Getting a good used car loan is not that hard. If you do proper research and locate the suitable lender, you can acquire a great loan without much hassle. It is also essential to find the right used car to buy. Below are a few things which are to be kept in mind while looking for an affordable used car loan:

To score a great used car loan, you should make sure that your credit report is as clean as possible. Pay all your bills on time and see to it that you do not take loan that you cannot afford to pay back. The better your credit is, the better the rate on your loan would be. It is also recommended to go for a good loan company. Make it a point to find a loaner who is reliable, well known and provides great customer support. Ask your friends and family for helpful advice and check out for any potential loaner with the Better Business Bureau. 

It is advisable to figure out how much you wish to spend when you apply for a used car loan. A used car loan is generally obtained by placing any collateral as security.  In general, the car loan procedure is quite simple and speedy. There are also a few things to be cautious about when you are looking at a used car. Watch out for the inflated prices. Find out the practical value of the used car before making your way to have a look at it; so you will know what the fair price is. Be watchful of the hidden mechanical troubles. Make sure that you get the used car scrutinized by a mechanic whom you trust prior to finalizing the deal. 

Thus, when you are looking for a used car loan, keep these tips in mind. If you are watchful and smart, then you will get a great used car as well as an outstanding deal on financing! Above all, in regards to the financing, be sure to shop around as the loaning market is highly competitive and you can save a bundle if you take out time to shop around for your used car loan.

If you wish to acquire a great used car loan, then you should by all odds reach Greater Central Texas Federal Credit Union. Contact us at 254-690-2274 to know more about our services.

Lowest Used Car Loan - Auto Loan in Killeen, Tx

Buying a car is a major step for any buyer, and before taking the plunge into bringing a set of wheels home, it is important to have a clear understanding of how car loans work, and what is the best option for you. The length of a car loan is a critical decision, since it bears an effect on the next few years of your life, making it important to know what you are signing up for. Car loan terms can range from as less as 1 year to as long as 6 years.

There is no one perfect term that is ideal for all buyers, since the length of the car loan depends largely on one’s monthly income, and how much they can afford to pay towards the car loan each month. The car loan term is also influenced by the condition of the car, its price, the amount of down payment the buyer is willing to pay, and several other factors. So the question is, if you are buying a used car, what is the ideal term that you should settle on for your car loan?

Let us take a look at both sides of the coin-

• Short term auto loan- A short term loan, which is usually considered to be less than three years, can be a good way to save money in the long run, since this shall mean lower interest rates, as well as a lower total payment towards interest. Another advantage of getting a short term  used car loan is that you own the asset faster than you do with a long auto loan. However, the disadvantage of such a loan is the higher monthly payments, which put you at a risk of falling behind on payments.
• Long term auto loan- Loans that last up to around 72 months are considered to be long term auto loans, and are often the preferred option among buyers who wish to have lower monthly payments, even if this means making these payments for a longer period. Even though you will end up paying more towards interest with a long term loan, it will be easier on your pocket on a monthly/ weekly basis, which is a major advantage for those with low monthly incomes.

Whichever loan term you choose to go with for your auto loan, you can always pay it off before the period, albeit with an early termination fee. In addition to this, you can also refinance your car if you come across a more favorable loan.

We, at Greater Central Texas Federal Credit Union provide low interest loans for both new and old cars. For more information, you can visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call (254) 690-2274.