There are two steps to bring home the car of your dreams- first, finalizing the car that you want to buy and second, choosing the right loan lender. Even though deciding on the former could take a while (boiling down to one that is affordable and what you desire), choosing the latter is definitely tricky. There are various loan lending institutes and to decide upon one is quite a challenge.  Let us explore one of the most suited options.

Taking car loan from a credit union may prove to be most pocket friendly option for you. Credit unions are non-profitable finance organizations. They surely do make profits in order to run their management but their policies are not high on making money from the customers. They are, thus, able to provide loans at fairly low rates of interest, especially when compared to other traditional lending organizations. Most loan consultants will suggest you to make a large down payment. This helps in cutting down the rate of interest that you will be paying regularly. But for those who do not have access to hefty accumulated cash, the only option is to find a car loan lender who offers competitive rates.

Credit unions have hassle-free formalities and the loan gets cleared in as short a period as one day. They are community-friendly and provide great customer services. You get to talk to an agent who will explain all the car loan programs so you can make an informed decision. For example, if you are willing to pay high monthly installments against the loan taken, you may choose a short period loan. They have no hidden charges.

Credit unions often have close associations with local car dealers. Some of the best car deals provided by car dealers are exclusively offered to the credit union they are associated with. Try to find out about any such deals before making your purchase. Being non-profit entities, credit unions lack sufficient funds for marketing and advertising to create awareness about advantages of taking loans from credit unions. Therefore, you may need to research about the credit unions near you and the rates at which they are providing loans. You can find them through online advertisements or by enquiring from car dealers.

Legitimacy of a credit union can be checked on NCUA (National Credit Union Association) website. NCUA is a government body that guards all credit unions balancers. 

For more tips, kindly visit us at Greater Central Texas Federal Credit Union.  We are located at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

The thought of buying a new car can be very enticing, especially if it’s your first car. But before buying a car, you must bear certain important factors in mind. You cannot just go ahead and buy a car instantly. The car you ultimately go in for has to fit within your budget and suit your tastes. Read on to know certain dos and don’ts that you must be aware of before buying a car for yourself. At the end of the day, it is your hard-earned money that you are going to invest, so you have to make sure that it is spent in the best way.

• Firstly, you must research about the various options available in the market. You should have knowledge about the accessories as well, since they can add up to a significant cost in the end. This research will help you get the best possible price for your car.
• Do not go in for a luxury car if your budget does not allow you to do so. You should try not to get a loan spanning more than four years. Also, you must keep your monthly payment less than 10 percent of your income.
•  Remember to keep in mind the fuel costs and maintenance charges. Only if you can afford these, you should go in for a particular car that you desire.
• Get in touch with your insurance agent to get an idea on the interest rates beforehand.
• Do a thorough research on the auto loan options online and compare financing terms using an auto loan calculator. Take a print out and carry these documents whenever you make a visit to the car dealer.
• Also make sure to check your credit rating in advance. This will help you deal better later on. 
• Don’t fall flat for a vehicle while ignoring other options. Look for various models and then only choose the one that fits your bill.
• You should also know the incentives being offered by the car dealer. Therefore, researching on the Internet beforehand about these things can help you prepare in a better manner before you go out to buy a car.

These are some of the simple dos and don’ts which if kept in mind can definitely help you grab a better car deal that is light on your pocket and good for your taste! Make sure you take care of these things whenever you think of buying a new car and you will definitely be better prepared.

Choosing the perfect car for yourself can be one of the most exciting things to do. The car you ultimately buy has to be in sync with your taste and requirements. But before buying a car you need to take care of certain parameters so that things go exactly the way you want. Considering certain factors well in time can help you get your hands on the best car that suits your needs. The vehicle should provide you utmost benefits and prove that it’s worth the money spent. Read on to know some of the best car buying tips that will definitely help you in the overall purchase process.

• Firstly, you should try and opt for a new car if your budget allows you to do so. A brand new car is a better option for many reasons. Not only you will get the latest vehicle technology, you also don’t have to deal with issues or damages from previous owners. Moreover, the new warranties are far more comprehensive. You can also customize the car according to your own preference. Most importantly, the latest cars offer gas-efficient models, which is very beneficial in the longer run.
• The second most important thing is cash consideration. Even though you might be able to afford the new car that you are going to buy, you can’t arrange all the money in one go. This is where auto loans come in handy. These loans are also available on used cars.

1. You should consider your credit score and loan limit before going in for an auto loan.
2. Check the amount that you can afford for the down payment and only then finalize the auto loan.
3. The duration and interest rates on the loans are equally important variables that need to be considered.
4. If the overall cost of the vehicle seems to be too much for you, it’s better to look out for some budget-friendly cars.

