Buying a car is not easy for most people and requires a heavy investment. Thus some important points like budget, type of car, after sales service and maintenance cost should be taken into consideration when making a car purchase.

Used cars

If you don’t want to invest a lot of money you can choose to get a used car financed. Credit unions have various programs to adjust to your need of financing and offer low interest rates. When you have qualified for a used car loan, you will need to fill a form and your financier will check your credit rating. Based upon this, they will decide the amount that you can borrow and give you different options of the monthly repayments that you can choose according to your preference. After you have finalized the car you want to buy, its details will be sent to the financier who will pay the amount to the seller. It is advisable to have your financing plan ready with you before going to the showroom to make the purchase. Your negotiating skills also come handy while purchasing an old car, as the better your skills higher the chances that you pay less for the car.

New cars

Purchasing a new car is a very huge investment and involves a lot of money. However, most lenders offer a longer repayment time for new car loans as they perform better and stay in good condition. New car loans are often secured against the car itself and the interest rates are also lower than those for used car loans.

The auto industry is rapidly growing and there are a number of car loan plans that are coming out every day. Thus, it is very important that you make a very careful decision regarding which one do you want to buy, new car or a used one, after having considered the pros and cons of each one.

If you want to apply for affordable new and used car loans, you can visit us at Greater Central Teas Federal Credit Union. We offer amazing plans for auto loans to all our customers. For more details, you can call us at(254) 690-2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.

Owning a car may be a dream for many but not everyone can easily achieve it. Secured car loans are specially designed for those short of sufficient funds to purchase their own car. The principle on which such loans work is pretty simple. The borrower has to pledge the car he or she wishes to purchase as collateral against the loan amount. Such loans suit the needs of any kind of buyer. One can purchase a new or used car depending on the budget and choice.

A borrower can attain up to 90% of the value of the car and that too for a period of 2 to 7 years. Lending companies are quite flexible when it comes to secured car loans. They are ready to negotiate on the down payment and rates of interest. Talking of the rate of interest, it varies from car to car and is generally lower in such loans because the car is being used as security against the loan. This makes it easier for the borrower to stretch the repayment to a longer span of time.

You can even get a loan on a used car provided it is in good condition and not very old. Lending companies usually prefer cars that are not older than three years. The rate of interest on the loan will also depend on the condition of the car. Interest rates may be fixed or variable depending on what suits the borrower best. Fixed rates of interest are great for those who want to know exactly how much they are expected to pay each month.
The best thing about these loans is that they are very easy on the borrower. As a borrower, you get to decide whether you would like to repay the loan on a weekly, fortnightly, or monthly basis. You can negotiate on virtually anything with the lender. If you happen to have some spare cash and wish to repay an extra sum of money, you can easily do so and save on the interest to be paid.

A secured car loan is definitely the best bet for owning a car easily and quickly. It’s got immense benefits to offer to the borrower, the biggest being the ease and flexibility with which it gets repaid. However, as a borrower, it would be wise if you clarify some important points with the lender before entering into a contract. The most important things to confirm would be:-

• The rate of interest
• The duration of repayment
• The total cost over the entire term of the loan
• Provision for extra repayments
• Penalties on failure to repay etc.

We at Greater Central Texas Federal Credit Union provide you quick and cheapest secured car loans in Texas. For more information about our services, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274

Secured Auto Loan - Cheap Auto Loan