If you need to cancel you car rental contact the company and review their policies. It is always a good idea to do this before providing your credit card information for billing.
Understanding what you can afford to spend on your car rental will make a difference in the type of car that you rent. A budget rental doesn't mean a small or economy car, there may be options for rentals of even sedans and luxury cars at low costs depending on the time of the rental and the availability of cars.