Auto loan first time buyer question

[Anonymous]

I'm a first time buyer and this is a bit tricky. I'm looking to apply for an auto loan for around 10k-12.5k I'm new to credit history, my oldest card is about 18 months and I've opened about 5 cards in the last year. My credit utilization is under 10 percent always. I just got me used car retail dealer license and started my business in Feburary. I sell used cars and have my own business lot. I don't want to spend cash upfront on buying a car from a dealers auction I rather finance a 2015 car from a winning bid on the car. My credit score all three TU, EX, EQ is 723. Would I get approved for a loan figuring I just started my own business so I have no income to show for? And if anyone approved me would I be able to use the funds to buy a car from the auction?

[Anonymous]

Anyone??

[Anonymous]

I see two issues one is how will you prove income if requested and it likely will be requested and secondly the lender will want a lien on the title. You will have to find a lender who offers loans for purchase from a private party as an auction house may not be willing to process the title per the lenders requirements.

[Anonymous]

I didn't quite get that last sentence, I'll try at it, so I should try to find a lender that will let me purchase from the auction??

[Anonymous]

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@Anonymous wrote:
I didn't quite get that last sentence, I'll try at it, so I should try to find a lender that will let me purchase from the auction??

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Lenders know that if you purchase from a dealer they will receive the title with a lien recorded if however you purchase from someplace else they have to rely on you to send them the tile not all lenders will make loans in this manner.