Tips on Buying Cars: Getting a non-auto loan to get a used car?, unsecured personal loan, unsecured loan

Question
Hi,

Here's my situation...I might possibly be faced with being kicked out of my parents home (I am 18), and the car they have provided for me will stay with them when I leave. They plan to sever all methods of helping me financially, including auto. The problem is that when I leave, I will need to buy a used car but I cannot afford to put full coverage on it, which is obviously a condition of an auto loan. I plan on buying a car in the $5,000-$6,000 range and I have good established credit (701 rating).

Is there any way to get my credit union, or any bank, to give me a loan without having them know that it is for a car?

Answer
Anything is possible- the true question is how LIKELY is it that you'll get an unsecured loan, which is what you're looking for.  And I'd have to say it's highly unlikely.  The bank is looking for security if the loan should go unpaid- you'd have to have superior credit (750 or higher) AND a well-established credit history before any bank will give you an unsecured personal loan.  The only chance I see you having is writing a cash-advance check against a credit card with a $6000 credit line, if a bank will give you that high a limit.  If they do, the interest rate would be outrageous.  I honestly don't see any other options here- sorry.