The first step of getting an approval for your loan is to carry out a research of the auto finance options being offered by different companies. You don’t just need to consider the basic facts like the interest rate and repayment period, but should also have a look at the other terms and conditions of the loan.

It is advisable to discuss the loan directly with the finance company, instead of going through an auto dealer, since the latter is likely to direct you to a financier who offers him a lucrative deal.

When you apply for the loan, you shall need to provide verifiable claims for all the sources of income that you have stated. Previous tax forms can come in handy at this stage. You should also collect any pay stubs and proof of utilities or a lease in your name.

You shall also need to provide a proof of your residence, which shall be verified by the finance company. Your landline phone bill or even a cell phone bill address should suffice for this. You might also need to provide an additional residence proof, like business correspondence to your residential address.

As a proof of your current monthly income and job stability, you need to provide your employer’s name, as well as the phone number of a reference who can verify the post that you are working at, your joining date at the company, and the salary that you are drawing.

If you are self-employed, it might be slightly trickier to verify your income. It is helpful to have tax returns for the past two years to present to the financing company.

In case you need more income to qualify for the loan, you can consider getting a cosigner for the loan.

You must ensure that all the information that you provide is accurate and verifiable. Providing inaccurate information can make you face legal problems. Any source of income that cannot be verified on paper is of no use while applying for a car loan, since the company will need to verify all the information that you provide.

It is not a good idea to apply at multiple companies for a car loan, since each application that is processed results in 2 points being deducted from your credit score. Do your research before applying for a loan, and once you do, do not switch loyalties.

To 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.

Secured Auto Loan - 72 Month Auto Financing

If you are looking to buy a new or old car and have exhausted almost every financing option, then credit unions can come to your rescue. Credit unions are the financial institutions set up by a group of people who pool their resources to provide loans and financial assistance to the members. Since they are non-profit organizations, you get expect competitive interest rates and quicker loan approval. These features have made credit unions an attractive option to consider for an auto loan. 

Benefits of choosing a credit union for auto loan-

1. More chances of getting loan approved – Although credit unions do check your credit history, they are quite flexible in making a few adjustments in the loan terms. This can come as a breather for a number of people who have not been able to secure a loan from other financial institutions. The loans are usually approved quickly and even the documentation work is minimal. Being a member of these credit unions can add up to these privileges.
2. Low interest rates –The loans provided by the credit unions are offered at much lower interest rates than any other financial institution. Knowing that, you can have considerable amount of savings on your loan payment. 
3. Personalized service - Since credit unions are non-profit organizations and strive to provide the best experience to their clients, they offer flexible repayment options on your auto loan, depending on your circumstances. You can even discuss your concerns regarding the loan with the representatives at the credit union. This can help ease a lot of pressure and other issues regarding the loan.
4. Non sales approach – Credit unions usually follow a non-sales approach and do not try to sell any other financial products to you. Rather, they strive to provide better services to their customers.
5. Better educational resources – Credit unions also provide you the necessary information related to the financing options and also help in assessing the real value of your car. They work for your best interest and assist you in making the right decision about the auto loan.

Credit unions are a great option for auto loans as the process is very easy and stress free. The staff assists you in all aspects of loan application process. For more information about auto loans, visit Greater Central Texas Federal Credit Union. You can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.

Auto loans come in various loan repayment terms. A car loan can be taken for 24, 36, 48, 60 or even 72 months. This means that one can get a short term loan as well as a long term one. Some people prefer short term loans as they have to pay less interest. Others go for long term loans as they will have a smaller amount of monthly installments to pay. A long term loan can enable one to purchase an expensive car easily as it’s less burdensome to repay. Despite the high interest rates that come with long term loans, a rising trend has been observed of those who prefer these loans.

Lenders and finance companies are increasingly approving 6 to 8 years auto loans on new cars. This is probably because new cars are better manufactured than they were in the past. The average life of automobiles is increasing and due to this lenders are exposed to fewer risks while lending. However, it’s important to consider both sides of the coin and check out the pros and cons of long term loans.

Pros:

• Smaller monthly payments: This is a major reason for which most of the people prefer long term loans. The total amount is spread out over a longer time period. This significantly reduces the monthly payment and allows the common man to drive a car he could not otherwise afford.
• Refinancing: Long term loans can be refinanced after a few years. This will shorten the time period of the loan and consequently reduce the interest rates.

Cons:

• Costly: Loans that stretch over a long period of time are more costly in the long run. This eventually proves costly for the consumer.
• Depreciation: Vehicles depreciate at the rate of 15-20% each year. Taking a long term auto loan means that by the time you are about to pay off the loan, your vehicles worth will be a little more than the loan balance.

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

Secured Auto Loan - Cheap Auto Loan - 72 Month Auto Financing