A secured car loan is one in which you put up collateral as security to the lender before getting the loan. This means that in an event when you are not able to repay the loan, the lender can repossess your car or house, which are the most common possessions used as collateral. The benefit that you as a borrower have is that you get a much more generous loan, which means lower rates of interest and a longer repayment period. If you are looking for a loan for a new car, then your car should be enough as collateral. However, in case of a used car, you might need to use your house as collateral.

Moreover, when you are opting for a secured car loan, the lender is likely not to be too bothered about your credit history, because you are offering him a tangible possession as security, giving him no reason to be frazzled about your not returning the money. This means that you shall need to pay a much lower rate of interest than you would need to in case of an unsecured loan, in which the lender compensates for the lack of security with a higher rate of interest.

Secured car loans usually end up in very easily affordable monthly installments, because of the long repayment period. Also, since the loan is less riskier for the lender than an unsecured one, it means that you are likely to be offered more flexible terms and conditions, including the penalty fee. The overall result is a loan that is easy to pay for the borrower, and highly secure to the lender. The only possible disadvantage when compared to an unsecured loan is that you need collateral. But if you intend to repay the loan over the stipulated time, that should be no problem at all.

Secured car loans also offer an advantage to buyers who do not have a steady income that shows well on paper. That’s because, with the car being used as collateral, the lender is likely to be less fussy about how much monthly income the borrower is drawing. In case you put up your house or property as collateral for a secured auto loan, you might be able to avail tax deductions on the interest of your loan, which is yet another advantage. Just be sure not to default on your loan, and you might actually end up with more money by the end of the repayment period, than you had started off with!

We at Greater Central Texas Federal Credit Union provide you quick and cheapest car loans in Texas. We neither harass you by asking unnecessary questions nor make you wait for days to sanction your auto loan. To obtain cheap and secured auto loans easily and quickly, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

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.

Buying a camper is a step into a complete new way of living for many. Getting the right loan for your camper can help to ensure that you enjoy this exciting process, without succumbing to the financial burden of a bad loan. The Greater Central Texas Federal Credit Union serves clients across Central Texas, and is place to go if you are looking for a cheap auto loan for your camper in Texas. Being a member-run non-profit organization, we keep the needs of our members above all else, ensuring fair loan terms and the lowest possible interest rates.

We understand that the long financing terms and high monthly payments involved in a typical camper loan can be intimidating, which is why we work with you to decide the best possible loan option for you, ensuring that you end up with a low “effective” interest rate in the long run. The current financing condition for campers is great across Texas, with interest rates being at an all-time low, and refinancing opportunities for campers being plentiful. This is a great time to buy a camper, and if you are ready to take the plunge, the representatives at our credit union shall be glad to assist you with financing options to meet your budget and needs.

With more than 8 million households across the U.S. owning a camper, this is definitely amongst the top investments to make, and with good reason, considering all the freedom and benefits that it entails. Much like an auto loan, you want to have your financing terms in place before you make the purchase. If you are looking to buy a camper in Killeen TX, you can get some great loan options at GCTFCU. Ever since our establishment in 1957, we have created a legacy based on trust, service, and integrity, ensuring the best possible financing terms for our customers.

Our camper loans are personalized to meet your individual needs, and offer you the flexibility that you need in such a loan. We also offer loan prospects for full-timers, making us a comprehensive solution for camper loans across Texas. Interest rates for these loans may not always be as great as they are at present, so if you are considering making this investment, there is no better time than now to do it. Contact us at 254-690-2274 to request a quote for your camper in Killeen.

Before considering applying for a home loan, there are a few things that need to be understood to get the loan you want. Carefully thinking about what might adversely affect your home loan can save you from a lot of hassles like irregularities in payment of installments, unpaid balance on credit cards etc.  Applying for a loan for home can be very stressing and therefore, after carefully analyzing your financial position and credit history should one consider applying for a home loan. Below are some of the do's and don'ts that must be followed to make the home loan process smoother.

Dos

• All the loan and debt payments should be made on time to keep your credit history clean. Not adhering to this rule deliberately reduces the credit score. This credit score determines what amount of home loan you will get if you manage to get one.
• Credit card payments can be missed but payments of installments of other mortgages like auto loan should be prioritized. It shows that you pay installments on time. After looking at the performance of similar mortgage loans, the credit scoring system will assign you the score. Credit card payments can be made later as they have fluctuating balances.
• To avoid raising any red flag, your credit card transactions should be normal like before and should not be stopped immediately.
• Any inconsistencies, inaccuracy and missing information should be removed from the credit reports to make it clean of negative data.
• Unpaid balance in credit cards should be paid off to the point that  balance ratio becomes less than 30%.

Don'ts

• Loan approval process can be impacted by your job stability. If you are constantly changing jobs and changing positioning in a company it might hurt the approval of your home loan.
• Any major purchases like car, lines of credit for furniture, expensive gadgets should be avoided. This also impacts your credit score and hamper your chances to get your loan approved.
• Purchase of clothes for family should be limited. Instead of buying clothes at every occasion, they can be bought at one or two occasions.
• A new credit card should not be opened. New credit card adds additional inquiry into your credit score which kills chances of getting a home loan.
• Previous credit card accounts should not be closed either. It has a negative impact on your credit score.
• Some people get a new loan while applying for a home loan. It looks bad with the underwriters and must be avoided.

Home loans applications can be rejected if the borrower doesn't comply with some of the tips mentioned above. No change in number, accounts, address should be made to avoid getting the applications rejected.

We, at Greater Central Texas Federal Credit Union, offer home loans at very low interest rates. Interested individuals can contact us at (254)-690-2274 for more information or visit us at 3305 E. Elms Rd., Killeen, TX  76542.