BAD CREDIT HELP – Instant bad credit loan

Question by MissJessica: How will paying for a car loan on a repo car affect my credit score?
My husband and I signed a ,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe 00. The loan company offered a settlement of 00 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?

Best answer:

Answer by Digger
Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit.

HOWEVER, GET IT IN WRITING! Before you send that ,800 payment, make them put it in writing that ,800 will settle the debt and they will report it as PAID IN FULL. If they don’t put it in writing for you, then after you pay ,800 they’ll say your balance is ,200! (5000-2800) Collection companies are snakes!

Good luck!

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Question by keynabeena: I have bad credit and want to buy a repo at my credit union, any suggestions on how to get a loan?
I already contacted the credit union, they wont give me the loan, its a repo for only 2700.00 but I just dont have the credit, does anyone know where you can get a small loan for someone with really bad credit?
Thanks for your help!

Best answer:

Answer by Kien T
Go online and check. With our bad economy their are alot of places that will offer loans regardless of History BUT u must have a job. Note that depending on certain places they will have a min/max loan amount that may not work for u

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