72 month auto loans come as a welcome option for those who wish to have low monthly installments, and wish to keep the same car for a long period of time. The duration of auto loans ranges from an average of 36 months to as long as 120 months. Even though, most of the Auto Loan companies only provide 60 month auto loans, you can avail a low EMI 72 month auto loan with financial institutions like Greater Central Texas Federal Credit Union. If you aren’t sure about what to expect from a 72-month auto loan, we have put together a list of pros and cons of such a loan, from a buyer’s perspective-

Pros-

• The most obvious advantage of a long-term loan is the low monthly payments. If you have a steady, yet low monthly income, and would not like to spend 2-3 years on a meager income due to loan payments, this option might be the right one for you.
• If you have a strong credit and income that shows well on papers, you might even get low interest rates on a 72-month auto loan, making it a win-win situation for you.
• A 72-month auto loan is ideal when you badly want a dream car but cannot afford it just yet. The long period of repayment might be the price that you’ll have to pay, but it’s eventually worth it, especially considering that your financial condition might improve over the years.
• Another scenario in which such a loan is favorable is when you are buying a vintage car, the value of which will not depreciate over the years.

Cons-

• As the loan is of longer tenure the total interest paid in 72 months would be more in comparison to 2 years or 3 years auto loan.
• It is important to check the terms and conditions of such long tenure loans as you might want to pre-pay the whole loan amount before 72 months.

To procure instant 72 Month Auto Loan in Central Texas, 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.

Everyone dreams of owning a car and being able to experience the independence that comes with it. So if you have finally decided that it’s time to make this dream come true and are all set to make the great purchase, you should take the next step after picking the right car loan. Even though almost all car loans seem similar to the layman, but when you dig deeper, you realize that there is a huge difference between car loans, and in some cases, these can add up to thousands of dollars in the long run.

The guidelines below help you with some useful tips for getting a cheap car loan-

• Credit union auto loans- The financial institution that you choose for your car loan can make the biggest difference in the amount you end up paying in the long run. Credit unions have been proved to be a lot cheaper than banks, when it comes to auto loans. So the first step to getting a cheap car loan would be to join a credit union if you aren’t already the member of one. These not-for-profit organizations function by giving back money to their members on cheaper interest rates and lower monthly payments.
• Evaluate your credit report- By using a free online service available to all US consumers, you can evaluate your credit report beforehand to be sure of what to expect and to have a clearer and more realistic perspective of what your options are.
• Decide your budget- A mistake that most buyers make is leaving the most important decision of which car to buy and how much to spend on it for the last moment. This often leads to overspending.  Hence you end up with larger monthly payments than you can afford.
• Look at the complete picture- Make sure that when you are finally negotiating an auto loan, you look beyond what’s being shown to you. At times, what might look great on paper can actually be a bad deal in the long run. Make sure that you do not end up paying more than the car’s actual worth. It is also wise to look carefully at other terms of the law, such as prepayment penalties.

For more tips, visit us at Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.