Checklist For Getting An Auto Loan From A Credit Union 23. September 2020 Administrator Auto Loans (0) Are you looking for an affordable and convenient source of credit for a vehicle? If yes, you should consider visiting a nearby reputed credit union for a better and detailed insight into auto loan financing. Credit unions are convenient and time saving financial institutions catering to all sorts of financial requirements of their members.Listed below is a checklist for anyone interested in an auto loan from a credit union:Determine Your Budget: Start with making a budget so as to choose the right auto loan in terms of pricing (monthly payments).Get Pre-Approved: Even though your credit union will conduct a credit score check on its own, it is advisable to get the loan pre-approved from the credit union. This helps in determining the APR, amount that you can borrow and the duration of the loan. Pre-approval improves negotiation and increases the chances of getting the most appropriate deal for your budget.Identity Proof: This includes a driver's license, a government-issued I.D. with your name and photograph.Income Proof: This is required to see whether you will be able to repay the auto loan. A credit union assesses one’s assets, income, credit history, monthly expenses, employment, etc. You may be required to show your pay stubs of the previous month, tax forms, W-2 or W-4.Residence Proof: Credit unions are required by the Federal law to provide information about a client’s residence proof. For this, you may be required to produce documents such as a utility bill, medical bill, tax bill, cell phone bill, lease agreement, mortgage statement, bank statement, renters or homeowners insurance policy, etc.Credit And Bank History: The credit union will review your credit history along with your credit accounts, credit limits, account balances, etc.Debt-to-Income Ratio: Late payments and total debt obligations, unpaid bills and collections, foreclosures, etc. are considered by credit unions to determine debt to income ratio.Down Payment: An important part of preparing for an auto loan is to determine the mode by which you will pay the down payment. This could be by cash, credit card, debit card, personal check, etc.In conclusion, credit unions are a convenient means of financing with limited qualification requirements. They offer a variety of financial services in addition to auto loans e.g. personal and home financing options. When approaching a credit union for an auto loan, it is recommended to go prepared as per the checklist provided above for faster initiation of the loan process.Greater Central Texas Federal Credit Union provides affordable auto loans to its members. Members can borrow auto loans from the credit union on both new and pre-owned vehicles. For more details on the checklist for getting an auto loan from a credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.