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.

Buying a car is one of the major expenses that people indulge in and it is extremely important that all the options should be considered carefully before taking a decision. In order to help you out with the search as well as to reduce your overall expenses given here are some useful tips that can be of great help in deciding your auto loan.

• Determine your budget: The first and foremost step is to clearly establish what you can actually afford and finalize your budget. This will help you determine which vehicle you can buy, either new or used, and clarity about your financing options. To make this decision you would need to calculate all your monthly expenses and then conclude if you will be able to afford buying a car.
• Evaluate the cost of the car: Once you have set aside the expenditure plan you should check for your options in that budget. You can look through the internet or visit a local dealer for this however, make sure that you do not exceed your predefined budget.
• Check your credit score: You must also check your credit rating in order to be assured that your loan application will be approved. You can consult a credit union to avail auto loans at lower interest ratesthan banks.
• Do proper research: Do not decide on an option before comparing and researching several loan rates. Interest rates depend on a number of factors such as car make and model, your credit rating, the loan term, your financial status etc. Discuss with your agent about all the issues that come up in your mind and have all your questions answered. 
• Focus on the loan amount: Your agent may ask you to lower the monthly repayment amount to make it easier on your pocket. Even though it may help you to save a few hundred dollars per month but it will add up to the interest rates. Thus, you should focus on lowering the loan amount instead of monthly payment.
• Consider other finance options: If you are unemployed or not financially stable, auto loan might not be suitable for you. Instead, consider going for secured loans that offer more flexibility and ease in repayment options.

If you are looking for car financing options in Killeen, TX, visit Greater Central Texas Federal Credit Union. We offer quick and convenient auto loans at competitive interest rates. For more information, feel free to call us at (254) 690 – 2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.

Most people who wish to gain possession of a new house seek for a reliable source of money to help them realize their dream. As a first time property buyer, there are a few things you should consider before getting a loan. They are mentioned below -

Decide the type of house

Before you even apply for a home loan you should be clear about the type of house that you wish to buy. Your options include apartments, duplexes, condos and mansions. Deciding on the most suitable kind of home helps you get suitable terms based on the price of the house (and consequently the return term for the loan). This can even help you score a favorable return term for investing in 'need based' acuity.

Decide the number of years

You as a loan seeker should decide on the number of years that you want to return the borrowed amount over. If you have a decent income and can afford it you should try to pay the debt off in a short term such as 4 or 6 years. The quicker a loan is paid off the lower is the gross interest amount. But before making your mind you should take your overall budget and foreseen expenses into consideration as well because selecting a longer term can help you deal with the costs even if you wind up paying more interest. 

Determine your loan eligibly

You should deal with all impending charges, bills and loans and focus on maintaining a consistent streak to get your credit rating higher to increase your loan eligibility. This will help you file for a loan successfully in the first attempt. In addition you should not forget to carry all the important documents to prove your eligibility.

Know about the charges

You should infer about the any additional charges before applying for the loan. Additional charges include those related to administration, service and any other fees. Also, choose the lender based on the amount of overhead charges charged with the home loans.

Consider credit unions

Finally, look into any credit union in your local area as the interest rate offered by credit unions is significantly lesser than a typical bank. As the very basis of their existence is to help the community the staff at credit unions is always rooting for their clients and goes out of their way to guide them. You can also use such credit unions to address other financial needs such as opening a saving or current account.

We, at Greater Central Texas Federal Credit Union provide affordable home loans. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

If you have been thinking about buying a car and are worrying about the finances, then credit unions can be the perfect solution for all your concerns. The easy and affordable car loans offered by the credit unions in Killeen, TX have made car buying easy for everybody. Whether you want to buy a new or used car, there are a number of reasons why you should consider getting a car loan from a credit union.

