Need advice: Getting an auto loan when your credit is bad.
My 40 y.o. daughter has gone through a messy divorce and has custody of three children, 11-16, with her ex providing sporadic child support. Her credit took a hit when this divorce was going on. In short, now she needs another car and we went to AAA to apply for a maximum $8k loan with the hope of getting something decent, with me offering to be a co-signer. I know she's good for the payments and I have no problem signing on.
In short, she was rejected and they said my good credit had no bearing on the application, that because of her financial situation they wouldn't give her a loan. She also inquired at an auto dealership after looking at a specific automobile, and they basically told her the same thing - their bank said no loan until her credit is repaired.
How is a person supposed to prove themself worthy of receiving a loan if they aren't given a chance? And when did co-signers go out of style? IF she didn't make the payments I would still be responsible, so why are they worried?
Does anyone have any suggestions?
I find this very disheartening.
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