"Do all auto loan lenders require five references? "
I thought my excellent credit score and good-paying job would be enough to get me approved for a car loan, but the application from my bank is asking for five references. Is this 100% necessary?
Answer provided by
Answered on May 05, 2021
“All of the information on a car loan application is relevant and required. That information is used to determine risk and allow for a plan to retrieve the car should you stop making your payments.
When it comes to references, the bank will only use this information to help locate you in the event that you stop answering their phone calls. While they probably won’t call your references unless they need to get in contact with you, if you leave the reference off your application, they will likely not approve your loan.
You said you have a good-paying job, so why not put your boss and some of your coworkers down? Also, some lenders only require three references, so you can seek financing elsewhere if you prefer.
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