With more used cars than new ones being sold in the US every year, it is wise to consider buying a used car instead of a new one, for the several benefits that this offers. Here’s a look at what’s making car buyers go for the second-hand ones instead of bringing home a gleaming new set of wheels.

• The top advantage of buying a used car is of course that you save money. Considering that the value of a car drops by around 30% every 3 years, you are saving a lot by choosing to buy a used car instead of a new one.
• The saving does not end at the price that you have to pay for the car, but also extends to the ancillary costs like insurance. By buying a used car, you have to pay less for insurance than you would have to pay for a new vehicle, which will result in considerable annual savings.
• While buying a used car, you can get a clear picture of the car’s performance and reliability by taking a look at its service history.
• You will also save on accessories, since most used cars are equipped with the basic accessories that you will need, like a music system and air-conditioning.
• Since most of the depreciation on a car’s value takes place during the first three years of purchase, you are likely to get a better resale value on a used car than you would on a new one.
• With the introduction of CPO (Certified Pre-Owned) programs by most companies, used cars undergo a rigorous inspection procedure, which ensures that the certified cars have high-mileage and no record of major damage. Such cars are available at lower rates of interest than new cars.
• Buying a used car is a great way to get a relatively old model of a luxury car in excellent condition, at just a fraction of its original price.
• Buying a used car gives you a much wider variety to choose from, in terms of price, mileage, features, condition, and models.
• If you are buying a used car from an individual user, you might find it easier to negotiate and get a better deal, than if you were buying a new car from a dealer.

When you are finally ready to buy a used car, be sure to hire a mechanic to inspect it thoroughly. It is also advisable to get a written deal and to negotiate the price, starting at a price lower than what you are willing to pay.

To avail cheap auto loans for both used and new cars or to know more about the benefits of buying a used car, kindly visit us at Greater Central Texas Federal Credit Union. We provide you quick and cheapest auto loans in Texas. For more details, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

With 3 and 5 year loans dominating the car financing market, most buyers know little about lesser popular 72-month auto loans. While these loans make a car buyer pay a greater amount of interest eventually, they are of advantage to those who can’t afford to pay high monthly installments. If you are considering the 72 month auto finance, the following list of pros and cons will help you decide whether such a loan is right for you or not.

• The most obvious advantage of a 72-month loan is the low monthly payments on such a loan. Since the loan has to be repaid over a longer period of time, the monthly payments are low and hence affordable.
• If you want to buy an expensive vehicle, such a loan can help you in achieving this dream even if the car is not quite within your budget.
• A good question to ask yourself before opting for a 72-month auto loan is whether you are the kind of person who likes to trade in the old car for a new one every few years. If you are likely to get tired of your new car in a couple of years, this loan is not the right option for you, since the chances of you ending up with a negative equity are high.
• Another disadvantage of such a loan when compared with car loans of a lesser duration is the higher interest rate that you shall end up paying. While such a loan appears to be cheaper while taking the monthly payments into account, the fact is that you eventually pay a high overpayment amount.
• If you have an irregular pay cycle when in some months you earn more than the other months, such a loan would be perfect for you. The low monthly payments make it possible for you to keep up with your payments and even make higher payments on certain months when you have a lump-sum of money.
• Such a cheap auto loan is a great option for students who work part-time and make better money during the summer. As long as you are willing to make the payments for the 6-year period of the loan, such a loan can be very affordable and convenient.

To procure instant 72 Month Auto Loan in Central 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.

• Better Chances Of Loan Approval: If you are worried about getting a loan rejected due to a lower income, a credit union might be a better option for you. They offer affordable and flexible loans to suit the needs of the members. They even offer secured auto loans in which you can borrow money by putting a valuable possession as collateral.
• Lower Rates Of Interest: The auto loans offered by a credit union has much lower interest rate than the banks. Thus, the monthly payments are quite low and you can make huge savings in the long run.
• Customer Centric Approach: Since credit union is a non-profit organization owned and operated by a voluntarily elected group of people, they have a vested interest in working for the benefit of the members. Any revenue generated by the credit union is returned to the members in the form of lower fees and interest rates.
• User-Friendly Loan Process: In order to provide the best possible services to the clients, credit union offers a highly simplified process for loan application. There is minimal paperwork and flexible eligibility requirements for an auto loan. The representatives at the credit union provide complete assistance to the clients throughout the process. They also offer instant approval for auto loans, usually within a few days.  
• Good For First Time Buyers: If you are buying a vehicle for the first time and are apprehensive about the loan process, the credit unions have dedicated resource centers set up to guide you. They can help you to calculate the monthly payments according to the real value of the car. They will also guide you to choose a suitable loan term according to your income and budget.