• Better chance of approval: You are more likely to get an easy approval for car loans at a credit union than from a bank. Credit unions aim at the benefit of their clients and are even ready to make slight modifications in the policy to suit the needs of their clients.
• Lower rates of interest: A credit union offers affordable car loans at lower rates of interest than any other lending institution. With such low interest, you can make a lot of savings and invest your hard earned money in other profitable ventures.
• User friendly loan process: With most lending institutions, the applicants have to personally go and submit the papers for the loan. However, with a credit union, you can even apply online for a loan which helps you save time.
• Personalized services: Since credit union are non-profit organizations and is managed by a group of volunteer board members, they keep their customers’ interests on priority. You can freely talk to them about the loan, repayment options, as well as your financial position. They can suggest some loan options that could be better for your situation.
• Resource centers: Credit unions have well established resource centers in order to provide information to the customers about the different financing options and help them in making the right decision.
• Non-sales approach: Credit unions do not work for their own profit and rather their sole purpose is to provide easy car loans to those who cannot afford to pay heavy interests to the banks.

If you are planning to apply for an affordable car loans in Killeen, TX, visit Greater Central Texas Federal Credit Union. We provide hassle free loans at competitive rates of interest. For more information about car loans offered by us, you can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

Financial loans, whether secured from a personal or public source, are the first port of call in a situation where you need to borrow money to gain ownership of a house or vehicle. A loan is based on the fact that the bearer will repay the amount with the said interest over a fixed term. While bank loans are the most popular kind, local credit unions are fast gaining popularity as the preferred alternative to high-street financing companies. With a compelling list of advantages credit unions are more cost friendly and easier to apply to. Some of the benefits of dealing with credit unions are mentioned below.

• The number one pull of credit unions is the fact that they offer loans at a substantially cheaper rate as compared to traditional banks. The primary reason behind the existence of a credit union is to be able to help the community and all the credit union members. Thus the staff at credit unions helps their members in fulfilling their dreams by providing quick financial assistance at cheaper rates.
• Credit unions are non-profit organizations and the interest you pay is used to help other community and credit union members. This gives a feeling of helping others while your own needs are addressed simultaneously.
• Securing loans are not the only purpose that credit unions help with. You can use them just like a regular bank in order to deposit funds, withdraw them, to use locker services, financial advice and many more services. As a credit union is an easy and cheap source to secure loans they stand out distinctly as a more favorable financial institution.
• The staff at credit unions has a subtle yet different approach to dealing with their clients. They are helpful and focus on addressing all your queries at once, especially the ones related to taking certain necessary measures to qualify for a loan successfully, should you fail in the first attempt.  

There are several other advantages that come with taking your financial dealings to a credit union like access to a well spread network of ATM's and personalized customer support.

Buying a car is not easy for most people and requires a heavy investment. Thus some important points like budget, type of car, after sales service and maintenance cost should be taken into consideration when making a car purchase.

Used cars

If you don’t want to invest a lot of money you can choose to get a used car financed. Credit unions have various programs to adjust to your need of financing and offer low interest rates. When you have qualified for a used car loan, you will need to fill a form and your financier will check your credit rating. Based upon this, they will decide the amount that you can borrow and give you different options of the monthly repayments that you can choose according to your preference. After you have finalized the car you want to buy, its details will be sent to the financier who will pay the amount to the seller. It is advisable to have your financing plan ready with you before going to the showroom to make the purchase. Your negotiating skills also come handy while purchasing an old car, as the better your skills higher the chances that you pay less for the car.

New cars

Purchasing a new car is a very huge investment and involves a lot of money. However, most lenders offer a longer repayment time for new car loans as they perform better and stay in good condition. New car loans are often secured against the car itself and the interest rates are also lower than those for used car loans.

The auto industry is rapidly growing and there are a number of car loan plans that are coming out every day. Thus, it is very important that you make a very careful decision regarding which one do you want to buy, new car or a used one, after having considered the pros and cons of each one.

If you want to apply for affordable new and used car loans, you can visit us at Greater Central Teas Federal Credit Union. We offer amazing plans for auto loans to all our customers. For more details, you can call us at(254) 690-2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.

If you are looking for a home loan, then there are a number of reasons that you should consider home loan from a credit union. For all those who are not aware about this option, credit unions are financial, non-profit organizations that offer checking and saving accounts, accept deposits, and provide credits for buying vehicles, homes, etc. The credit unions are member owned financial cooperatives that are entrusted with the responsibility of building up the local community. These unions do not have to pay taxes or other operating costs like other profit earning organizations.

