With 3 and 5 year loans dominating the car financing market, most buyers know little about lesser popular 72-month auto loans. While these loans make a car buyer pay a greater amount of interest eventually, they are of advantage to those who can’t afford to pay high monthly installments. If you are considering the 72 month auto finance, the following list of pros and cons will help you decide whether such a loan is right for you or not.

• The most obvious advantage of a 72-month loan is the low monthly payments on such a loan. Since the loan has to be repaid over a longer period of time, the monthly payments are low and hence affordable.
• If you want to buy an expensive vehicle, such a loan can help you in achieving this dream even if the car is not quite within your budget.
• A good question to ask yourself before opting for a 72-month auto loan is whether you are the kind of person who likes to trade in the old car for a new one every few years. If you are likely to get tired of your new car in a couple of years, this loan is not the right option for you, since the chances of you ending up with a negative equity are high.
• Another disadvantage of such a loan when compared with car loans of a lesser duration is the higher interest rate that you shall end up paying. While such a loan appears to be cheaper while taking the monthly payments into account, the fact is that you eventually pay a high overpayment amount.
• If you have an irregular pay cycle when in some months you earn more than the other months, such a loan would be perfect for you. The low monthly payments make it possible for you to keep up with your payments and even make higher payments on certain months when you have a lump-sum of money.
• Such a cheap auto loan is a great option for students who work part-time and make better money during the summer. As long as you are willing to make the payments for the 6-year period of the loan, such a loan can be very affordable and convenient.

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.

If you are looking for a home loan, then there are a number of reasons that you should consider home loan from a credit union. For all those who are not aware about this option, credit unions are financial, non-profit organizations that offer checking and saving accounts, accept deposits, and provide credits for buying vehicles, homes, etc. The credit unions are member owned financial cooperatives that are entrusted with the responsibility of building up the local community. These unions do not have to pay taxes or other operating costs like other profit earning organizations.

Credit unions are exempted from most of the federal and state taxes and are carefully regulated.  These unions do not have to pay taxes or other operating costs, unlike other profit earning organizations, which helps them provide better services to their members. The National Credit Union Administration keeps a watch on all the credit unions and insures that the interest of the members is safeguarded. Credit unions have minimum operating costs and this makes them offer home loans at low mortgage rates as well as low closing costs which provides them a competitive edge over other organizations.

There are a number of benefits of getting home loan from credit unions and some of them are

•  No fee
• Low mortgage interest rates
• Quick closings
• Personalized service

Most of the credit unions offer a full range of mortgage solutions for buying a home, refinancing and even renovating a home. The credit union does a credit check once you join it and if you have a consistent income and maintain good credit then you can easily qualify for a home loan. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines. To avail home loan from a credit union, firstly you will need to find a union that can offer you a reliable banking experience. You should research extensively to find a union that can help you and suit your requirements. You can enquire and find out about all the services offered by the credit union. Once you become a member of the credit union you will be provided with financial support and personalized services. By applying for a loan at a credit union you can be sure of easier credit check, low interest rates and personalized customer interaction.

 To avail home loan from a credit union, first you need to find a union that can offer you a reliable banking experience. Research extensively to find a union that can help you and suit your requirements. Find out about all the services offered by the credit union. Once you become a member of the credit union, you can get financial support and personalized services. Unlike conventional loans, the credit unions do not indulge in many formalities and follow lenient underwriting guidelines.