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Documents To Have On Hand When Applying For Second Chance Auto Loans

Lenders who specialize in subprime auto loans will admit that they require more paperwork and documentation than traditional lending institutions. These extra documents, call stipulations, usually include a reference sheet.

Typically, you will need six references. These references can be family, friends, or work acquaintances. In addition to their name, you will have to furnish their address, and their home and work phone numbers. To save time, bring the list with you when you visit the dealership. Do yourself a favor and get the person’s permission before putting them on your reference list. There is a good chance that they will be contacted by the lender, so you do not want someone to be caught unawares. Also, your references will be contacted if you get behind on your payments and the lender can not contact you directly.

Subprime auto loans are a necessary evil for many people today. The process takes longer than with a traditional bank, but you can speed things along by having your references lined up ahead of time.