Credit unions are exempted from most of the federal and state taxes and are carefully regulated.  These unions do not have to pay taxes or other operating costs, unlike other profit earning organizations, which helps them provide better services to their members. The National Credit Union Administration keeps a watch on all the credit unions and insures that the interest of the members is safeguarded. Credit unions have minimum operating costs and this makes them offer home loans at low mortgage rates as well as low closing costs which provides them a competitive edge over other organizations.

There are a number of benefits of getting home loan from credit unions and some of them are

•  No fee
• Low mortgage interest rates
• Quick closings
• Personalized service

Most of the credit unions offer a full range of mortgage solutions for buying a home, refinancing and even renovating a home. The credit union does a credit check once you join it and if you have a consistent income and maintain good credit then you can easily qualify for a home loan. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines. To avail home loan from a credit union, firstly you will need to find a union that can offer you a reliable banking experience. You should research extensively to find a union that can help you and suit your requirements. You can enquire and find out about all the services offered by the credit union. Once you become a member of the credit union you will be provided with financial support and personalized services. By applying for a loan at a credit union you can be sure of easier credit check, low interest rates and personalized customer interaction.

 To avail home loan from a credit union, first you need to find a union that can offer you a reliable banking experience. Research extensively to find a union that can help you and suit your requirements. Find out about all the services offered by the credit union. Once you become a member of the credit union, you can get financial support and personalized services. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines.

Buying a home is a big investment which requires a lot of hard work. If you have made up your mind to own a house then there is a list of things that you should consider. Home buying can be quite a lengthy process and it would be a safe bet if you have good knowledge about the whole process. Listed below are some of the most important things that every buyer must know before initiating the process of owning a home.

Pre-approval is necessary

Even if you have a huge amount of cash in hand, you will need the help of a lender. It would be good if you consult your home loan financier before even starting searching for a home. During this, you may be asked to provide detailed information about your income and finances.  With the help of this information, your lender will be able to provide you an outline of the cost that you will be able to afford which will be your first guideline to search a home.

Take the help of an agent

Taking the help of an agent is purely up to the personal choice of every buyer. However, hiring an agent can assist you throughout the process of buying. They have a fair idea about the available properties and their estimated market prices while helping you sign a reasonable deal. The realtors will also work out all the price negotiations with the seller.

Signing the agreement

Once the buyer and seller agree upon a price, the agent makes them sign an agreement. This will secure the deal for both the buyer and the seller and will include all the details about the property like the agreed price and the legal description of property.

Financing and Mortgages

You should make sure that you have selected the best home loan option. Credit unions are a better option when it comes to financing a loan. They provide instant approval for various types of secured as well as unsecured loans.

Keeping all the above point in considerations, you can’t go wrong while buying a home for the first time. But, it is important that you choose the correct and reliable home loan plan for you. We, at Greater Central Texas Federal Credit Union, provide all types of secured and unsecured home loans in Texas. For any information, you can call us at 254-690-2274.

Buying a car is one of the most important decisions that people make in their lives. It is a one-time investment which needs careful planning and preparation, down to the last little detail. Due to the high expenses involved most people go for financing when they think of buying a car. If you are thinking of taking out an auto loan, you need to find the right place where you can get the best rates and the best repayment terms. Credit union is one of the best options for an auto loan as they offer low interest rates and minimum credit checks.

There are various palpable and distinct advantages of applying auto loans from a credit union To name a few are:

• Easier Approval – A credit union is one of the easiest places from where you can get your auto loan approved. If you have different needs or are in a unique situation, a credit union is more than likely to listen to you and try to understand your issues. Credit unions are usually more open to making adjustments in their rates and their repayment process while keeping the actual underwriting procedure and same loan application procedure.
• Lower Interest Rates – If you take out your auto loan from a credit union you can expect a much lower rate of interest than if you approach any other institution. With those significantly lower interest rates, you stand to make long-term savings that you can successfully use in other areas.
• Customized Services – Since credit unions are in essence non-profit organizations, they attach great importance to customer service. Instead of a corporate office making decisions credit unions have a board of volunteers. This makes credit unions much more accessible and personable as compared to other institutions. You get a friendly vibe and camaraderie with the belief and trust that the credit union has your best interests in mind all the time.
• Information – Most credit unions have attached resource and education centers with the sole purpose of educating customers about different kinds of financing schemes and decision making. When you are looking to an auto loan financed with a credit union you can be sure to gain the knowledge and the insight to make a learned decision.

