Reference Can Help Those with Poor Credit
Reference Can Help Those with Poor Credit
References
If you are someone with bad credit and who want to apply for car loan, there are additional requirements that you have to comply. One of these requirements is to submit a list of references.
At Auto Credit Express, for the past twenty years we have been providing assistance to those applicants with poor credit scores. We have our website which gives information on research topics which deal with bankruptcy, low credit scores and on the topic being discussed in this article which is about the list of references required in applying for a car loan when your credit is bad.
Needed documents for car loan
In addition to valid driver’s license and proof of insurance, the lenders require the high- risk borrowers who apply for car loan to submit a list of references. These are additional stipulations which are required before approval of car loan.
What is a reference?
A reference is someone whom you know very well. He or she can be your relative, a close friend, a co employee or even a superior or boss.
Usually the required number of references is four but to make your application more credible you can provide more than four references to the lenders.
Contents of Reference Information
The reference must include the name of the person, address, and phone number at home or office.
Permission of the persons you have included in the list must be obtained. They must also be informed that the lenders might contact them for verification to confirm whether or not they know you.
To speed up the application of your car loan, bring with you the list of reference on your first visit to the finance manager for the car dealership.
In Conclusion
Include six names in your list of reference with their complete address and home or office phone numbers. Bring this list when you first visit the finance manager of the dealership. If you do this, the processing of your loan will be done more quickly.
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Filed under: bad credit • Credit • Credit Score • Loans • Personal Finance • personal loans
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