Reference Requirements To Finance A Car With Bad Credit

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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.

Who Qualifies as a Reference?

Reference Requirements to Finance with Bad CreditLuckily 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.

Get Financed

If you are well aware that you may struggle with getting approved even with a reference list, then why not give applying online a try. Here you can get pre approved at a dealership near you (that is not a rent to own dealership). It takes the smallest fraction of your day to apply and in just hours you may be notified if you have been pre approved, how can things can better than that? So before you frustrate yourself and start bugging all of your friends to be references, give this a try you will not be disappointed!

Car Loan Auto Financing Online

Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada