Besides a good house, a secured job, a very caring family and a number of loved ones around you, what is the thing that is still missing? The answer is a car! Most of us often tend to let go the desire of having a car because of our low budgets. But car loans have now enabled us to buy our dream car by providing solutions to extend our finances.

A car loan is itself a secured loan, in the sense that the car remains as collateral or security with the bank or the company. The provider of the loan has the full authority over the car purchased, till the time you repay the loan amount.

The secured loan, generally refers to the loan provided in lieu of an asset or collateral (for example car or house etc.), which is kept with the provider for a secure loan recovery. This kind of loan helps in negotiating a better rate of interest with the provider.

Greater Central Texas Federal Credit Union provides you with secured car loans and our qualified staff would help you in identifying the best options available. Secured car loans make the loan procedures easy and there is more probability of faster approval. These loans are available even if you do not have a good credit history and requires no down payment for the applied loan.

We provide you with flexible secured car loans to suit your financial compatibility and your pocket. Even if you do not have a regular income to secure a car loan at any place, we are here to help you with easy loans with reasonable rate of interests. Secured car loans may also help you in certain specific tax deductions as well as reduced rate of interests. Thus, we offer you with reliable and instant car loans with least documentation process.

For more details on secured auto loans and hassle free procedures, and car financing in all credit situations, you can contact us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.

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Are you searching for a car loan, but not able to find the right source? At the Greater Central Texas Federal Credit Union, we have the perfect solution to your problem. We are the most reliable and quickest loan provider with the least rate of interest. Our loan products are of great help to people who tend to suppress their desire of buying a car because of its heavy price tag.

But we at Greater Central Texas Federal Credit Union assure you a hassle free and easy way to fulfill your desire of buying your dream car. Our cheap finances take away all you worries regarding paying back the loan.

We provide loans to all those people too, who are facing the problem of bad credit. No matter you buy a new car or an old one, we will provide you with instant loans for both.

However, we have listed below the ABCs of taking a car loan just for your convenience:

• Always keep in mind your budget and the amount you will have to pay in installments.
• Decide before hand which car you want to buy.
• The loan will always be higher for a costlier car and so will be the rate of interest.
• In how much time you will be able to pay back the loan.
• Your credit ratings will have a huge impact on the interest rates, so always try to keep a good credit record before applying for a loan.
• Always check for the reliability of the firm that is proving you the loan.

Greater Central Texas Federal Credit Union is a group of experienced members who make every effort to provide you with the loan. We are the most reliable and secure firm to provide you with not just the auto loans but also with home loans.

Contact us today to make your dream of owning a car true! Have no worries if you have a bad credit, just visit Greater Central Texas Federal Credit Union, located in Killeen, Texas or call us at 254-690-2274.

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Credit rating is a statement showing the loans which had once been taken and their payment, as in, when they were paid. A good credit history shows the timely payment of all such loans. A credit rating statement showing bankruptcy and all late payments are considered to be a bad credit rating, forcing a dip in credit worthiness.

The first and foremost thing which is to be considered before you take a loan to buy a vehicle is your credit report. There are five things which are considered by your lenders to determine your credit worthiness. These are Payment history, outstanding debt, length of credit history, new credit applications and types of credit.

It is believed that timely or fast repayment of auto loans helps improve credit worthiness of a borrower. For anyone who wants to boost his credit history, timely payment of loan is the perfect option. Timely payment of auto loans not only helps to maintain a wonderful credit but also gives an impression that you are a person who has a track record of making timely payments across the board for all the debts.

Also when calculating your credit worthiness, the banks looks for the type of loans you had taken. A person who takes varied loans and repays them timely will have a good credit. This is because they believe that a person who can repay different types of loans has the capability and will to pay all his bills too.

If you already have taken an auto loan, you cannot go for another one if your income can not sustain it. Lending companies do give high weightage to a good credit score while approving an Auto loan. It is important that you keep your credit rating high so that you later have an ease in taking a loan against your car purchase.

If you are still paying for your car loan and the car is in a poor condition then it is suggested to sell off that car and get rid of the loan before you buy a new one.

