A approved seal next to a car loan reference form

What are Auto Loan References?

Milad Hassibi November 30, 2018


Shopping for a new car is a fun and exciting time for most consumers. With so many cars, options, and colors to choose from, car shopping can actually be overwhelming.

Buying a new car becomes a little trickier when you have a less-than-perfect credit score.

One way auto dealerships and lenders approve bad credit consumers for auto loans is by asking the consumer to produce a list of auto loan references.

What is an Auto Loan Reference?

A reference is somebody that can be contacted by the auto dealership or lender to help establish A black car with a green pencil marking approved for an auto loanwho you are and your identity.

If you begin to default on your auto loan, your lender will attempt to establish contact with you.

If that fails, a lender may resort to calling the references you provided in order to find out how they can get in contact with you.

How Many References Do I Need for an Auto Loan?

The number of references you will be asked to provide can vary by your location, the dealership you work with, and your personal financial details.

Most auto lenders will ask for only 3 references. However, consumers who have extremely poor credit may be asked to provide up to 12 auto loan references.

What Makes a Reference?

Although finding 12 people to list as a reference can be hard for many of us, the qualifications for a reference are usually minimal. A reference can be a coworker, neighbor, or even a close friend. A reference does not even need to live in the same area or state as you.

When asking for a reference, most auto lenders will just want to know their name, phone number, and how you know this person.

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

Again, the reference does not need to be a close relative or friend, he/she can just be an acquaintance as well.

Final Note

Finding auto loan references is actually much more simple than most consumers think. If you are looking to buy a new car but have less than perfect credit, CrediReady can help.

Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!



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