• Research: It is important to conduct a thorough research regarding the loan plans being offered by various credit unions. Browse through the internet and read the reviews to decide from which lender you want to get a loan. Compare the plans from at least three providers before making a decision.
• Interest rate: Interest rate is a crucial factor when applying for a car loan as it eventually decides the EMI that you need to pay every month. A minimal increase in the interest rate can cause a major jump in the monthly installments. Identify the best deal and it is better to opt for a floating rate of interest if you want a loan for a short period of time. On the other hand, go for a fixed rate of interest if you want to opt for a longer tenure loan.
• Processing fee: Every credit union has its own method of calculating the processing charges for a car loan. Some credit unions use fixed percentage of their loan as processing fee. On the other hand, many lenders also have flat rate processing fee. Decide on what suits your requirement and the amount you can easily afford to repay.
• Down payment: Down payment is the lump sum money that needs to be paid at the commencement of the loan term. Therefore, you need to have some amount of cash ready for down payment. Take note that lesser down payments will eventually increase your monthly EMIs. So, you need to decide according to the financial resources available to you.
• Loan term: It is best to avoid long term loans as this can lead to an increase the interest payments made during the loan tenure. On the other hand, a short term will help you in saving on the interest cost. Depending on your financial standing, you can decide on the car loan term.
• Prepayment charges: The lender can levy prepayment charges if the borrower is able to return the complete or partial loan amount before the end of the loan term. Therefore, you need to be aware if your credit union levies any such charges.
  

Buying a car is an absolutely exciting and refreshing experience for any individual. But when it comes to getting a loan for the same, you could find yourself in a dilemma over the multitude of auto financing options available in the market. Obviously, you are looking for something that gives you the best in terms of both savings and lower interest rates. So your best bet to get a cheap auto loan is through Greater Central Texas Federal Credit Union.

Located in Killeen TX, this credit union is a non-profit financial organization, formed by a group of members who share a common bond, and belong to the same region. The members here share benefits with one another in the form of low interest rates on loans and similar such schemes.

• Read on to know more about the benefits of a credit union over other conventional ways of procuring auto loans, through banks for instance.
• If you choose a credit union while you hunt for the lowest used car loan, a credit union is the best way to go about it. The primary benefit of doing so is a favorable rate of interest that does not eat too much into your savings. This basically implies that you would be paying a lower EMI. In addition, you will also observe that over a period of time, you ultimately have to pay a lower amount of money as interest.
• Getting a loan through a credit union is also a very convenient option. Once you are a member of the union, getting a loan is a matter of a few simple steps. The entire procedure is secure as well. In addition, you can also be assured of the best customer service. You get a loan for your dream vehicle at very competitive rates. The best part is, a credit union would not charge any additional fees or hidden costs, as is the case with other financial institutions such as banks.
• A credit union also provides you with the flexibility of deciding upon the period for repayment of your auto loan. The lesser the duration in which you repay the amount, lesser would be the overall amount that you would be paying over the entire period. This can be attributed to the low interest that you would be required to pay back to the union.

So if you are looking for an auto loan in Killeen, then definitely go in for Greater Central Texas Federal Credit Union to get the best interest rates, lower EMIs, and a user-friendly experience.