HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Consumer Advice (Group) » Need advice: Getting an a...

Fri Sep 14, 2012, 06:42 PM

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.

2 replies, 803 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 2 replies Author Time Post
Reply Need advice: Getting an auto loan when your credit is bad. (Original post)
TheCowsCameHome Sep 2012 OP
MindMover Sep 2012 #1
fairy6 Oct 2012 #2

Response to TheCowsCameHome (Original post)

Fri Sep 14, 2012, 06:50 PM

1. Credit is and has been the most corrupt aspect of lending ...

I would look at automobile lending agencies ... these companies are not tied to the banks .... they are used by automobile dealers that know credit issues ... interest rate will be higher ...

http://www.dmv.org/buy-sell/auto-loans/

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TheCowsCameHome (Original post)

Fri Oct 19, 2012, 05:02 AM

2. Spam deleted by Lucy Goosey (MIR Team)

 

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread