A no credit car loan or a bad credit auto loan is not necessarily a bad thing right now. If you have poor credit, you can still get this financing. With interest rates so low right now, banks are willing to finance anyone.
This kind of loan used to be something that banks would usually not do or people with poor credit could not afford. The rates were so ridiculous that your monthly payment was largely interest. High risk people have the ability to cost banks a lot of money upon default.
When the Federal Interest rate was higher, banks would not take chances on high risk individuals. Now, when it is lower than it has been for many years, banks are being more generous with their lending curriculum. People that had no chance of qualifying are now driving off in new cars.
If your credit is not horrible but not great, you should look into getting priced for a loan. If you previously went in and thought that the rate they were offering was absurd, that number is going to have dropped significantly. You can be paying a rate that you can live with as well as afford.