Bad Credit auto loan references

When applying for a bad credit auto loan the lenders will ask for references. These references are going to be verified by the lender. These references are simply going to be used to verify your person. References are one of the ways a lender can try and contract you, in case you move, miss a payment, or change jobs. When it comes to bad credit car loans the lender wants to have every option in place to protect their money. The lender will usually ask for 5 references including your landlord. In most cases here are the guidelines for references:

  1. A Reference cannot reside with the applicant.
  2. A Reference cannot share an address with another reference
  3. Name, address, and phone # for each reference(in some cases addresses are not required)
  4. 1 Reference must be a family member
  5. References can live anywhere in the country

Please keep in mind that the lender WILL NOT disclose any information pertaining to your bad credit car loan application, when verifying the references. They will simply call the reference and verify that they know you, and for how long. It is a good idea to contact the reference prior to using them. This will allow the reference to be aware of the call coming in, and from who. In most cases a landlord will not answer any questions if you haven’t made them aware beforehand.

It is suggested that you have your references ready when applying for a bad credit car loan in Canada. This will allow the application process to move much quicker

Just my 2 Cents

-M

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