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

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

Finding yourself desperate for cash is quite common scenario in these tough economic times. From small expenses like paying utility bills to really big expenses like purchasing a new car, it can be stressful to find yourself in need of cash with only a few money lending avenues available. And on top of that, banks continue to tighten their lending policies, making it difficult for many people to get approvals for personal loans and auto loans.

However, an auto loan is different from most other loans, because in this case, you are automatically putting your car up as collateral. It means that the lender is assured that if you do not pay the loan, he can make up for the lost amount by claiming your car. Such a loan will especially work to your advantage in case the car that you are purchasing is a brand-new one. 

One might wonder what the catch is for the person/ financial institution giving you the loan. The answer is that they are assured of getting the loan amount and the interest associated with it as they have collateral against the loan. When you are opting for a loan without the backup of a good credit history, you should be well aware of the fact that you shall need to pay a higher interest than you would in a regular loan.

There are still a few things that you can do to make the stakes more favorable for you as a borrower:

• To start with, you must ensure that you have enough money for the down payment, because the higher the down payment, the lesser will be interest on the loan amount. It will also lead to lower monthly installments. 
• Secondly, convince someone to be a cosigner in your loan. This could be your parents, or anyone else with a good credit history. 

With all this done, you are on your way to driving home a set of wheels, without having to worry about paying more interest than is necessary.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable auto loans in Central Texas, for both new car as well as used cars. For more details on secured auto loans and car financing, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - 72 Month Auto Financing

Stringent loan regulations and tough lending policies make it difficult for a regular new car buyer to cope with the situation. One of the biggest challenges as a car buyer without a credit history worth boasting of, might be to get a cosigner for your loan. Put simply, a cosigner is a person who signs your loan along with you, taking shared responsibility of you paying the loan, and the consequences that would follow if you do not.

Getting an auto loan without a cosigner might be difficult but is definitely not impossible. The main thing that you need to focus on is saving enough money to pay up high upfront. With that taken care of, you can easily get a loan, with your car as the collateral. However, if you are considering getting an auto loan without a cosigner, you need to be careful about the following-

• The car should not be more than 5 years old
•  The down payment should be a fairly large amount.
•  You should be ready to repay the loan in a relatively less amount of time (around 4 years)

If you have no/bad/low credit history, and are looking for a no-cosigner auto loan, you might have to compromise on the rate of interest, which is bound to be higher than it would otherwise be. To ensure that this does not happen, you need to work on the above factors, each of which can help to significantly decrease the interest that you need to pay. 

If you cannot afford sufficient down payment, a good idea would be to ask a close friend or relative to pitch in. That way, you can end up with a low interest rate, eventually saving money, which you can repay to your personal lender. You can also seek professional assistance to improve your credit score. This can be done by searching for discrepancies in your credit report, as well as reporting positive credit that might have gone missing.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable auto loans in Central Texas. No matter you want to purchase a new car or a used one, we have solutions for all your loan needs. For more details on secured auto loans and car financing, visit us at Greater Central Texas Federal Credit Union located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

No money down auto loan is a financing option for those buyers who have no cash to bring to the transaction. They are mainly meant for individuals with good credit. They are generally used by those who cannot afford a down payment, or simply don’t want to block their cash in a vehicle that depreciates.

A good credit score is the gateway to accessing a no money down loan easily. Many car dealers and auto financing institutions have no money down programs for buyers with a good credit score. Having a trade-in makes it even easier to get a no money down loan from a dealer. They can easily manipulate the amount they give you for the trade-in to make a profitable deal for them. Those who pay too high a price for the vehicle may end up getting a no money down financing at the dealership they are dealing with.

Regardless of your credit score, you are required to produce the standard auto loan paperwork to get the no money down auto loan. You will have to show the total amount that you have earned for the year. If you are self employed, you will have to produce the tax returns for the past two to three years. You will also need important information about the vehicle in question. You will have to mention the VIN, the purchase price on the dealer’s sheet, the year, make, model and the mileage. The car title and proof of insurance are crucial requirements when seeking a no money down auto loan.

