More and more people are opting for auto loans these days. One of the main reasons behind this is the savings in terms of cash. The other reasons include low rates of interest, short term and low monthly payments offered by most of the lenders. When you start to look out for the best auto loan options, it becomes important to weigh various pros and cons of various lenders and the deals being offered by them. In such a scenario, the following tips may be of great help to you:

• The best way is to do some research beforehand. It will put you in a much better bargaining position and give you a greater flexibility while opting for an auto loan.
• It is wise to shop around for loans before you start shopping for your dream car. You can search for various loan proving institutions which almost always offer you a better rates of interest than the banks.
• Make sure that you know your affordability ahead of time. Find out the monthly payments which you can afford and then determine if it goes well with the price of the car. This will give you a clearer idea of which car you can afford to buy. It will also make sure you get the best deal for both the car as well as the financing.
• It is also noticed that the car dealer usually talks about the monthly cost rather than the total cost of the car. You must remember that you have to negotiate the total cost and not the monthly payments. It is advised to first agree on the total price of the car and then begin to discuss about the auto financing option.

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. We offer you flexible loans to suit your financial compatibility.

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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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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