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.

Everyone loves buying a new car but very few consider the option of a used car as a smart move. Of course, nothing compares to the feeling of driving a new car out of the showroom, but the moment it is out, it has already depreciated in value. A used car on the other hand holds longer to its value thus giving you much more value for your money. It is an economically viable option as you can get it financed for much less as compared to a new car without compromising on the features and its life.

However, buying a used car can be a tricky choice to make, as you will have to ensure the dealer you are dealing has high credibility. You should also be good at negotiating, as this will help you strike a deal that will be beneficial to you in terms of the cost. When it comes to buying used cars, your assessment of its condition is very important and for this, you should have at least some basic knowledge about vehicles. You may also need to ask your dealer a number of questions to clarify any doubts that you have without any hesitation knowing that it is your right as a buyer,

After you have finally settled for a car, it is important to get it checked thoroughly by a mechanic for any defects. Sometimes, a vehicle might look spic and span from the exteriors, but within, it could be having a host of problems that are difficult for a layman to assess. You should also ask for the vehicles history as such details will give you an insight into who owned the car previously, whether it had an accident or any other problem. If your mechanic passes the vehicle and you have no problem with its history, you will now have to bargain to the best of your ability.

In economic times as unpredictable as today’s, it is a smarter choice to opt for a used car as opposed to a new one in every respect. Car dealers these days stress a lot on the condition of the car and make the most of the latest technology to ensure that a used car looks as good as a new one. For you as a buyer, it is a win win situation as you get the best for a very reasonable amount of money.

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.

Credit unions are financial institutions that are formed by a group of people with some similar interests. This group might be of business partners, members of a church, etc. Such a group pools in its assets to form capital that can be lent to members of the union as a loan. Many people prefer credit union loans to loans from regular financial institutions because their interest rates are very competitive, making them a cheaper option in the long-run. Low interest rates are a boon for borrowers especially when it comes to auto loans.

Auto loans from credit unions are very convenient for the borrower due to the following reasons:

• Easy availability of money: Most of the financial institutions make their terms and policies stringent especially when the economic conditions are not favorable and this becomes a major handicap for borrowers. Credit unions do not suffer from such issues as they have enough funds at all times and enjoy good relationships with most of the car dealers making them a reliable source of loans. The process of getting loans from credit unions has been further simplified as you can now get a loan online or even over the phone.
• Flexibility: Credit unions are very flexible when it comes to the terms and conditions for offering loans. It lets the borrower switch from a long-term loan to a short-term loan at his convenience and he can even extend the period of the loan in case of non-payment. You can also negotiate on the interest rates and settle for one that is comfortable for you.
• Lower interest rates: This is probably the biggest advantage of opting for auto loans from credit unions as it cuts down on your expenditure in the long-run. Credit unions are non-profit organizations due to which their main motive is to help those in need of money without focusing on how much they end up gaining. This is the main reason for which auto loans offered by them have very reasonable interest rates as compared to those of other financial institutions.
• Easy membership and perks: The process of becoming a member of a credit union is uncomplicated and once a member, you get additional perks that non-members do not enjoy. Members enjoy a further slash on the interest rates coupled with other offers that make it easier for them to clear their loan.

For more information on how to secure an Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union located at - 3305 E. Elms Rd. Killeen, TX 76542. You can also call us at 254-690-2274.

72 month auto loans come as a welcome option for those who wish to have low monthly installments, and wish to keep the same car for a long period of time. The duration of auto loans ranges from an average of 36 months to as long as 120 months. Even though, most of the Auto Loan companies only provide 60 month auto loans, you can avail a low EMI 72 month auto loan with financial institutions like Greater Central Texas Federal Credit Union. If you aren’t sure about what to expect from a 72-month auto loan, we have put together a list of pros and cons of such a loan, from a buyer’s perspective-

Pros-

• The most obvious advantage of a long-term loan is the low monthly payments. If you have a steady, yet low monthly income, and would not like to spend 2-3 years on a meager income due to loan payments, this option might be the right one for you.
• If you have a strong credit and income that shows well on papers, you might even get low interest rates on a 72-month auto loan, making it a win-win situation for you.
• A 72-month auto loan is ideal when you badly want a dream car but cannot afford it just yet. The long period of repayment might be the price that you’ll have to pay, but it’s eventually worth it, especially considering that your financial condition might improve over the years.
• Another scenario in which such a loan is favorable is when you are buying a vintage car, the value of which will not depreciate over the years.

Cons-

• As the loan is of longer tenure the total interest paid in 72 months would be more in comparison to 2 years or 3 years auto loan.
• It is important to check the terms and conditions of such long tenure loans as you might want to pre-pay the whole loan amount before 72 months.

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.

