A car is a necessity in today’s times, whether it is for commuting to the workplace, or going around with family and friends on a weekend. As far as the buying options are concerned, you can get a wide choice in form of new and used cars. Both of them come with their share of advantages and disadvantages.

The kind of car you ultimately buy will depend upon the budget you have. Read on to know about the pros and cons of a used and a new car, and then decide which one is a better fit to your needs.

• Buying a new car definitely has many benefits. Since a new car has not been on the road previously, it will be in a perfect condition, with no scratches on the surface or any other damages. The charm of a new car is definitely something to vouch for.
• With more stress being laid on safety these days, a new car will be equipped with the best of safety systems to ensure that the passengers are safe in situations such as an accident. In addition, new cars come equipped with the latest of gadgets. With a new car, you can also be sure about a highly fuel efficient engine as compared to the one in an old car.
• Financing is also easier when it comes to buying a new car. Lending institutions such as credit unions are more open to giving loans for new vehicles as these have more worth in the market. The higher value of a new car as compared to an old one can be attributed to the fact that it has not been hit by depreciation so far, which is not the case with an old car.
• Coming to used cars, they also offer many advantages. They are relatively low-priced, have low insurance rates, and less prone to be hit by significant depreciation after they have been used for about 2 to 5 years. A used car is also less susceptible to cosmetic damages. Not only this, one can buy a bigger car for the same price if he or she chooses to buy an old one; a new one will definitely mean more expenses.

Greater Central Texas Federal Credit Union offers auto loan at a cheap rates for new as well as used car. The decision to go in for a new or a used car lies totally with the buyer; assess your requirements and decide accordingly.

Credit unions are non-profit organizations that provide savings, credit and financial services to their members including savings and checking accounts, loans, mortgages etc. Rather than depending on outside capital, they pool deposits from their members and finance loans to their borrowers. They are different from other institutions in the way that they are member owned institutions. Getting a home loan from a credit union is a better option for those looking out for low interest rates. They provide affordable financial services to their customers.Credit unions keep their mortgage loans in their own investment portfolios and do not have to follow any regulations about keeping those loans. They are a great way of saving money and offer some of the best loan packages in the industry. The following points discuss why using a credit union for a home loan can be enormously beneficial -

• As a member owned institution, their focus is different than other institutions and look for the best interest of their credit members.
• They have been exempted from paying any taxes because they do not invest their borrower’s money in the market which makes them non-profit. This gives them an edge as they provide competitive rates and due to this, the borrowers can get low interest rates when financing through a credit union on home loans, mortgages and higher rates on savings accounts.
• Credit Unions charge low or no fee from their customers for applying for a home loan.
• They are more service oriented towards their customers. They offer personalized services to their borrowers and help them conveniently apply for a home loan. They maintain communication with them by responding to their phone calls, emails/letters and understanding their requirements. 
• Credit Unions set their own income requirements and there is a higher possibility of approving home loans for those who have minimum income but wish to apply for a home loan. As a member of a credit union, chances of approval of a home loan are high.
• They offer a full range of mortgage solutions while applying for a home loan. There is a variety of conventional home loans options available and borrowers can choose whichever applies to them.
• Credit Unions help make applying for home loans faster, especially if the borrowers have a history with them. Securing a home loan becomes easier and good financial relationships are made.

Moreover, there are no penalties for paying the home loan amount early and home loans can be paid back through a variety of channels, like direct from your salary via payroll deduction.