Those with bad credit will have a tough time getting such a loan. They will end up paying a higher rate of interest than if they were making a down payment. They may be required to have a co-signer on a loan. Such borrowers should steer clear of lenders with “buy here, pay here” policies.  These lenders usually charge exorbitant interest rates. They also have very aggressive repossession policies and little leniency in late payments. It’s essential to check these things out before striking a deal with a lender. Be sure you clearly understand the terms of the agreement before you sign.  Make sure you understand the terms, the payments, the duration of the loan, the late penalties and other details.

We at Greater Central Texas Federal Credit Union always recommend maintaining a good credit score to get a quick and low interest 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

First time car buyers are usually young individuals, who have just gotten into college or have started their first job. The experience of buying a car for the first time can be as challenging as it is exciting. As much as you would love to see a sparkling set of wheels parked in your porch, you need to be wary of making mistakes that most first time buyers are likely to make. Here are some handy tips that should get you through one of your biggest deals so far without much of a hassle:

1. Stay within your budget: As a first time buyer, it might be tempting for you to indulge in a fancy car just like you’ve always dreamt. However, you need to be well aware of the repercussions of making a purchase that’s beyond your means. Not only could it jeopardize your credit history, but it could also cause you unnecessary financial burden. As a rule of thumb, buy a car only if you can afford to pay 20% of the payment as down payment. Ideally, you should be able to pay off the loan within 4-6 years of making the purchase.
2. Consider buying a used car: Most first time car buyers have their eyes set on a big buy, and do not as much as consider buying a used car. What you need to understand is that it’s alright to buy a car that has been used, as long as it is in fairly good condition. Even though it might be a little difficult to get an easy financing option on such a car, the small installments make it a lucrative option.
3. Get a co-signer: One of the biggest problems faced by any new car buyer is not having a favorable credit record to get an auto loan. It is a good idea to seek the assistance of a parent or elderly relative, who is ready to cosign your loan documents. This is simply a way to assure the lender that you shall repay the loan, and can help you to get a lower rate of interest and a better loan than you otherwise would.

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

Most households have multiple vehicles, which translates into multiple car loans. If you are one of those persons, and are perplexed by the multiple amounts and rates of interest that you are required to pay each month, car loan consolidation could be the perfect option for you.

How it works:
This basically works by allowing you to combine all your pending loans into one consolidated loan, by which you can save on the interest that you pay each month. The company offering you the loan lends you enough money to be able to repay all your car loans. With that done, the only thing you now need to worry about is repaying one consolidated car loan.

Advantages:

• This is a great option if you wish to increase your credit score, by reducing the total number of outstanding loans.
• It also offers the advantage of paying lower monthly installments, since the repayment period can be lengthened.
• Another benefit of this kind of loan is that it makes it easier for you to keep track of your monthly dues, and to repay them on time.
• Consolidated auto loans are usually easy to obtain, since all the vehicles involved serve as collateral.

If you are ready to apply for one such loan, here’s a step-by-step guide to how you can go about it:

1. Do the math- The first thing that you need to do before getting started with the process, is getting a clear picture of all your dues. Calculate the total outstanding amount on all your loans, as well as the portion of this amount that is being paid as interest. You can provide all this information to a car loan lender to get a proper analysis of your situation.
2. Inquire about penalties- Before you calculate how much you will be eventually saving, be sure to take into account the penalties that you might have to pay. Some companies charge a penalty in case you repay the loan before the stipulated time. This is done in order to make up for the amount that they shall lose as interest.
3. Research market Interest rates- Now that you have the picture pretty clear, it is time to get to real business, by analyzing who’s offering what. Carry out a research on the possible rates of interest that shall be offered to you. Your ultimate goal should be to repay less interest in the long run than you would originally.
4. Consolidate- The final process is consolidating the loans, by repaying the original ones, and devising a payment plan for the consolidated one.

