Consumer Car Buying Advice Blog

One of the typical requirements for approved auto loans with bad credit is a list of references

We understand

When financing with poor credit car loans, chances are you’ll need a list of references.

If you want to know why we know about this it’s because since 1992 we’ve been involved with bad credit auto sales here at Auto Credit Express. Along with an application, website also features a resource section so car buyers can research topics like free credit scores and military discounts as well as today’s issue, with the documentation requirements of terrible credit auto loans.

Loan documentation

In addition to the typical documents needed for an auto loan such as proof of insurance and a signed credit application, bad credit lenders usually add additional items, called stipulations (“stips”) that are required for a bad credit car loan.

Typically, one of these requirements is a list of references.

Your references

A reference is simply someone who knows you. This individual can be a relative, friend, co-worker, or even your boss.

Typically, six references will meet the needs of most subprime lenders. Although many will ask for only four, there are a few lenders that may require more so it’s usually a good idea to have at least six available.

Information needed

In addition to the individual’s name, you’ll also need to supply their address and phone number (either home or work).

A tip: In order to save time for both you and the dealer’s finance manager, you’ll want to bring the list with you on your first visit.

One more thing: Before putting anyone to the list, be sure to ask their permission to use their name as well their address and phone number. Also, let them know that during the verification process they might be contacted by the lender in order to confirm that they know you.

As we see it

It’s a good idea to have a list of 6 references with you – complete with their addresses and phone numbers – when you visit the dealer for the first time. When you do this the application process moves along more quickly and more smoothly.

Meanwhile, at Auto Credit Express we specialize in placing customers with bad auto credit with dealers that can give them their best chance at getting approved for bad credit auto loans.

So if you’d like us to assist you in getting your car credit back on track, you can begin now by filling out our online auto loans application.

Tags: Bad Credit, bad credit auto loans, loan references

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