72-month auto loans are becoming highly popular among people looking for long-term loans with lower monthly payments. While these loans are not dragged as long as the 120-month loans, they make it easier to get on the road faster without breaking the bank. If you are considering getting 72 month auto financing in Texas, here is a look at some of the major benefits that you can expect from such a loan:

• The biggest advantage of a 72-month auto loan is that it is associated with lower monthly payments. This is beneficial for those with a steady income but small savings, as it can help you to keep car payments low enough to keep your household budget intact.
• Smaller payments mean more control over the loan, which leads to lower chances of repossession. The car can help you generate income over the loan period, hence buying you time as a borrower.
• If you eventually consider refinancing the car, you can benefit from the changes in the US prime lending rate when you do so.
• A 72-month car loan is ideal if you intend to make just one major investment over a long period of time, and would like to be able to navigate the road ahead, knowing what you can expect. It is also important for you to be sure that you will not need to trade in the car for the next 1-2 years, and that the monthly payments fit well within your budget.
• Such a loan gives you the chance of buying a car that you might not have been able to afford with a shorter term loan. For instance, if you have $350 to spend towards car payments each month, you can borrow $21400 on a 72-month loan, as opposed to only about $15000 for 48 months.

The Greater Central Texas Federal Credit Union provides 72-month auto loans for new cars in all major locations across Central Texas. Our competitive interest rates, flexible terms, quick approval process, and friendly services make it simple for you to avail this cheap auto loan. Established in 1957, we have gone on to become one of the most trusted credit unions in Texas, with a reputation of offering the lowest interest rates, and most reliable services in the region. Our 72-month auto financing option gives you the chance of driving your dream car without depleting your savings.

The first step of getting an approval for your loan is to carry out a research of the auto finance options being offered by different companies. You don’t just need to consider the basic facts like the interest rate and repayment period, but should also have a look at the other terms and conditions of the loan.

It is advisable to discuss the loan directly with the finance company, instead of going through an auto dealer, since the latter is likely to direct you to a financier who offers him a lucrative deal.

When you apply for the loan, you shall need to provide verifiable claims for all the sources of income that you have stated. Previous tax forms can come in handy at this stage. You should also collect any pay stubs and proof of utilities or a lease in your name.

You shall also need to provide a proof of your residence, which shall be verified by the finance company. Your landline phone bill or even a cell phone bill address should suffice for this. You might also need to provide an additional residence proof, like business correspondence to your residential address.

As a proof of your current monthly income and job stability, you need to provide your employer’s name, as well as the phone number of a reference who can verify the post that you are working at, your joining date at the company, and the salary that you are drawing.

If you are self-employed, it might be slightly trickier to verify your income. It is helpful to have tax returns for the past two years to present to the financing company.

In case you need more income to qualify for the loan, you can consider getting a cosigner for the loan.

You must ensure that all the information that you provide is accurate and verifiable. Providing inaccurate information can make you face legal problems. Any source of income that cannot be verified on paper is of no use while applying for a car loan, since the company will need to verify all the information that you provide.

It is not a good idea to apply at multiple companies for a car loan, since each application that is processed results in 2 points being deducted from your credit score. Do your research before applying for a loan, and once you do, do not switch loyalties.

To For more tips or to avail cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union.  We are situated at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Secured Auto Loan - 72 Month Auto Financing