For future perspective it is very important to have a good credit rating and worthiness so that the lenders readily give you loans whenever you are in a need.
We are an established firm in Texas and provide loans. For further details visit us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

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A dream does not cost anything. But if you are struck up with bad credit, then it is likely that most of your dreams will be hard to realize. Bad credit affects your ability to get loans for cars, home or even business. So in times of need, you might have to borrow money or get it at very high interest rates. Such a situation can be troublesome and frustrating.

While most of the lenders do not provide loan to people with bad credit score, we here at Greater Central Texas Federal Credit Union endeavor to provide loans to the people who have bad credit you without making them toil for it. If you are someone who has been turned down over and over again due to bad credit then you have been to all the wrong places, we must say. For when it comes to bad credit loans you can never find from a better place than Greater Central Texas Federal Credit Union.

We provide you a hassle free and easy way that can help you buy your dream car. All you are expected to do is to follow a simple process. You just have to visit us or give us a call and we will let you know all the requirements that have to be met for seeking a loan. Most of the lenders who give out loans to people with bad credit charge huge interest rates, while we at Greater Central Texas Credit Union provide the same at a much reasonable rate. If you have a bad credit, you do not have to shell out high monthly installments to us.

While bad credit is usually seen as a problem case by most lenders, we believe otherwise. Our work is to help you fulfill your dreams and assist you in driving your favorite car. Our work involves hassle free money lending at no extra cost.

For all those who are tired of looking for bad credit car loans, we are just a phone call away. For more details on auto loans you can contact us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call 254-690-2274.

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When you are out to buy a car then it is advisable to first concentrate on the financing part and then move ahead. While it is believed that the length of the loan should be dependent on the time for which the buyer intends to keep the car, 72 month auto loans have come out to be quite popular in Texas these days. Some of the advantages of 72 month Auto Loans in Texas are:

• A 72 month auto loan means that the buyer will have to make 72 payments as loan installments to repay the loan and before he can legitimately become the owner of the car. It is advantageous as you are required to repay the loan in appropriate time which is neither too short nor too long.

• As the loan tenure is long, successful repayment helps in building up your credit worthiness.

• As the Auto loan’s monthly installment is not so high, you can buy a better vehicle of your choice even though it costs a bit more.

• There might be a change in the lending rate and the buyer just might happen to benefit from these changes.

• Also, this 72 month auto loan can be a very good option for some driver who has a fixed income, small savings and a desire to make a hefty investment for a long period of time. Such an Auto loan will be highly useful for such a buyer as it will result in small monthly incomes and will help him save some money from his income.

Many drivers are today looking for a solution to high loan rates. 72 month Auto Loans is the answer to their problems as it helps lower the monthly installment which is to be paid and lengthens the time for which this amount is paid on a monthly basis.

We are pioneers in providing Auto Loans in Texas. For further details feel; free to contact us at - Greater Central Texas Federal Credit Union 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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Gone are the days when you had to hop from one dealership to another to choose a car of your choice. In the modern era; technology has come to everyone’s rescue. You can now look for a car of your choice online and book it likewise. You can also get easy Auto loans to support your purchase. But if you are willing to buy your next car, there are a few things your must be sure of, before you do so.

• Cars have a known depreciation rate. Therefore before you buy your next car, calculate if the interest you pay on your car loan is feasible for you or not. Also note that the longer time you take to pay it off, the more will the interest be.

• Before you decide or finalize the cost of your new car it will be better to calculate the trade-in value of your current car. You must be aware of the same so that you know how much to expect for it, from the dealer.

• You must research well about the interest rates on your auto loans. You might often have seen that when auto companies advertize they tell you how much you will have to pay every month. However the trick here is that, the interest rate is where most of the cost lies. It does not matter what you pay every month but infact what matters is how much you pay over the years.

• Unless your income increases, you should not take a new auto loan until the old one is paid off. However if you are someone who has a fetish for new cars then you must watch out for the sharp depreciation in cars and the interest costs associated with it.

