Various financial institutions offer car loans with different repayment options. However as a borrower, it is important that you understand your requirements and affordability to avoid any difficulties while repaying the loan amount. 
Here are some important tips that you must keep in mind while choosing a car loan:

• Determine your affordability: Undoubtedly, this is the most important per-requisite of applying for a car loan. It is very important to establish your budget for the loan amount to ensure you can pay it off easily. Therefore, determine all our monthly expenses and determine the amount that you would be able to spare monthly. Some people may have the misconception that making large repayments is a good way to pay the loan off early. However, this extra expenditure every month cost can also cause you to financially struggle for your basic needs.
• Know your budget: After you have set aside the amount that you can afford, you must work upon how you will manage your expenses. If you do not have a steady income, you should opt for a loan that offers flexible repayment options. Make sure that you chalk out a budget that seems practical and realistic.
• Determine your chances of approval: Most financial institutions have a specified set of criterion to decide on if an applicant’s loan should be approved or not. You should consider your credit history, annual income and other relevant factors to determine the approximate loan amount that you can be lent.
• Secured or unsecured loan: A secured loan would need you to put up collateral against the money borrowed. In case you fail to pay the loan back, the collateral will be possessed by the lender. Unsecured loans, on the other hand, will possibly have higher interest rates due to no such security. You should be aware of the stakes and take a well informed decision.
• Interest rates: You must also decide between fixed and variable interest rates. Fixed rates would help you have a clear idea of your monthly repayments, and therefore, manage your budget accordingly. Variable rates however are subject to change according to the present market conditions but can offer benefits too.

We at Greater Central Texas Federal Credit Union offer convenient and instant car loans at affordable rates of interest. For more details, feel free to call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

Buying a used car is a major financial decision. It’s a risky affair as you just never know what the car has undergone while with the previous owner. It’s more of a gamble and one has to tread cautiously while buying one. A used car doesn’t come with the warranties and frills of a new car. The buyer should be able to differentiate between a consistent, good quality car and a piece of junk. This is a Herculean task for buyers of used cars.

Factors to keep in mind when buying a used car:

• The car’s history: Rule out any form of misuse and abuse of the car by the previous owners. You can get a history report of the car by using its VIN number and tracking its report online. This will settle any risks associated with its improper use.
• Negotiate on the repairs: Before settling for a used car, try to get necessary repairs fixed by the seller. Check out the car properly to look for anything that might be out of order. Chances are the seller will oblige you with the repairs.
• Go for a test drive: Don’t rush into the decision of buying a car until and unless you are satisfied with every detail of it. Consider a test drive to test the power and brakes. Try the horn, indicators, lights and anything else that can be tested on a moving car.
• A mechanical inspection: Have a thorough mechanical inspection done on a car you are seriously interested in buying. You can take the help of a friend or relative for this. It is better that a qualified mechanic checks it. Such an inspection involves checking out the engine of the car, its mileage and the general body inspection.
• Overall condition of the car: Ensure that the tires of the car are not sagging. Check out the paint, rust spots and scratches if any. Look out for any masking by running your fingers between the panels of the edges. Even look under the car for any under body rusting. Inspect the engine for leaks or corrosion marks. Make sure the timing belt is in good condition too as it’s very expensive to replace.
• Mileage: The mileage of a car is a clear indicator of its age. The odometer in the car will let you know its mileage. 10000-15000 miles in a year is ideal. This is the best way to know the actual condition of a vehicle.

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

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