Signature loans can prove to be a good option for people who do not have anything to be kept as collateral. Nowadays, certain financial institutions give out signature loans even to individuals with history of bad credit. As the name implies, these loans are granted on account of the applicant’s signature. There is no need to give any collateral or security for the loan. In case of you plan to buy a vehicle, signature Auto Loans can prove to be a good bet.

Signature Auto loans are exceptionally helpful to people who have poor credit but wish to buy a vehicle. In case of such loans, the process of loan approval is very quick. The loan providers generally approve the loan instantly, provided the borrower has a steady job and a fixed monthly income. These loans are normally approved for a fixed period. Other than for buying a vehicle, signature loans are also available in form of holiday loan, student loan, home improvements loans, business loans or debt consolidation.

What you need to know about Signature Loans:

• Understand the type of loan. There is nothing special about it. You are just borrowing money without a security. As a result, you will be charged a little higher than average interest rate.
• Pay off any debt that you presently have before applying for a signature loan. You should not be a defaulter in your payments. You should be paying your bills in timely manner in order to crack a good deal.  The more you pay your credit card bills, the better it gets.
• Search for bad credit signature loans that have low fees and rates of interests. In essence, you should be able to pay off what you borrowed. There is no point in taking a loan that you cannot repay.
• Borrow a limited amount of money. Your loan should not be more than a third part of your income. This way you can easily manage your debt as well as keep yourself financially stable.

These tips if kept in mind can prove to be very useful while going for an unsecured bad credit signature loan. Even though they are for your benefit only, still you should know how to make the best use of it. To obtain cheap secured as well as unsecured loans, contact Greater Central Texas Federal Credit Union at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

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.