• If you buy a new car but fail to afford it, this could be a troublesome situation. So it is highly suggested that you beforehand calculate and watch for the operating expenses, insurance, gas mileage, annual excise taxes, and other costs of ownership.

For any details regarding auto loans, contact us at Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542, Phone: 254-690-2274.

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The purchase of a new car can be a complicated decision which requires a lot of meticulous planning. There are several things that you need to consider while buying a new vehicle, as a significant amount of monetary investment is required for such a purchase. Several questions that an average consumer is likely to face have been mentioned below:

• The first thing that you need to think about is whether you should go in for a brand new or a second hand model. This decision depends largely on the financial options available to you to finance the vehicle. If you have sources of funds at your disposal or are likely to get quickly approved for a large loan sum, you can opt for a new vehicle. However, if you are on quite a low budget and are unlikely to obtain a loan easily, it is better to stick to a used one. There are several dealerships that will be able to provide used cars in excellent condition to customers based in Texas.

• If you are taking an auto loan, the kind of car that you purchase is going to have a significant impact on the monthly premium amount that you will have to contribute towards your auto loan. If you go in for a high end car model, your monthly premium is going to be high while if a vehicle in the medium range is opted for, the monthly payment that you have to make will be a reduced one.

• If you are taking an auto loan to finance your vehicle in the state of Texas, another aspect that you need to consider is the kind of credit that you enjoy. Your credit history is thoroughly examined by the loan provider before granting or approving a vehicular loan for you. Those with a low credit rating generally have to pay high interest rates towards auto loans. So, if you have bad credit, it is advisable to wait for a while, improve your credit ratings and then apply for a car loan.

For all kinds of Auto Loans, contact us at Greater Central Texas Federal Credit Union at 3305 E Elms Road Killeen, TX 76542 or give us a ring at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

Car loans are the most important monthly expense for a majority of people. People get attracted to new cars and usually follow the general trend of paying lesser amount as down payment and more monthly payments. In most of the cases, it is impossible for the car to be refinanced. One possible way out that can help you to lower your monthly car payment without even refinancing the car is private debt restructure.

• Think of a solid reason to get a restructure. Often the lenders only grant these so called ‘hardship loans’ in the case of an emergency or financial crisis like medical emergency, bankruptcy or loss of a job.
• Work out your own DIR or debt to income ratio. A high ratio will cause you to face tough times to make monthly payments. To calculate your DIR, divide all your monthly expenses with your gross monthly earnings. For instance, your income is $2000 and your monthly expenses (including the car payments) are $1000. So, your DIR would be 50 per cent, which is considered to be very high by the lenders.
• Determine the current rate of interest on your auto loan. Make out what would be the interest rate that you can easily manage. It is very important to be very clear before you request for any modification in the rate of interest.
• Drop a line to your lender to know about the hardship plan. Make sure that you put forward all the required documents in support of your claim like bank statements and income documents.
• Make sure that all the proposals of the hardship plan are in writing and that the terms and conditions will be of assistance your present financial condition.
• Be prepared to make changes in your personal budget and expenditure so that you are able to pay back a heavy car loan.

To avail cheap auto loans in Central Texas, contact us at Greater Central Texas Federal Credit Union. Our unique loan plans can assist you in getting lowest rates for auto loans. We can be contacted at 254-690-2274.

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It is very important that you act smartly in a deal to buy a car or you will end up losing much more money that you actually should. Generally, most of the car buyers arrange money before buying a new car. This scheme, known as auto financing, means the way you are going to pay for your new car. You can get your car financed by getting an auto loan which you can use in two ways: either pay the money to buy the car, or use it for lease.

If you have purchased a car before, you might know that the loan provider will check your credit report before doing any sort of deal with you. However, this is not the only requisite for taking an auto loan. Auto dealer will also try his best to appease the deal and give you special offers on car financing. But, you need to be extremely watchful.

Remember, you should be well prepared for this. Consider all the options of auto financing before visiting the dealer so that you can manage your car loan as well as your credit. Bear in mind that no deal is permanent until you have a hard copy for it. When you are done with the negotiations, do get the sales contract prepared.

