Car loans and credit repair

[Maygen13]

We currently have a car loan through my MIL and her bank, it's in her name and not reporting on our report. I am currently working on both my husbands and my credit.

We are now expecting our third child and the car we currently have does not accommodate three car seats nicely and we really need a different car. I really want to try and do something on our own. Will this hinder or help our credit repair process?

[Trish]

It may actually help it.
If you can get an auto/installment loan on your CR with a high balance, your score will probably go up.

The only time something like that may hinder your credit is if you are planning on applying for a mortgage loan soon because it's a large purchase and changes your debt to income ratio.

[CreditCrisis]

we actually got a loan through a company called "Credit Acceptance Corporation" at a local dealership. its a program for people with crappy credit like mine, so it was $2500 down and the payments are $350 for 2.5 years. but the awesome thing, is CAC reports on our credit as a limit of $8500 but we really only owe like $6,000. so its a pretty sweet deal!

for the san diegans of the group, Poway toyota offers it

[Maygen13]

I am hoping to get our credit to a point where this fall we'll be able to apply for a mtg, so not in the near future really.

Thanks for the input!

[Vbp6us]

This was informative, thank you.