We at Greater Central Texas Federal Credit Union are renowned throughout Texas for providing our customers with fastest and reliable secured auto loans. The loans offered by us are flexible which suits your financial compatibility. 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

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

A secured car loan is one in which you put up collateral as security to the lender before getting the loan. This means that in an event when you are not able to repay the loan, the lender can repossess your car or house, which are the most common possessions used as collateral. The benefit that you as a borrower have is that you get a much more generous loan, which means lower rates of interest and a longer repayment period. If you are looking for a loan for a new car, then your car should be enough as collateral. However, in case of a used car, you might need to use your house as collateral.

Moreover, when you are opting for a secured car loan, the lender is likely not to be too bothered about your credit history, because you are offering him a tangible possession as security, giving him no reason to be frazzled about your not returning the money. This means that you shall need to pay a much lower rate of interest than you would need to in case of an unsecured loan, in which the lender compensates for the lack of security with a higher rate of interest.

Secured car loans usually end up in very easily affordable monthly installments, because of the long repayment period. Also, since the loan is less riskier for the lender than an unsecured one, it means that you are likely to be offered more flexible terms and conditions, including the penalty fee. The overall result is a loan that is easy to pay for the borrower, and highly secure to the lender. The only possible disadvantage when compared to an unsecured loan is that you need collateral. But if you intend to repay the loan over the stipulated time, that should be no problem at all.

Secured car loans also offer an advantage to buyers who do not have a steady income that shows well on paper. That’s because, with the car being used as collateral, the lender is likely to be less fussy about how much monthly income the borrower is drawing. In case you put up your house or property as collateral for a secured auto loan, you might be able to avail tax deductions on the interest of your loan, which is yet another advantage. Just be sure not to default on your loan, and you might actually end up with more money by the end of the repayment period, than you had started off with!

We at Greater Central Texas Federal Credit Union provide you quick and cheapest car loans in Texas. We neither harass you by asking unnecessary questions nor make you wait for days to sanction your auto loan. To obtain cheap and secured auto loans easily and quickly, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

The loan period is one of the key considerations while deciding what kind of auto loan to get. While conventional long-term auto loans have been for 36-48 months, the 72-month auto loan is a relatively new option. Signing up for this loan means getting a period of 6 years to repay the loan, which translates into smaller monthly payments. However, these loans have been viewed skeptically, owing to the higher amount of interest paid in the long run, which results in the borrower having to pay a larger sum than he would, if he had opted for a shorter repayment period. The benefit of small monthly payments outweighs the amount of interest paid in case of 72 months installments. 

The bottom line is that 72-month auto loans are ideal for borrowers who would be at a great advantage, if they had to pay smaller monthly installments. An easy way to judge whether you can afford the car that you are buying, is to make sure that you are not spending more than half of your monthly income on your housing and car expenditures, including mortgage, repairs, servicing, taxes, etc. Going by this criterion, most people might end up buying a car that is in bad condition, because they cannot afford a better one. 

A 72-month auto loan liberates you from such constraints, by allowing you to buy a car that is in good condition, without having to worry about monthly installments that will burn holes in your pockets. While it is definitely a disadvantage that these loans end up with you paying a huge amount of interest, when you think of the benefit of not having to dry up your bank account, or put your household budget at stake, they end up being advantageous. Another great advantage of these loans is that most financial banks or institutions shall agree to give you one with minimal paperwork.

Moreover, you get a longer time to use your car without having to worry about it getting repossessed, as you might have to in case of a short-term loan. In addition, you can also refinance your car after a certain period, which would hasten the process of repayment. In case your financial situation improves in a few years, you could even repay the loan before the stipulated time, without having to pay a penalty, in most cases. 

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.

Cheap Auto Loan - 72 Month Auto Financing