Overstated interest rates
Be careful to verify your monthly payments as well as the interest rates. Different car buyers are charged with different rates of interest depending upon their credit history. If you have a poor credit history, you will be charged a high rate of interest and this is where the car dealer profits from your loan.

Independent auto financing
If you have a pre-approved auto financing, you can go up to the car dealer and purchase the car as a ‘cash buyer’. It would be good if you go for independent auto financing to buy a new car.

To get Auto Loans in Central Texas, visit Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. We are located in Killeen, TX. You can also call us at Phone: 254-690-2274).

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For the families that have more than one vehicle, it is logical to get your car loans consolidated. Consolidation of car loans is a process through which you can combine all your vehicle loans into one payment. Car loan consolidation can be very beneficial to you if:

• You want a lower rate of interest
• You have to pay several loan installments in one month
• You want to cut down your monthly payment

Requirements for loan consolidation

• Income proof- Most of the lenders seek a job of at least 6 months. However, long term employment would increase your credit worth. Gather at least six months pay statements to present for the verification of your job and income.
• Insurance- Make sure that you all the vehicles that you want to cover under the consolidated loan are insured. Some insurance companies also offer discount on multiple vehicles.
• Residence proof- A stable residency will increase your credit worth. You should be able to put forward at least six months utility bills for your address and a proof of identity.
• Credit history - It is important that you have knowledge about your credit rating. Most of the time, you can be rejected for a car loan only because of a poor credit history. It’s not that you can’t consolidate your loans without a good credit history, but do not expect discounted rates of interest.

Benefits of consolidating car loans

• A person who is paying large monthly payments can benefit from loan consolidation by increasing the time period of the loan. However, increased time period means more interest payment at the end of the day.
• For the people who have multiple loans, consolidation can help to keep a record of the due monthly installments and pay them in time.

As a concluding point, car loan consolidation depends upon the situation of each and every borrower. Those who are already laden with debt should think before opting for consolidation.

To obtain cheap and secured loans easily and quickly, consider Greater Central Texas Federal Credit Union only. For any assistance, call us at 254-690-2274.

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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

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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.

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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.

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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.

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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.

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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.

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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

Buying a used car is a major financial decision. It’s a risky affair as you just never know what the car has undergone while with the previous owner. It’s more of a gamble and one has to tread cautiously while buying one. A used car doesn’t come with the warranties and frills of a new car. The buyer should be able to differentiate between a consistent, good quality car and a piece of junk. This is a Herculean task for buyers of used cars.

Factors to keep in mind when buying a used car:

• The car’s history: Rule out any form of misuse and abuse of the car by the previous owners. You can get a history report of the car by using its VIN number and tracking its report online. This will settle any risks associated with its improper use.
• Negotiate on the repairs: Before settling for a used car, try to get necessary repairs fixed by the seller. Check out the car properly to look for anything that might be out of order. Chances are the seller will oblige you with the repairs.
• Go for a test drive: Don’t rush into the decision of buying a car until and unless you are satisfied with every detail of it. Consider a test drive to test the power and brakes. Try the horn, indicators, lights and anything else that can be tested on a moving car.
• A mechanical inspection: Have a thorough mechanical inspection done on a car you are seriously interested in buying. You can take the help of a friend or relative for this. It is better that a qualified mechanic checks it. Such an inspection involves checking out the engine of the car, its mileage and the general body inspection.
• Overall condition of the car: Ensure that the tires of the car are not sagging. Check out the paint, rust spots and scratches if any. Look out for any masking by running your fingers between the panels of the edges. Even look under the car for any under body rusting. Inspect the engine for leaks or corrosion marks. Make sure the timing belt is in good condition too as it’s very expensive to replace.
• Mileage: The mileage of a car is a clear indicator of its age. The odometer in the car will let you know its mileage. 10000-15000 miles in a year is ideal. This is the best way to know the actual condition of a vehicle.

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

Lowest Used Car Loan - Auto Loan in Killeen, Tx - Secured Auto Loan