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.

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.