Dear Terry,
I’m trying to buy a used car from a dealership for $16,000. I earn $800 a month at my job and about $1,000 a month on eBay. I am only 18, but my credit score is 712. I keep getting denied because “officially” I do not earn more than $1,000 a month — a figure required by three different lenders.

How can I be financed? I do not have any other bills and already save my money to invest in mutual funds weekly and have a full ride to college. I just want a nice car. I can put it on a credit card but the interest would kill me and I don’t want to do that.


Dear Alex,
It’s good that you have such a solid financial base at such a young age. You mention that you have money in mutual funds. If you have enough there, a bank may be willing to lend you money with that as collateral. Another option might be to look for something a little cheaper. While it sounds like you have a thriving eBay business going, that could change and you may find yourself hard put to make $400 a month payments on $800 a month in salary.

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