Most of the time if you are applying for a loan with not so perfect credit you will want to have a list of references as to help your situation. Having something to back you up other than your credit score (which in this situation is not the best) will be very helpful to you and your chances of getting approved. In many cases it will actually be a required item that you will need to bring to the table in order to get financed.
Because applying to finance a used car with bad credit will be considered very high risk by most dealers and lenders the chances are they will not just approve you. If you think that the better solution may be to head on over to a buy here pay here dealership because you do not want to hassle anybody feel free, but know that you will not be able to raise your credit score at all. That means that next time you will be stuck in the same situation and you do not want to begin the endless BHPH cycle.
Luckily when it comes to buying a car this will be much easier than other situations that require references. The reference required by a lender for damaged credit will be just anyone who knows you, whether it be friend, family, spouse, co-worker, or boss it doesn't matter as long as they personally know you.
Make sure that before you list anyone as a reference though that they know they have been listed as a reference of yours. The reason that this will be important is because you will need to list their name, address, and either a home, cell or work phone number. It is a smart and time efficient thing to have this prepared on your first visit especially if you know that you do not have picture perfect credit.
Because applying to finance a used car with bad credit will be considered very high risk by most dealers and lenders the chances are they will not just approve you. If you think that the better solution may be to head on over to a buy here pay here dealership because you do not want to hassle anybody feel free, but know that you will not be able to raise your credit score at all. That means that next time you will be stuck in the same situation and you do not want to begin the endless BHPH cycle.
Who Qualifies as a Reference?
Luckily when it comes to buying a car this will be much easier than other situations that require references. The reference required by a lender for damaged credit will be just anyone who knows you, whether it be friend, family, spouse, co-worker, or boss it doesn't matter as long as they personally know you.
Make sure that before you list anyone as a reference though that they know they have been listed as a reference of yours. The reason that this will be important is because you will need to list their name, address, and either a home, cell or work phone number. It is a smart and time efficient thing to have this prepared on your first visit especially if you know that you do not have picture perfect credit.