Once you have a bad credit rating, and no current credit to rebuild that rating, you are kind of screwed. You cosigning with her won't help her out much either.
Unfortunately, it is something that she has to do on her own, and if that means paying 20% interest on a car loan, thats what she has to do.
If in a couple of years she has been paying things faithfully, she can look to a bank to help her out. Sorry I don't have better news for you, but this is what my brother went through.
The bank told him at the time that getting a cosignor wouldn't help him out at all, because the loan shows up in the name of the co-signor first and then the person who is "actually" taking out the loan. I know this is totally backwards, but it is the way things work.
|