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When you have bad credit and need a car loan, lenders ask you for supporting documentation to confirm the information on your application, including a list of personal references. References are much more than a name and number you give a lender “just in case.” In fact, they’re more important to your auto loan than you might realize.

Why References are Important

Lenders don’t collect personal references just in case they can’t get ahold of you one day. Sure, this is one of the reasons they ask to have a list of family and friends on file, but it’s much deeper than that.

Personal references are just one part of the supporting documents you need to bring to the dealership. They help add another level of security for lenders, especially when a borrower doesn’t have a good credit history. Proving to the lender that you’re responsible and that you have people who can vouch for you goes a long way to offsetting the risk of lending to a borrower with poor credit.

Lenders use your personal references as a way to protect both themselves, and you. These references provide:

  • Information verification – Lenders may ask your personal references to confirm some of the information on your application, such as where you live and your place of employment.
  • Identity information – They need to make sure that you are who you say you are.
  • Backup contacts – Just in case you miss a payment, or the lender is having trouble getting in touch with you, personal references provide another avenue they can use to reach out to you.

Additionally, by verifying your information with an outside source, lenders are reducing the possibility of loan fraud, which is a growing problem in the US as identity theft becomes more prevalent.

The Importance of Good References

As a vital part of the car loan process, it’s important that the references you choose for your lender are aware that you’re listing them. A reference that’s expecting a phone call from a lender is more likely to give you a glowing review than someone who’s caught off guard.

Make sure you have references from a few areas of your life. Lenders typically like to see at least one family member that doesn’t live at your address, as well as a coworker or supervisor, and a good friend or two. It’s a good idea to prepare six to eight references for an auto loan, even if a lender doesn’t require this many, at least you’re prepared.

When you put together your list, be sure to include:

  • Full names (no nicknames or abbreviations)
  • Complete home addresses
  • Home or cell phone numbers
  • Work phone numbers
  • Email addresses

Remember, the more information you can provide the lender the better. They’re going to rely on the information given to them by the people you tell them to contact.

When You’re Ready for Financing

When you’re ready to get a car loan, references are just one of the many stipulations lenders use to ensure you’re a good risk. If you’ve put together all your paperwork, and are ready to find a lender that can help you get the vehicle you’ve been looking for, look no farther than Auto Credit Express.

We’ve helped countless people get connected to special finance dealers in their area. These dealerships provide lending resources to help people who struggle with bad credit, no credit, and even bankruptcy. To get started today, simply fill out our auto loan request form. The process is fast, easy, and free of charge and obligation, so what are you waiting for? Get started right now!