Car loans are a great way of getting the car of your dreams regardless of whether you have the cash or not. The only arduous phase in getting such a loan is the preliminary one where you need to do some homework on the financial institutions offering loans and what their terms and conditions are. It is very important to be clear about the fundamentals of a car loan and for this, you might have to ask your lender some crucial questions. Those taking such a loan for the first time might not even be aware of the intricacies of a car loan, and could end up in complications later on.

Anyone opting for a car loan should ask questions relating to the following points:

• Interest rate: You must ask about the rate of interest being offered on the loan to assess what your total costs will be at the end of the loan term. Credit unions are known to offer loans at very competitive interest rates, which make them a cheaper option in the long run.
• Term of the loan: Do inquire about the term of the loan, as a longer term will mean you will have to pay a lower amount of installments each month. On the other hand, a shorter term will require you to pay larger installments, which might become burdensome for some. Information on the term of the loan is very important to help you judge how much you will be comfortable paying each month.
• Down payment: A larger down payment will cut down on your interest charge thus lowering your costs while a smaller down payment will mean a higher interest. It is good to clarify how much the lender expects and what scheme of things will suit you the most.
• Prepayment of the loan: Ask your lender about the terms and conditions related to prepayment of loans. In some cases, the lenders charge a penalty from the borrower for paying back the loan before the stipulated period. Others do not charge penalties but refrain from refunding you any finance charges that you might have incurred.
• Late charges: Ask about the late charges that you will have to incur in case of a delay in the payment of an installment. The late charges are usually a percentage of the unpaid amount regardless of whether you have paid off a partial amount.

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.

With banks gaining a notorious reputation for charging obscenely high amounts of interests and being money-minting organizations, most people are seeking more economical avenues for getting auto loans. What better organization could there be for this purpose than an institution owned by the very people who need the loan- the local credit unions. Credit unions are rampant in Texas, and are emerging as an ideal option for borrowing money as they offer better loan terms.

Another key feature that sets credit unions apart from banks is the fact that they operate as member-oriented institutions. As a member of a credit union, you will have a say in its operation and the major decisions made in the credit union. This is widely contrasting to banks, in which the members have no ownership rights, and are simply workers of the shareholders running the bank. In addition, credit unions are exempted from various taxes, which make them even more affordable with much lower interest rates on auto and other loans.

Even though it might be initially difficult to secure membership in a credit union, it definitely is worth it once you do. The way a credit union works is distinctly different from a bank, since these unions generally have a small membership, making the service much more efficient and personalized. You might be surprised to find that the staff at the credit union recognizes you by your face in just a few visits, and you might even have one person completely dedicated to your service.

Another major advantage of credit unions over banks is that these organizations are more flexible in the terms and conditions of accepting a loan. While a bank might simply strike out your name if you do not match the criteria for an auto loan, a credit union is much more likely to work out a way to get your loan through.

For more information on how to secure an Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union located at - 3305 E. Elms Rd.Killeen, TX 76542.

Purchasing a vehicle is a major event in the lives of many and involves a huge sum of money that is usually not easy to pay instantly. Auto financing is an option that you can adopt by which you get to take home the car of your choice on the very day of purchase irrespective of whether you can pay the whole amount or not. It eases of the burden of making lump sum payments and lets you pay for the vehicle as per your comfort within a span of time that suits you best. If you are considering getting your vehicle financed, the following are some steps that will help you go about it easily:

• Determine your mode of action: The first step is to decide whether you would like to get the loan from a financial institution or from a dealer. Both methods of financing are equally good provided you understand the terms and conditions of each.  Financial institutions are great for those who have prior associations with them as they will help through all the formalities and make the whole process easier. Dealer financing is good for those who want everything to be dealt with by those selling the car as it takes less time and can be quite convenient.
• Understand the concepts: Before leaping into the realm of financing, be very clear about everything it encompasses. Understand the concepts of down payment, interest rates, the terms of loans, etc, as they are the foundation stones of the whole deal. It is best to settle for larger amounts of down payments and consequently lesser installments. Compare the interest rates of various dealers before settling on one as you can greatly save by cutting down on this expense and also try bargaining for a slash in the rates.
• Formalities: When getting a vehicle financed, you may be asked to furnish some important documents and adhere to some requirements such as producing sources of identification, bank statements, income tax returns, etc. It is best if you keep all this ready beforehand, as it will make the whole process less confusing for you. After this, you will be required to sign a couple of documents and paperwork to seal the deal and it would be wise to thoroughly go through what you are signing. Do not hesitate to ask about anything that you are not able to understand so as to avoid complications in the future.

