Whenever you feel the need of purchasing a new car but don’t have sufficient amount of finances, Auto Loans provide you with an opportunity to bear the cost without letting your dream go. Auto loans have become a much needed thing now-a-days. It is always advised to opt for the specific type of car loan as per your needs and requirements so that the budget could be well managed in hand. An auto loan helps in better control over the finances and makes the purchase more organized.

You should carefully choose among the various types of auto loans that are provided by various banks and financial institutions. Some of the major types of auto loans that are available in Texas are given below as:

• Long term auto loan - Car loan is given for a long term for the purchase of a brand new car. Long term auto loans usually lasts for a period of 60 months or 72 months and it may feature small monthly payments as well.
• Short term auto loan - It generally has a higher monthly EMI. As the time period for repayment is short, the total interest paid in this case is less.
• Used auto loan - The auto loans which are given to buy used cars are called “used auto loans”. To get a used auto loan, you are required to show higher credit standards because of the higher risk involved.
• New auto loans - The auto loans that are provided for a brand new car are known as new auto loans. The credit standards can be of average type and a low credit score is easily acceptable, but for a higher rate of interest.
• Direct financing - This type of loan is independent of any dealer and so, bargaining can be done which provides more flexibility to it.
• Second-chance auto loans - It is specifically meant for those people who do not have appreciable credit score.

Many banks and financial institutions offer different types of car loans and you can opt for a specific type that is best suitable for you. You can avail huge discounts and benefits if you are a member of the credit union. Auto dealers also provide you with a much more competent deal than other usual conventional methods.

For more details on wide range of auto loans and auto financing in all credit situations, you can contact Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or you can call at 254-690-2274.

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