say that you need a $10000 loan, or a $20000 loan. You could get a loan on your car and if you did that, you wouldn't have to pay so much for your interest rate.

Instead of taking out high-interest loans like unsecured business loans, you should take a look at using your car as collateral for a cheaper auto loan. If you can't do that because of massive debt, you might want to consider getting unsecured debt consolidation loans. They have fairly high interest but are much better than credit card type interest.