Not necessarily. It is possible to co-own a car, be on title, and not have borrowed money for the vehicle. Credit history is established when you borrow money. It is a record of how you have paid the money back. If you purchased a car with someone else by paying one lump sum, and never borrowed; then co-owning would not have established any credit history for you.
I was told they give store credit
There is a company called JD Byrider. They advertise that they will give you a auto loan no matter what your credit score is, and they will help you rebuild your credit while you pay off your car.
The best car loan rate locally can be found using a Credit Union. With that being said, it is possible to get better rates elsewhere. The determining factor is things like your credit score, how much you are putting down, if you are buying a new or used car (except for credit unions which give you the same rate for either, most institutions give you a better rate if the car you are purchasing is new), and the loan term.
you get a bad record on your credit
Not necessarily. It is possible to co-own a car, be on title, and not have borrowed money for the vehicle. Credit history is established when you borrow money. It is a record of how you have paid the money back. If you purchased a car with someone else by paying one lump sum, and never borrowed; then co-owning would not have established any credit history for you.
i need banks that will give car loans with a beacon score under 540 score
Well the credit requirements for car financing vary greatly between financial institutions. Some will give money to anyone, some want a perfect credit report.
A bad credit rating will most always affect your car insurance rates. This is what car insurers call 'being at risk' - The best 'fix' to get lower car insurance rate is to improve your credit rating.
It shouldn't.
It goes on your Credit History as an incomplete pay history and in the comments sections in the Credit History for that bank they will give the reason for the negative history.
as long as you have good credit a bank should give you a loan no matter what it is for.
Some car insurance companies do not do credit checks. And not receiving a credit check won't do anything bad. In fact, if one has bad credit or no credit and the insurance company does decide to do a credit check, that person might end up paying a larger rate.