Auto financing has become the need of the hour. In the present times, when the vehicles have become so costly that one cannot afford to pay such a huge amount at once, auto financing comes to the rescue. It helps us in owning the vehicle of our choice in short span of time while paying for it later.

Many financial institutions and banks offer auto loans at competitive prices and reasonable rate of interests. Though proper research and verification is a must, you should always keep your financial credit strength in mind while opting for a particular type of auto loan.

The loan tenure plays a significant role while deciding for the respective auto financing which is to be finalized. Auto financing can be availed for short term tenure which would lead to high monthly charges with comparatively less rate of interest. You can also get auto loans for the long term which would result in high total interests being paid up with comparatively low monthly installments.

As, in both the situations, one has to compromise with one thing or the other, the best option you can opt for is the 72 month Auto Financing, which confirms to be the most profitable deal for you. As the tenure is neither too short nor too long, it proves to be the most lucrative deal you can ever think of.

72 month Auto Financing has various benefits, which establishes it to be the most appropriate choice for your auto loan. The diverse benefits are as follows:

• It is beneficial in the sense that the monthly payments are fixed to be low, which suits your budget as well as pocket.
• You can always opt for refinancing the 72 month auto loan, as it may benefit you from the changes which are brought by the lending rates.
• It is the best alternative for those people who have fixed income and small savings, and are not able to invest in luxury cars or vehicles of their own choice due to monetary constraints. Thus, the feel of owning a car of your choice gives you immense satisfaction and happiness.    

For more details on wide range of auto loans and auto financing in all credit situations, you can contact us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.

72 Month Auto Financing - Secured Auto Loan

When making the decision of buying a car, a major consideration that needs to be made is whether to buy a new car or a used one. This becomes even more important when getting a car loan, since loan terms can differ significantly for used cars and new ones. As a buyer, it is important to understand what these differences are, so as to decide which car loan would be better suited to your preferences. The following points highlight the major differences between a used auto loan and a new one-

• Since used cars have a reduced cost, these loans tend to be smaller than those on new cars, which are obviously longer.
• The rate of interest on a used car is likely to be higher than that on its new counterpart, owing to the higher risk involved in such a car. In this way, new car loans have the advantage of having lower interest rates.
• Used car loans are generally considered to be riskier than new auto loans from the lender’s perspective. This is because these loans run the risk of the car’s value falling below the loan’s value before repayment. It is for this reason that buyer’s might be required to pay a higher down payment on a used car than on a new one.
• It is usually difficult to get a loan on a car that is more than ten years old, since such cars are very risk for the lender.
• In the long run, the cost incurred on a used car is likely to be substantially less than that on a new car. This is due to the high level of depreciation of a new car when compared to a used car in good condition.
• As far as the interest rate is concerned, while the condition of the car and whether it is new or used definitely has a bearing, a greater role is played by other more important factors, such as the borrower’s credit rating and the amount being borrowed. This explains why the rate of interest should not be a major factor when deciding whether to buy a new car or a used one.
• It is a good idea to calculate how much you shall be paying at the end of the loan period in both cases, and take into account the depreciation in the car by then, while making a choice between a new car loan and a used car loan.

To obtain quick, cheap and secured auto loans, consider Greater Central Texas Federal Credit Union only. You can visit at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.