No money down auto loan is a financing option for those buyers who have no cash to bring to the transaction. They are mainly meant for individuals with good credit. They are generally used by those who cannot afford a down payment, or simply don’t want to block their cash in a vehicle that depreciates.

A good credit score is the gateway to accessing a no money down loan easily. Many car dealers and auto financing institutions have no money down programs for buyers with a good credit score. Having a trade-in makes it even easier to get a no money down loan from a dealer. They can easily manipulate the amount they give you for the trade-in to make a profitable deal for them. Those who pay too high a price for the vehicle may end up getting a no money down financing at the dealership they are dealing with.

Regardless of your credit score, you are required to produce the standard auto loan paperwork to get the no money down auto loan. You will have to show the total amount that you have earned for the year. If you are self employed, you will have to produce the tax returns for the past two to three years. You will also need important information about the vehicle in question. You will have to mention the VIN, the purchase price on the dealer’s sheet, the year, make, model and the mileage. The car title and proof of insurance are crucial requirements when seeking a no money down auto loan.

Those with bad credit will have a tough time getting such a loan. They will end up paying a higher rate of interest than if they were making a down payment. They may be required to have a co-signer on a loan. Such borrowers should steer clear of lenders with “buy here, pay here” policies.  These lenders usually charge exorbitant interest rates. They also have very aggressive repossession policies and little leniency in late payments. It’s essential to check these things out before striking a deal with a lender. Be sure you clearly understand the terms of the agreement before you sign.  Make sure you understand the terms, the payments, the duration of the loan, the late penalties and other details.

We at Greater Central Texas Federal Credit Union always recommend maintaining a good credit score to get a quick and low interest loans in Texas. For more information about our services, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

Home loans are the best alternatives for people who want to own a house but do not have sufficient funds at hand. Borrowing a certain sum of money and them repaying in easy monthly installments helps to relieve the financial burden of the homeowners. However, there is a step by step that must be followed in order to getting a home loan easily. Once you have made your mind to buy a home, your first step after that should be to analyze your credit rating to be able to apply for a loan.

Here is complete process of applying for a home loan in Killeen, TX:

• Pre-Qualification: At this stage, your lender will determine how much loan amount you can afford. He will ask questions about your total income, assets and liabilities. According to this information, he will be able to provide you a rough estimate of the money that you can borrow. Although this is not a certification of loan approval, however, you will have an approximate price range at hand and you can search properties accordingly.
• Pre-Approval: This is a bit more formal process than pre-qualification.For pre-approval, the lender will verify your credit rating, employment and financial information provided by you.This will also help to strengthen your position to negotiate for a property you like.Sellers are more keen to accept offers from buyers who are already been approved for a home loan.
• Choosing a Lender: There are a number of lenders such as mortgage brokers, banks and credit unions to procure a home loan.Make sure you compare several loan plans before deciding on any one. Although it completely depends on your own choice and preference, credit unions are a good source of financing. They offer low interest rates and easy repayment options on home loans.
• Submitting The Application: You can visit your lender’s office or call their representatives to visit your place and get the loan application signed. You would also require certain documents to be attached while submitting the application. These may include pay stubs from the previous month, recent bank statements, proof of your assets and liabilities etc.

After this your lender will appraise the value of the home that you are considering to buy. He will also verify the authenticity of the documents submitted by you. Finally, if everything is satisfactory, the process will be closedand your home loan will be approved.

For more details about the home loan process in Killeen, you can contact Greater Central Texas Federal Credit Union at (254) 690 – 2274.