Cheap Personal Loans

Poor Credit Reference Rules

25 March, 2011

As part of the loan process and if you have less than perfect credit one of the extra things you will usually need is a list of references

Our references

If you are someone who is credit-challenged, chances are you’ll need a list of references when applying for a car loan.

Here at Auto Credit Express we know this is usually what these lenders ask for since for the last twenty years we’ve been helping applicants with below-average credit scores. It’s also why our website features a resource section on research topics like free credit scores and bankruptcy as well as today’s subject, one of the typical documentation requirements of bad credit auto loans.

Documentation for loans

In addition to the usual auto loan requirements such as proof of insurance and a valid driver license, high-risk auto lenders typically add additional items they call stipulations (“stips”) for their car loans.

In most cases, one thing they’ll ask for is a list of references.


So what is a reference? Fortunately, it’s a lot simpler than it sounds. A reference is simply someone who knows you. This person can be a relative, friend, co-worker, or even your boss.

In most cases, six references will be sufficient. Many lenders will ask for only four, but since there are some that may require more it’s usually a good idea to have at least six available.

Reference information

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

Before putting anyone on your list, be sure to get permission to use their name as well their address and phone number. You should also be aware of, and let them know, that during the verification process they might be contacted by the lender in order to confirm the fact that they know you.

A time saving tip: To save time for both you and the finance manager at the dealership, you’ll want to bring the list with you on your first visit.

The Bottom Line

We have found that it’s a good idea to bring a list of six references –plete with their addresses and phone numbers – when you visit the dealer for the first time. If you follow this practice you’ll find that the application process will move along more quickly and smoothly.

We also have another suggestion: if you have car credit issues, Auto Credit Express can assist you in finding a dealer for your best chance at an auto loan approval.

So if you find yourself in this situation and you’re ready to reestablish your auto credit, you can begin now by filling out our online car loans application.

Loan programs

by Admin

You Might Also Like

Comments are closed.