72-month auto loans are becoming highly popular among people looking for long-term loans with lower monthly payments. While these loans are not dragged as long as the 120-month loans, they make it easier to get on the road faster without breaking the bank. If you are considering getting 72 month auto financing in Texas, here is a look at some of the major benefits that you can expect from such a loan:

• The biggest advantage of a 72-month auto loan is that it is associated with lower monthly payments. This is beneficial for those with a steady income but small savings, as it can help you to keep car payments low enough to keep your household budget intact.
• Smaller payments mean more control over the loan, which leads to lower chances of repossession. The car can help you generate income over the loan period, hence buying you time as a borrower.
• If you eventually consider refinancing the car, you can benefit from the changes in the US prime lending rate when you do so.
• A 72-month car loan is ideal if you intend to make just one major investment over a long period of time, and would like to be able to navigate the road ahead, knowing what you can expect. It is also important for you to be sure that you will not need to trade in the car for the next 1-2 years, and that the monthly payments fit well within your budget.
• Such a loan gives you the chance of buying a car that you might not have been able to afford with a shorter term loan. For instance, if you have $350 to spend towards car payments each month, you can borrow $21400 on a 72-month loan, as opposed to only about $15000 for 48 months.

The Greater Central Texas Federal Credit Union provides 72-month auto loans for new cars in all major locations across Central Texas. Our competitive interest rates, flexible terms, quick approval process, and friendly services make it simple for you to avail this cheap auto loan. Established in 1957, we have gone on to become one of the most trusted credit unions in Texas, with a reputation of offering the lowest interest rates, and most reliable services in the region. Our 72-month auto financing option gives you the chance of driving your dream car without depleting your savings.

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.

Secured Auto Loan - 72 Month Auto Financing