To apply for affordable auto loan in Killeen TX, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for all our customers. For more information, visit us at 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.

Buying your dream car is an important investment which needs a lot of careful thinking and planning for everything to go smoothly. It is a large, one-time investment which involves large amounts of money, and in most cases, the requirement to take out an auto loan. Car loans can be very expensive with interest rates being consistently on the higher side. With such a significant outlay of money, it is prudent to be careful when it comes to high interest rates and to find a deal where you do not have to spend so much extra. If high interest rates on your auto loan causes you to lose sleep and you decide to refinance your auto loan, a credit union in your locality might be the best option. Switching to a credit union can bring you major savings and can help you get your finances in order while you can still enjoy the benefits of your dream car.

How Credit Unions Can Help

Credit unions are nonprofit organizations and with that status they are in a position of strength when it comes to offering members deals of great value. Credit union members can save thousands of dollars when they choose to refinance their car loans. The procedure involves simple steps and a hassle-free agreement, and you could be on your way to making large savings on your auto loan. Re-financing your auto loan works exactly like re-financing any other kind of loan – you borrow the money from your local credit union to pay off your auto loan, with terms and rates which are remarkably more favorable and friendly.

The application process is quick and easy, and there is not even the need for your car to be appraised for you to get approval. If you are simultaneously paying off other loans, refinancing will almost certainly lessen your financial burden. Savings can range from a few hundred to a few thousand dollars- money that you can productively use elsewhere. Also, the earlier you refinance your auto loan with a credit union, the more you can save.

If you want to cut down on your monthly payments, you can change the terms of your loan when you refinance, and spread it out over a wider duration of time which gives you the option to pay lower EMIs. All things considered, switching to a credit union for refinancing your car loan can well be a smart move which brings home major savings.

To refinanace your auto loan in Killeen, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.

There are many options for obtaining auto loans for those who wish to purchase a vehicle in the state of Texas. Texas has a well developed banking system that provides competitive interest rates to car buyers along with reasonable terms and conditions. The only requirement for qualifying for a loan in this state is to have a sound credit rating. It can get quite difficult to obtain a loan if you have a negative credit history. Thus the first thing that should be done in this case is to go about improving your credit ratings so that you qualify for auto loans in the state of Texas.

There are several things that can be done in order to improve your credit like repaying existing loans in a timely manner, not taking loans for an amount that you will be unable to repay, asking a person to stand in as surety, etc. There are credit counseling services provided by many experienced companies in Texas that can guide you regarding the best methods to improve credit in a short time period.

The kind of car that you are purchasing can also have a direct bearing on whether you are granted a loan by the lending institution or not. If you have a great credit rating, you can choose an expensive new car and still obtain approval from a bank for your auto loan. However, in case your credit is bad, you may have to settle for a second hand or a low priced car in order to qualify for a loan.

Before going ahead with an auto loan, you should conduct an online survey in order to find out the prevailing auto loan rates in Texas. This figure should then be compared to the actual rates being offered to you by banks in the area. You will also need to have a fair idea about the amount of down payment you may have to provide in order to obtain the auto loan successfully. In most cases, the down payment tends to be around twenty percent provided you have a reasonable credit rating in the state. It may increase if you have low ratings.

For Lowest Used Car Loan interest rates in Texas, visit Greater Central Texas Federal Credit Union.

Lowest Used Car Loan - Secured Auto Loan

There are many lenders in an around Texas that can be approached to obtain auto loans. Buying expensive vehicles by furnishing huge lump sum in one go is uite a difficult task. This is where the auto loan become a useful tool. Auto loan is a great method through which one can complete the payment in a stress free manner over a number of years. There is usually a fixed term for repayment of an auto loan in case of most money lenders in Texas. One generally needs to repay the borrowed sum before the end of this period so as to avoid legal issues.

