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Where can I get a small loan?

C

cchen

Diamond Member
Hey all,

I need to get a loan of around $6000 for a used car purchase. All the places such as peoplefirst have a minimum of 7500. Are there any lenders who'd lend that little amount of money? Or how else could I get this loan?
 
Meet me out back. I'll give you $10k cash right now. I want $12k back in two weeks and you DON'T want to be late on payback.

EDIT: Just borrow $7500 - why are you so against borrowing $1500 extra? Just put that into an investment if u need to.
 
Either call around to other banks. Or borow the 7500 and when you are done give them back the 1500
 
I agree with Skoorb but I have a different approach.

1) Either borrow $7,500 use $6,000 for the used car use the extra $1,500 towards misc bills, or use it to pay your insurance ahead.
2) Borrow the $7,500 use the $6,000 for the used car send in a payment for $1,500

If you have little or no credit history all I can say is GOOD LUCK!
 


<< I agree with Skoorb but I have a different approach.

1) Either borrow $7,500 use $6,000 for the used car use the extra $1,500 towards misc bills, or use it to pay your insurance ahead.
2) Borrow the $7,500 use the $6,000 for the used car send in a payment for $1,500

If you have little or no credit history all I can say is GOOD LUCK! >>

Good ideas - paying well into the future on insurance would be nice - or, since it's used, put it into a repairs account cause you will have repairs.
 
Spend $45 and become a AAA member. (should be a member if you own a car anyhow)

They're currently offering 5.2% on used car loans. Best I've seen so far.
 
well the problem is that from place like peoplefirst, all of the money needes to be spent on the vehicle, and the car probably won't cost that much...
 


<< well the problem is that from place like peoplefirst, all of the money needes to be spent on the vehicle, and the car probably won't cost that much... >>



That is a problem, that's a bummer they have a minimum $7,500 loan amount.

The minimum for my bank and local credit unions is like $1,000 for used car loans.
 
Ok, let me explain my situation more clearly.

I'm 18, a senior in high school, going to be attending Columbia University in the fall. I previously had a 1990 toyota camry, but it died on me. So now I need a car to drive until the end of the summer. What I wanted was just a small loan so I could buy a 91 miata with 50k miles on it, the price is around 6000-6500 at the dealer. I plan on selling it at the end of the summer, and I figure that I could sell it pretty easily because of it's low mileage. I'd rather not finance with the dealer because I am pretty sure that my credit score is low - the reason I think I would be approved for a loan is that my father is willing to co-sign with me. The problem with applying for a loan with the bank is that my father lives in California and I live in MD, so that might cause a problem.


Any other suggestions?
 
get a platinum card with a low intro interest rate, like 1.9% for the first 6 months then when you sell, pay off the card
 
Good luck man - low credit sucks 🙁

OOPS - sorry for setting off your dinger, rossman! credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit credit v
 
Like I said GOOD LUCK.

Your best is getting your father to co-sign on a car loan, have you checked out joining AAA and asking them if your father can co-sign?
 
Your best bet would be to get a used car loan from a bank that your father deals with. Being 18, a student, probably no job (or low paying/hours) will keep you from getting anything else. You can have your dad set everything up then have the dealer contact the bank once it is setup. I did that when I was 18 with my dad.

Having the dealer do the financing for you would probably not be a good deal. They'll run you through the big guys, GMAC and all that and when those get rejected, they'll go down their list until some place that specializes in no/bad credit approves you - you'll end up with a huge interest rate.

 


<< Like I said GOOD LUCK.

Your best is getting your father to co-sign on a car loan, have you checked out joining AAA and asking them if your father can co-sign? >>



Thanks. I am a member of AAA, but their loans go through PeopleFirst, so I couldn't get a loan from them. I currently work part time at $18/hr, and will make $25/hr full time when school lets out at the end of May. I should have no problem making the payments if I do get a loan.

I've also been a customer of the local bank for 5 years; I believe my father was a customer for perhaps 10 years. Would it be worthwhile to go and see if they would approve me for a loan (probably with him cosigning) ?
 


<< Would it be worthwhile to go and see if they would approve me for a loan (probably with him cosigning) ? >>


Most definitely.
 
Ok, so how exactly should I present myself?

This is my plan: tell about myself, my family, then tell them about my situation and the loan that I need. Is there anything particular I should say or leave out?
 
Don't bore them with those details, first you need to determine which bank would be willing to give you or your father the loan. Remember you are with the car, your father is not with you nor the car.

Tell your bank briefly about the situation, that you want to buy a used car for $6,000, make sure to have the vehicle info ready (make/model/year/color/doors/mileage/VIN/plates/EVERYTHING) ... ask your bank if they would accept your father (who is in another state) as the primary applicant and you as the co-signer? This would be your best choice, if they say no then ask your father if he could ask his bank where he is.
 
He should be the primary applicant and his father the co-signer so he'll get the credit history out of it.
 
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