•  You should do extensive research before buying a new car. There are a number of good forums on the Web that have people discussing about the latest designs and technologies integrated in the new cars. This will definitely help you choose a better car. Nowadays, dealership companies have a separate section on their websites where they provide an overview of all the new cars. You can read it thoroughly and take your decision accordingly. Searching online can prove to be fruitful as it saves a lot of time and can help you find your dream car at affordable rates.

Just keep a few tips in mind and the car of your dreams will turn into reality!

We at Greater Central Texas Federal Credit Union provide cheap and quick secured car loans, for used car as well as the new ones. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

If you are looking for auto loans for a short-term period at competitive interest rates, then approaching a credit union could be your best bet. For those who are new to the concept of credit unions as financial institutions for borrowing money, it is important to know that these are formed by a group of people with some common link such as members of a church, business, etc. The members pool in their assets for the purpose of providing loans to any one of the members who need the money. Credit unions are becoming a favorite among those willing to buy cars on the basis of a loan as they are very convenient and pocket friendly.

Here are some of the top reasons due to which getting an auto loan from a credit union is a smarter choice today:

• Personalized attention: Credit unions being smaller organizations than other financial institutions offer faster services to their members and even accommodate minor changes in the scheme of repayment.  There is always some scope for a member to negotiate on the rate of interest and even to get some extra time for the repayment.
• Easy availability of car loans: Fluctuations in the economic status have made financial institutions quite aggressive when it comes to offering money for loans. However, credit unions are far more relaxed when it comes to giving auto loans to their members and are not affected by the economic conditions as they always have a good amount of funds and enjoy good relations with car dealers.
• Competitive rates of interest and relaxed terms and conditions: It is a well-known fact that the rates of interest offered by credit unions on auto loans are lesser than that of other financial institutions. These institutions are also flexible when it comes to their terms and conditions, as they are sensitive to any problems that their members could be facing in repaying the loan.
• Simple loan process: Getting an auto loan from a credit union is very simple and no longer requires a member to sit down with a loan officer to complete the formalities. You can apply for the loan at a participating dealership, over the phone and even online as per your convenience.
• Perks: Members of credit unions enjoy perks that other customers do not have access to such as low interest rates and special deals.

For cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

Getting a new car financed has become the norm of the day as many people find it a convenient way of getting a car of their dreams regardless of whether they have the money required for the purchase. However, most of the people take the plunge into auto financing without understanding the intricacies related to it or having any basic knowledge of how such loans operate. Loans can be either short-term ones or long-term ones depending on their period of repayment. Loans for which the repayment period is stretched over a long period are the long-term ones whereas short-term loans are those that are paid off quickly usually within 24 to 36 months.

Long-term loans last for 48 months or longer and can stretch up to 72 months in some cases. Such loans might seem more lucrative than the short-term ones but prove to be more expensive in the long run. The interest rates for such loans are lower than those for short-term loans but considering the long periods over which the monthly installments are spread out, they end up being much more expensive. Short–term loans on the other hand have slightly higher rates of interest which could be a bit discouraging for some but take less time to get repaid and save on costs too.

If you are keen on getting a short-term loan at very competitive rates of interest, credit unions could be a better option than other financial institutions. Credit unions are financial institutions formed by people with some common bond who pool in their assets for providing loans to members. Credit unions are usually smaller organizations than other financial institutions, which means that you are sure to enjoy faster services and personalized attention. There is always some scope for negotiating on the rates of interest in credit unions, which gives more flexibility to a borrower.

So, if you are looking for a loan repayment plan in which you get to repay the amount borrowed within the warranty period to avoid paying for repairs out of your pocket, getting a short-term loan from a credit union could be the smartest option. You can also get an extended warranty on long-term loans but this will only lead to an increase in your monthly payments and defeat the purpose for which you got such a loan. Therefore, before getting an auto loan, always consider the repayment period and the effect it will have on your overall expenses.

If you want to procure 72 month auto loans or short term loans in Central Texas, visit us at Greater Central Texas Federal Credit Union only. We are located at 3305 E Elms Road, Killeen, TX 76542.

An auto loan is one of the best ways of buying the car of your dreams irrespective of your present financial status. However, before getting your car financed, it is important to be well-versed with all aspects of such loans. You must have knowledge of how the interest rates work, number of installments involved, terms and conditions, etc. Before finalizing on an auto loan, it would be good to consult a financial expert who can throw light on common problems that are encountered in auto loans and what can be done about them. Such advice will be helpful in letting you know what to expect and how to avoid potential problems.