Sometimes, you may find it easy to repay the remaining loan amount along with the interest accumulated on it long before the loan terms is touted to end. This may be on account of availability of money required to close the loan contract. The method of fulfilling your auto loan liability by repaying the remaining dues in one go before the expiry of the loan period is known as preclosure. This is quite beneficial as it helps you avoid escalating interest rates that may be revised due to general inflation in the economy from time to time. It also helps eliminate the burden of furnishing monthly payments out of your salary. Not to mention you save on the interest part as well. Certain financial institutions do charge a small preclosure fee on your loan amount that was due.

Almost all individual money lenders as well as money lending institutions offer the chance of going in for a preclosure to borrowing customers. You can read about the particular terms of initiating the preclosure process in your loan document. It is advisable to be aware of this process before you sign the loan contract so that you can conveniently get a preclosure for your loan amount.

A preclosure in relation to an auto loan is not likely to affect your credit ratings in a negative way at all. On the contrary, it is bound to strengthen your credit score thus making you better eligible for future loans. Most banks in the future are likely to prefer providing loans to you on account of your great record of repaying a loan even before it falls due.

For Auto loans in Central Texas do visit Greater Central Texas Federal Credit Union. We have amazing deals on Auto Loans for our customers. Call us at Phone: 254-690-2274. We are situated at Killeen, Texas.

Secured Auto Loan - Cheap Auto Loan

One of the best possible ways to get rid of the heavy burden of your car loan, even while having a bad credit history or score, is to refinance the loan. Refinancing will allow you to take a loan that can be used to pay off the present loan. Since the new loan will be at much reasonable fees and rates of interest, this simple financial deal will help you save a lot of money.

The most basic reason of refinancing the car loan is the inability of the people to pay back the loan due to high installments. The monthly payments will substantially decrease if you refinance your auto loan. Given here are some tips that you should keep in mind while refinancing your car loan.

• Make sure you have a complete knowledge about your present credit report and credit rating. You can easily obtain these at the internet. Your present credit score is also available at a nominal fee.
• Find out the value of your car. It is not a prerequisite for refinancing the car loan but you should know about its value. There are many resources on the internet that can help you to get an estimate of the value of your car. 
• Make inquiries about the accessible lenders. It is possible that your present lender may also agree to refinance your loan. However, you should do a good survey to find out the lender that will charge the lowest rate of interest and refinance the lowest amount possible.
• Make sure that all the offers that the lender proposes is put in writing. Carefully read and make a comparison of each and every proposal and then make a decision.

If you want to refinance your bad credit car loan, then by all odds reach Greater Central Texas Federal Credit Union. You will be surprised to hear about our interest rates which are quite low as compared to others. Call us today at Phone: 254-690-2274. We are situated at Killeen, Texas.

Secured Auto Loan - Cheap Auto Loan

Signature loans can prove to be a good option for people who do not have anything to be kept as collateral. Nowadays, certain financial institutions give out signature loans even to individuals with history of bad credit. As the name implies, these loans are granted on account of the applicant’s signature. There is no need to give any collateral or security for the loan. In case of you plan to buy a vehicle, signature Auto Loans can prove to be a good bet.

Signature Auto loans are exceptionally helpful to people who have poor credit but wish to buy a vehicle. In case of such loans, the process of loan approval is very quick. The loan providers generally approve the loan instantly, provided the borrower has a steady job and a fixed monthly income. These loans are normally approved for a fixed period. Other than for buying a vehicle, signature loans are also available in form of holiday loan, student loan, home improvements loans, business loans or debt consolidation.

What you need to know about Signature Loans:

• Understand the type of loan. There is nothing special about it. You are just borrowing money without a security. As a result, you will be charged a little higher than average interest rate.
• Pay off any debt that you presently have before applying for a signature loan. You should not be a defaulter in your payments. You should be paying your bills in timely manner in order to crack a good deal.  The more you pay your credit card bills, the better it gets.
• Search for bad credit signature loans that have low fees and rates of interests. In essence, you should be able to pay off what you borrowed. There is no point in taking a loan that you cannot repay.
• Borrow a limited amount of money. Your loan should not be more than a third part of your income. This way you can easily manage your debt as well as keep yourself financially stable.