To avail cheap and quick auto loans in Texas, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

If you are ready to make the big purchase of a car, but aren’t sure whether you will be able to pay the loans, a 72-month used car loan is an option worth considering. This loan is particularly useful for those who have a low monthly income, and would not mind a prolonged repayment period. Since it’s a 6-year period that we are talking about, this is not a decision to be plunged into without careful deliberation. It is more important than ever to ensure that you are getting the best possible rate of interest in a 72-month loan, as this will make a big difference to the final amount that you end up paying over the loan’s period.
Benefits-

• Low monthly payments- Since the loan is being distributed over a long period, the result is lower monthly payments, which are likely to be easy for you to keep paying on a low income. The budgeted installments make the eventually higher long-term payment worth it, decreasing the likelihood of overdraft fees.
• Option to generate an income- Over the long period of a 72 Month Auto Financing, you can use the car to run a lucrative business, hence generating enough income to compensate for the extra cost incurred in the loan.
• Refinancing- If the changes in the US prime lending rate are favorable down the lane, you might benefit from refinancing your used car after a few years.

It is thus evident that a 72-month auto loan is a great option for a buyer with a low monthly income, for whom a used car is going to be the major investment over the next few years. The fixed rates of interest on such a loan, when combined with the low monthly installments, take the pressure off the borrowers, helping them to navigate a plan for the future.

Requirements-

• Credit history- Since this loan relies on you being able to make regular payments over a long period of time, a good credit score will work in your favor to get a low rate of interest on such a loan.
• Down payment- It is advisable to make as high a down payment as possible, as not only does this lower your monthly installments, but it also helps in getting a more favorable rate of interest.
• Proof of income- In order to be eligible for a 72-month auto loan, you shall have to submit proof of a regular source of income, so that the lender can be assured of your ability to make the monthly payments in time.

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.

Buying a used car is a great option if you’re looking to save a few dollars, but it can be a tricky process. The car you select may have some hidden problems that you might not notice when you test-drive. Though the minor problems can be easily fixed, but these cars can also have major problems that may make you consider another car sooner than you expected!

The following points can help you to make more informed decision when purchasing a used car:

• Check car history: Even though no one can give you a guarantee that the car is perfect, it is worth the money that you will spend. The history report can help you find out problems the used car might have in the past, such as reported accidents, damage, rental use, etc.
• Inspect for common problems: Make notes about the VIN number, price, mileage, car’s features, what you like and what you don't like in every car you check. These notes will greatly help you in selecting as well as in the final deal negotiation.
• Check the car body: Take a walk around the car and look at the overall appearance of car. Look from all sides and check if the car sits at level or not. Often if the car is driven with a full load, the rear springs sag over time. And over the time, the wheel alignment may change, as the suspension parts wear out, which means tires will wear faster.
• Check the windshield: Check for cracks, scratches and other damages. These damages, if large enough, can cause the vehicle to fail the safety inspection and also the replacement may prove to be heavy on your pockets.
• Check the interiors: The condition of the vehicle interior is a good indicator of how well the car was taken care of. Mark any defects that you find like scratches, tears in the seat fabric, broken door handles, loose sun visors, etc. Be alert if you notice excessive use of the air freshener as these could be used to hide a bad odor. A bad odor in a car could be very hard to get rid of for a long time.

For more details, visit us at Greater Central Texas Federal Credit Union. We provide cheap and secured used car loans throughout central Texas. You can visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Finding and selecting the best Auto Loan deal can be quite tiresome. The difference in terms and conditions on auto loans as well as in interest rates can be shocking for a new buyer. Before you settle for an auto loan in Texas, you need to ensure that you have done your research, and are well aware of what the competitors are offering. It is definitely worth the wait to hang on a little longer and wait for the perfect auto loan to come your way, instead of signing up for the first loan offer that you get. The following tips will guide you on how you can get the cheapest possible auto loan-

• It is always advisable to seek the assistance of a community-oriented loan provider like a credit union to guide you through the process of getting a loan, as this can ensure that you get the most competitive interest rates, and are well-informed of the nuances of an auto loan.
• Choose a discount instead of 0% interest. Do not get deceived by the 0% interest claims, since the dealer offering it is likely to have already made up for that sum in the price of the car.
• It is unlikely that you will get a dealer in Texas who will be willing to offer you a rebate as well as a low interest rate on an auto loan. A smart way to get both would be to get a low-interest auto loan from a bank/ credit union, and then avail a rebate from the dealer.
• An obvious tip to get a cheap auto loan is to make use of services that offer free credit reports, and use them to review your credit and make any changes that can negatively affect your auto loan.
• You can also use a car payment calculator to get a clear idea of what the ideal monthly installments will be for you. This is useful in choosing the right car for your budget, as well as in making you come across as a well-informed buyer, which is critical to getting a favorable interest rate.

To obtain cheap auto loans easily and quickly in Texas, you can count on Greater Central Texas Federal Credit Union. You can visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.