The thought of buying a new car can be very enticing, especially if it’s your first car. But before buying a car, you must bear certain important factors in mind. You cannot just go ahead and buy a car instantly. The car you ultimately go in for has to fit within your budget and suit your tastes. Read on to know certain dos and don’ts that you must be aware of before buying a car for yourself. At the end of the day, it is your hard-earned money that you are going to invest, so you have to make sure that it is spent in the best way.

• Firstly, you must research about the various options available in the market. You should have knowledge about the accessories as well, since they can add up to a significant cost in the end. This research will help you get the best possible price for your car.
• Do not go in for a luxury car if your budget does not allow you to do so. You should try not to get a loan spanning more than four years. Also, you must keep your monthly payment less than 10 percent of your income.
•  Remember to keep in mind the fuel costs and maintenance charges. Only if you can afford these, you should go in for a particular car that you desire.
• Get in touch with your insurance agent to get an idea on the interest rates beforehand.
• Do a thorough research on the auto loan options online and compare financing terms using an auto loan calculator. Take a print out and carry these documents whenever you make a visit to the car dealer.
• Also make sure to check your credit rating in advance. This will help you deal better later on. 
• Don’t fall flat for a vehicle while ignoring other options. Look for various models and then only choose the one that fits your bill.
• You should also know the incentives being offered by the car dealer. Therefore, researching on the Internet beforehand about these things can help you prepare in a better manner before you go out to buy a car.

These are some of the simple dos and don’ts which if kept in mind can definitely help you grab a better car deal that is light on your pocket and good for your taste! Make sure you take care of these things whenever you think of buying a new car and you will definitely be better prepared.

If you have an image of your dream car and have done your research on the available models within your budget, it might be just the perfect time to make that purchase, and bring your gleaming set of wheels home! The last thing that needs to be a deterrent in achieving this dream is the lack of sufficient funds. After all, that is what auto loans are all about, and by fulfilling just a few requirements, you can get your dream car financed in a way that’s easier than you can imagine. When faced with a choice between secured car loans and unsecured ones, most buyers find themselves confused, and unable to make a choice between the two.

Let’s start by seeing how these two loans differ from each other. A secured car loan requires you to offer some “security” to the lender, which is usually the car itself. By putting your car up as collateral against your loan, you give the lender the right to claim your car if you fail to make the payments in time. On the other hand, an unsecured car loan does not require you to have any collateral, and compensates for that with a higher rate of interest, and less flexible payment options.

It is thus evident, that if you intend to pay back your loan (which should be the case anyhow), a secured auto loan is the better option to go by. Such a loan offers much better rates of interest, and also allows you to decide on a repayment period and payment interval that is convenient for you. The reason why the lender is more flexible in such a loan, is that he is more secure that you shall repay the loan, since your car is put up as collateral. The end result is a situation in which both parties are happy, with the lender being secure, and you having to pay lower monthly installments.

Even though different lenders have different requirements, the basic requirements that you shall have to fulfill to qualify for a secured car loan are-

• Proof of monthly income (pay stubs and bank statements/ income tax returns if you are self employed)
• Proof of employment (employment certificate for the last 12 months/ proof of steady income in case you are self employed),
• Residential proof (should prove that you have resided at your current residence/ a past residence for a period of at least 12 months.)

To avail cheap auto loans for both used and new cars in 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.