These tips if kept in mind can prove to be very useful while going for an unsecured bad credit signature loan. Even though they are for your benefit only, still you should know how to make the best use of it. To obtain cheap secured as well as unsecured loans, contact Greater Central Texas Federal Credit Union at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

Having a car in the present times is very essential to commute for daily chores. With new models rolling out every month, one definitely gets tempted to buy a brand new vehicle. Brand new vehicles are quite expensive and for some it may not be a financially feasible option. For them, a used car can be the best choice.  Used cars are no different than a new one provided that they are maintained properly.  If you are feeling a need to own a car but cannot buy a new one, then used cars are the ultimate solution for you.
Getting a used car loan is very simple. There are many financial institutions like Greater Central Texas Federal Credit Union that provide Used Car Loans at amazing rates of interests. As the loan amount is generally less in comparison to other loans like business loans and home loans, the formalities involved are fewer. You can get a Used Auto Loan even if you have bad credit score.

Types of Used Car Loans

In general, there are two main types of loans- secured and unsecured.

The term ‘secured loan’ itself signifies that you have to give something as a security to obtain the required amount. Usually, you need to mortgage your house or gold or even the car itself to get a secured loan. On the other hand, the ‘unsecured loan’, does not entail any security. However, you have to give full details and documents about your residential proof, proof of employment and income.

Benefits of Used Car Loans

Low Cost
Since the used cars cost much less than the new ones, it obvious that the used car loans would also be affordable. The monthly premiums are also very nominal which means that you do not need to cut off your daily expenses to repay the loan.

Availability
It can be little tough to get a new car financed. Moreover, with the high monthly premiums, it can become very difficult for the people to pay these in addition to their daily expenses.

Chances of Approval
As the loan amount for purchasing a Used Car is quite less, people with a history of poor credit can also get Used Car Loan.

Therefore, purchasing a second hand vehicle is not such a big issue as long as you are fully informed and aware. If you are planning to get a used car loan, then certainly you can trust the Greater Central Texas Federal Credit Union. For more information about our services, contact us at 254-690-2274.

Lowest Used Car Loan - Cheap Auto Loan

While procuring a loan it is important to know what kind of loan you should opt for. Basically there are two types of loans available. The first one is Secured Loan – Where certain collateral is kept as security by the lender. The second one is Unsecured Loan – Where loan is given without keeping any collateral. A person needs to make a sound choice between the two. The choice of the same would depend on various factors like:

• Purpose for which the loan has to be taken.
• Your financial capability
• Loan Tenure
• Monthly repayment capacity
• Loan amount

What are Secured Loans?

Secured loans as the name suggests are loan that are provided by financial institutions against something that you own (asset). In case the loan is not paid, the lender can take possession of the asset to cover their losses. In case of auto loans, depending on what vehicle you are buying and the cost of the same; financial company decides what asset can be taken as collateral. It can be your property or any other asset that has similar value in comparison to the loan amount.

Advantages of Secured Loans

• Lower interest rates.
• Depending on the value of the asset, you can borrow more loan as compared to unsecured loans.
• As your secured asset assures lender that their money is safe, you can get a loan even if you have a bad credit history.
• Longer repayment periods.

What are Unsecured Loans?

As the name suggests unsecured loans are the loans given by financial companies and lenders without keeping anything as collateral against the loan amount. As the loan is given without any security, the risk for lender is high. As a result most of the unsecured loans attract high rate of interests and the repayment period is also usually short. The rate of interest is also decided on the basis of your credit history and your repayment capacity.

Advantages of Unsecured Loans

• You don’t need a property or any other expensive assets to take an unsecured loan.
• For small purchases, unsecured loans are cheaper than credit cards etc. In case you need small loan for few months, then you should go for unsecured loans to fund your purchase.

To obtain cheap and secured auto loans easily and quickly, consider Greater Central Texas Federal Credit Union only. We