Auto loan issues and their solutions

• Overspending: The ease with which you can buy a car through auto loans tempts some people to go for cars that are very expensive. They fail to see what the future implications of such a step could be and end up being stuck in a situation where the monthly payments they have to pay are higher than their monthly net income. To prevent such pitfalls, always stick to your budget and no matter how lucrative the deal seems to be, stick to a plan in which the monthly payments you have to make do not exceed 20% of your monthly income.
• Research on the current interest rates: Some consumers get auto loans without having a clue about the current interest rates and are not even aware whether the interest rates being offered to them are competitive or not. Prepare yourself well in advance with some knowledge about the prevailing interest rates.
• Review the contract before signing: Looking for an appropriate car loan can take its toll on the borrower to such an extent that he ends up signing the contract without going through it. Such a faux pas could lead to accepting terms and conditions that one is not even aware of. You can thus end up agreeing to get an extended warranty, rustproofing, etc. Such things can escalate your expenditure, so make it a point to crosscheck the contract carefully before signing.
• Pressure tactics: The dealership staff is well trained at pressurizing consumers into accepting their deals and this can be quite baffling at times. The pressure and confusion clouds your thinking and in the rush of the moment, you end up signing the deal despite having second thoughts about it. Always resist such pressure and take your time to understand what you are getting into even if it means walking away at that time and coming back after a few days with a sorted mind.

For more information about auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

Credit unions refer to the member owned cooperatives that provide financial assistance to a specific group of individuals. They are the best choice for those who want to purchase a new or used car as they help you save on a lot of money. The credit union members enjoy added benefits of reduced fees or costs related to the loan application or documentation. It is essential to be a member of the credit union to avail its services and for this you will have to fulfill the requirements of the specific credit union you wish to be a part of.

Financing your new or used car through a credit union could be beneficial in the following ways:

• Availability of money in spite of the prevalent economic condition: Credit unions are extremely reliable for monetary assistance to their members as they always have money, even in times of an economic crisis. During such times, most of the financial institutions make their policies very stringent while giving funds and offer as few loans as possible. On the other hand, credit unions never face such a crunch situation and have healthy relations with most of the car dealers. Lending money is never an issue with the unions. 
• Member oriented: Being member oriented is one such attribute, courtesy which, credit unions score an edge over other financial institutions. If at any point, their member faces any difficulties in repaying the loan, the credit union offers to assist in finding a way of dealing with the problem.
• Competitive rates of interest and terms: Credit unions offer very competitive rates of interest to its members, which help in saving on a substantial amount of money in the long run. Their interest rates are comparatively lower because their main aim is to serve the members as against making profits. The terms and conditions of offering the loans are such that offer maximum convenience to the borrower. The service provided is instant as there is no requirement for approval from unending organizational levels as is in the case of other financial institutions.
• Prompt loans: As soon as you complete the formalities of becoming a member, you are entitled to get a loan from a credit union. This is not the case with other financial institutions, in which there is a waiting period between becoming a member and being able to avail the benefits of membership.

We at Greater Central Texas Federal Credit Union provide you quick and cheap car loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Once you decide to buy a car, the first question that is likely to pop in your mind is what the best loan option for you is. With a number of institutions offering auto loans, you need to smartly evaluate your options, and ensure that you settle for the best possible deal. For most people, these options boil down to two options- banks and credit unions, and that is where the age-old dilemma begins. If you are confused by this dilemma, and aren't sure which of these institutions is right for you, we will tell you how credit unions are a better option than banks for auto loans.

• Lower rates of interest- The interest rate that you get as a borrower is the prime consideration that needs to be made while applying for an auto loan. Credit unions have always offered favorable interest rates, which are significantly lower when compared to those at banks. Lower interest rates translate into lower monthly payments. This is because credit unions function as non-profit organizations. In fact, along with the low interest rates, credit unions also charge a lower fee for loan applications.
• Utmost customer convenience- A credit union works for the benefit of the community, and being a member of a credit union, you can be assured of getting the best service at each step of your loan application. You are spared from all the red tape and elaborate paper work that goes into applying for an auto loan at a bank. You get to talk to a real person, receive a speedy response, and in case of rejection are offered with a clear explanation of why you cannot receive the loan.
• Shorter loans- By applying for an auto loan at a credit union, you can repay your loan much faster than in case of a conventional bank loan. This is because of the low interest rates, which reduce the total payment that you need to make.
• Not-for-profit model- The not-for-profit model of credit unions works greatly in favor of the borrowers, since it eliminates the possibility of hidden costs and divided profits among shareholders. As a credit union member, you are essentially a shareholder, which means that every little profit to the organization, whether in the form of hidden fees or service charges, will come back to you as lower interest rates.

For cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

When going for a car loan, one of the most important factors to take into consideration is the term of the loan. Going for a short-term loan or a long-term loan is a personal choice that has to be made as per your current financial position. If you are able to pay higher rates of interest over a short period of time, then short term loans are a good option for you. On the other hand, if you earn a fixed income every month and feel you cannot pay huge amounts of interest every month and would prefer to pay smaller installments over a long period, then long term loans are the way to go.

