A image of a man creating a list of references in black and white

Auto Loan References and How They Work

Milad Hassibi May 1, 2018


If you have applied for a subprime car loan before, you know that most lenders and finance managers will ask you for a list of references that you can provide. This list of references will just be an additional document needed along the list of documents you must already provide when applying for a subprime auto loan.

The Risk

Since buyers with less than perfect credit scores are viewed as being “risky” in the eyes of most lenders, the finance manager or lending company will require a set of stipulations from you in order to be able to process your loan. Although compiling a list of 6 people to use as references can seem like a large task, know that most lenders and institutions can be lenient on who the references are.

The List

Subprime lenders will ask you to produce a list of individuals that you know on a personal level. A image of a list of references with an approval logo in green textThese references can consist of parents, siblings, aunts uncles, friends or even co-workers (regardless if they are a former co-worker or a current one). Many people worry that they cannot produce a list of references, as they may have recently relocated to the area. However, know that lenders do not require that the references be located near you, or even in the same state for that matter.

Besides just their names, your lender or finance manager will ask you for their addresses and phone numbers that they can be reached at. Depending on the lender you work with and the risk you may pose in their eyes, you may be only required to produce 3 references. Some lenders who work with very high-risk borrowers may require 6 references or even more. Be certain that the references that you provide the lender know that they are being written down as a reference for you.

Initiating Contact

You will need the green light from your references because the in-house finance manager may contact them to verify that they personally know who you are. This will happen prior to you receiving your loan. If you want to save time, create a complete list of people that you can use as references moving forward. This can save time and hassle when it comes to creating a list of references at the very last second.

Get a Car Loan with Any Credit Along with a Happy Couple and a New Black SUV next to them

If you are finding it difficult to create a list of references, just remember that these people can live anywhere in the United States. They do not have to be within your local area or region at all. The more details you can provide your lender or finance manager, the stronger your odds may be at getting approved for the car loan that you need.

Final Note

If you are still struggling to get approved for an auto loan, CrediReady is able to help. With our nationwide network of dealers and lenders, CrediReady can connect you with the right people that can get you approved for an auto loan. Take a moment to fill out our free no-obligation form today and start building your credit score up again.



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