For most people the first step when they decide to get a new car is to get a secured auto loan. Financing the purchase through a lending institution can help you tackle what can otherwise be a huge expense and hassle. To avoid paying a hefty periodic interest rate you should consider financing the vehicle from a credit union instead of a bank, as it is more cost effective and pro community. The benefits of a secured loan greatly outnumber those of an unsecured loan.

• The interest rates are much lesser in case of a secured loan as you put up an asset as collateral. It is an affordable scheme you should be confident to repay the loan. The nominal interest rates make the repayment convenient.
• It is easier to get a secured loan sanctioned as the lending institution does not hesitate to sign it with collateral in hand. On many occasions, getting the loan sanctioned is the biggest obstacle and you wind up having to wait for months to make sure that it is approved. Credit Unions are also very lenient in case of people who opt for a secured loan. You can borrow a favorable amount when you put up a property as collateral as there is no limit to the amount of money the credit unions are willing to lend.
• Apart from all this the repayment period is also flexible and you can pay the loan back over a longer duration of time. This means less pressure, less monthly installments and more peace of mind for you. Even the interest rates are not fixed for secured borrowers. As long as you have a decent flow of monthly income, some property to show and a decent credit history, you should take advantage of the above mentioned benefits offered by secured loans.
• A credit union is the most suitable place to get a loan from. Not only are the interest rates lower but the level of service is also top notch and backed by friendly staff members. Apart from borrowing money you can also get all other financial and banking needs catered to at credit unions.

We at the Greater Central Texas Federal Credit Union can help you with your secured loan and clear any doubts that you may have. You can call us at (254) 690 – 227.

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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