Short-term loans are generally those that stretch from 12 months to 36 months whereas long-term loans are those that go up to 72 months. Nowadays, considering that the prices of cars are escalating due to better technology and durability, it is advisable to go for 72 Month Auto Financing as an economical option. These loans also let you set your hands on some of the most expensive cars in the automobile market as you can easily pay them off without affecting your day-to-day life.

Benefits of opting for 72-month car loans:

• These loans significantly cut down on your monthly payments as they are spread over a long period with low interest rates.
• You can always re-finance such a loan to reduce your costs, as it will cut down on the interest payments you have to make.
• Today’s cars are far more reliable than those of the yesteryears and come with longer warranties than before. This means that even after five to six years, your car will be in great shape even if you are still repaying your car loan. This is a great relaxation for those under the misconception that long-term loans extend beyond a cars useful life.
• Another great advantage of opting for these loans is that you get to buy the car of your dreams without worrying about whether you can afford it or not. The reason for this is the ease with which you can make your payments by installments spread over up to 6 years.

So,  next time if you are confused as to which term length to choose for a car loan, you can safely opt for a long-term one as it is economical and comes along with many more benefits. If you are interested in procuring 72 month auto loan, visit us 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.

Anyone who has ever applied for a car loan knows how confusing and intimidating the terminology used can be. The jargons used by auto financiers are terms they find convenient for putting across their points to the consumer. Most of the consumers find these terms very complicated and fail to understand the working of the auto loan due to which they end up striking deals, the consequences of which they might not be aware of. This is the reason for which anyone intending to get a vehicle financed should at least be aware of what commonly used auto financing jargons mean.

Here is an explanation of common jargons used in the world of auto financing:

1. Annual percentage rate (APR)-  This rate refers to the fixed or variable interest rate at which the lender is prepared to lend the loan amount over a specific period of time. A low APR does not necessarily mean a cheap loan especially if the term of the loan is a long one. A long term of loan will mean you have to pay a higher number of monthly installments, which will lead to more interest.
2. Loan term- This refers to the total period before your loan matures and is usually stated in months ranging from 24 to 84 months at the most. The significance of letting you know the loan term is to give you an idea as to when you are expected to pay off the loan.
3. Down payments- Down payment refers to an initial deposit that you make to your car seller and it is usually in the form of cash, a check, or a trade-in. It has an impact on your loan as the bigger the amount of down payment you make, the smaller your auto loan will be, and the more you will end up saving.
4. Trade-in- This term is used when you trade-in your old vehicle with the seller as a down payment for the new vehicle that you wish to purchase. However, it is subject to the condition as to whether the seller is ready to accept a trade-in or not.
5. Upside down- This term is used to describe a situation in which you owe more on the car you are purchasing than its fair market value. The cause for such a situation is the depreciation a car goes through within the first few months of its usage. The best way to avoid an upside down situation is to deposit a good amount of down payment.

To know more about Auto Financing in Texas, kindly visit us at Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

• Short term loan: A short term loan is usually for less than 3 years and is a good option if you want to save money in the long run. A smaller duration implies low interest rate and less amount repaid at the end of the loan tenure. However, you may need to pay more in terms of monthly repayments.

• Long term loan: These can be defined as the loans that last for more than 3 years. These are generally preferred by borrowers who want to pay low monthly payments, despite of the fact that they end up paying more as the interest. Long term loans can either be secured or unsecured.

• Age: The age of the borrower has a major influence on loan term that he may be eligible for. Whether you are getting a loan from a bank or credit union in Killeen, make sure you inquire about any specific age criterion that they may have. Most lenders do not provide loan term loan to individuals who are nearing their retirement or have already exceeded that age. In such cases, you can either opt for a short term loan or inquire if you can allot a younger applicant to make the remaining payments post your retirement.

• Your income: Your income is also an important factor in determining the amount of loan repayments you can conveniently afford every month. To select the most suitable loan tenure, keep in mind your total income from all sources and the financial liabilities you have to bear, i.e., insurance payments, kids’ education, home rent etc. Therefore, you should choose a plan that allows you to easily pay off the loan in the minimum time period while retaining sufficient savings for unexpected circumstances, such as a medical emergency.

• Amount of loan required: The higher amount of money you borrow, more will be your monthly installments and interest payments. Hence, you should try to apply for a smaller loan so that you can pay the least amount of money at the end of the loan tenure. This way, you will not only be able to pay off the loan early, but also make considerable savings on interest payments.

• Rate of interest: Comparing the interest rate quoted by the credit union is also important while deciding on the loan term. Depending upon whether you are opting for a variable or fixed interest rate, your overall loan payments may vary. For variable interest loans, you may have to pay higher monthly installments in case of a long term loan. This may be due to the fluctuations in the market rate over the span of years. Short term loans, however, may not be affected much in this case.