• Credit Score - Credit score of a person is an important factor in deciding the amount of car loan they will get. Check out your credit score to calculate as to what amount of loan you would be able to qualify for. Also a good credit score can help you save on interests.
  

• Down-Payment - The amount you pay for down payment decides the amount of loan you would further need. If you have enough savings in your hand then you can easily pay more amount as down payment initially. Higher the amount, the lesser will be the amount of loan you would need, thus making it easy for you to qualify and get approved for a car loan. You can easily calculate the amount of loan and the interest thereon after considering the amount of down payment.
  

• Monthly Instalments -  An important aspect while determining the value of your car loan is the amount of monthly instalments. Plan your budget and calculate what amount of money you can easily pay. You want a loan with monthly instalments that will blend with other expenses you might have. Stick to the rule of not spending more than half of your monthly income on financial obligations towards other parties. Aim for a low budget as you will have an auto insurance to cater to on the purchase of a new car.

• Tenure - Do the rounds with lenders in your area and tell them your preferences based on where you stand financially. For clients with a good credit score, lenders usually recommend short-term loans. These loans have lower interest rates and higher monthly instalments. If you are looking for lower monthly payments and don’t mind higher rates of interest, then long-term loans are your best bet.
  

• Favorable rate of interest: Credit unions are non-profit organizations that work for the benefit of their members. Therefore, you will get a lower rate of interest on your car loan from the credit union. A favorable rate of interest can significantly affect loan repayment amount and contribute towards great savings for you.

• Fewer formalities: When you apply for an auto loan from a credit union, there are fewer formalities and lesser paperwork involved during the whole process. All you need to do is become a member of the credit union and then work towards the loan application process. There are also no hidden charges or fees involved.

• Better customer service: Credit unions offer an impressive standard of customer service and their only motive is to pass on the profits to their members. When you apply for an auto loan, all the financial information will be provided to you in a simple manner. The final approval also does not take much time and you can expect to get a loan without much delay.

• Shorter loans: Credit unions provide their members with an option of choosing their loan term. A longer loan term is equivalent to more interest and can put a financial burden on you. But when you opt for a shorter loan term, the monthly installment might be high but you will have to shell out lesser rate of interest.

• Relaxed membership requirements: It is very easy to become a member of a credit union. The membership requirements are not stringent and almost anyone can join. Another advantage is that credit unions are more in sync with the local communities and can make the auto loan process much easier for you.

• Beneficial for members: The credit unions are always working towards providing incentives to their members in the form of lower interest rates on the loan and saving amounts. Since profit is not on their agenda, they take utmost care of their customers and provide optimum services.

• Lower Fees And Better Rates: Credit unions operate with the sole objective of working for the welfare of their members. All profits that they earn are returned in the form of lower rates of interests, better services, and minimum fees.
• Volunteer Board of Directors: Unlike banks, the functioning of credit unions is administered by a volunteer board of directors. When a member opens an account, he/she is immediately given certain share in the credit union. Every member has an equal say in the governance matters, regardless of the size of their account.
• Board Elected By Members: Every year, the credit union conducts elections where the members are free to choose who would be serving on the board of directors. The elected members, then, formulate and implement the policies of the credit union.
• Flexible And Convenient Loans: Members of a credit union can avail convenient home and auto loans with easy repayment options. Also, filing for and getting approved for a loan is a very easy process. It does not involve much paperwork and the application is approved within a few days.
• Dividend On Savings: The profits earned by a credit union are usually returned by way of attractive dividends on the savings account of the members. The dividend rate may vary from year to year.
• Members Have Common Interests: Members of the credit union share a common bond of owning a share in the union. To be a credit union member, the individual must fulfill certain eligibility criteria, such as area of employment, place of residency or affiliations with other institutions. This implies that each of them holds something in common.
• Convenient Access To Your Money: Most credit unions offer online account access so that the members can easily view complete summary of their financial transactions. Thus, you either opt for 24X7 access or personalized services during the office hours. 

If you are looking to buy a new or old car and have exhausted almost every financing option, then credit unions can come to your rescue. Credit unions are the financial institutions set up by a group of people who pool their resources to provide loans and financial assistance to the members. Since they are non-profit organizations, you get expect competitive interest rates and quicker loan approval. These features have made credit unions an attractive option to consider for an auto loan. 

Benefits of choosing a credit union for auto loan-

1. More chances of getting loan approved – Although credit unions do check your credit history, they are quite flexible in making a few adjustments in the loan terms. This can come as a breather for a number of people who have not been able to secure a loan from other financial institutions. The loans are usually approved quickly and even the documentation work is minimal. Being a member of these credit unions can add up to these privileges.
2. Low interest rates –The loans provided by the credit unions are offered at much lower interest rates than any other financial institution. Knowing that, you can have considerable amount of savings on your loan payment. 
3. Personalized service - Since credit unions are non-profit organizations and strive to provide the best experience to their clients, they offer flexible repayment options on your auto loan, depending on your circumstances. You can even discuss your concerns regarding the loan with the representatives at the credit union. This can help ease a lot of pressure and other issues regarding the loan.
4. Non sales approach – Credit unions usually follow a non-sales approach and do not try to sell any other financial products to you. Rather, they strive to provide better services to their customers.
5. Better educational resources – Credit unions also provide you the necessary information related to the financing options and also help in assessing the real value of your car. They work for your best interest and assist you in making the right decision about the auto loan.

Credit unions are a great option for auto loans as the process is very easy and stress free. The staff assists you in all aspects of loan application process. For more information about auto loans, visit Greater Central Texas Federal Credit Union. You can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.

• Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
• Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
• Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
• Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
• A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
• Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to par