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How do i get 1000 loan that is not a payday loan?

Adriel R asked:

ok well i have this opportunity to buy this car a 99 honda civic with only 100000 miles for 2500 dollars. and im only 18 and i need a small loan of 1000 dollars but not a payday loan. i see alot of people say there bank but i just opened up my bank account. were can i get this loan. o yea and i dnt have a credit history.
Asked on: 2008-08-05 04:52:18

2 Comments

  1. spencer says:

    You need a co-signer. Someone (usually a parent) with a good credit history/rating to cosign for the loan. Some you trust and who trusts you. This will be the beginning of your credit history, so make sure you take responsibility and start right!

    And did you say ONLY 100,000 miles? Never heard that before:-)

  2. Your best bet is your parents or other relatives.

    Also, they can look over the car to see if it is really a good deal. On the surface, that sounds good, as Hondas last a long time, but there could be something seriously wrong with the car.

    If you are buying this from a friend, you might be able to sign a contract with them to pay $1500 now, and the remaining $1000 at $100 a month (you have a job or source of income, right?) at a certain rate of interest.

    Third option, which is least preferable, is peer-to-peer lending, as in the link below.

    I would stay away from a commercial loan company. The kind that would lend to you would be at usurious rates or terms, not very different from a payday loan.

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