• The Down-Payment

• Duration Of The Loan

• Monthly Instalments

• The Amount Of Loan

• Interest Rates

• Depreciation

A secured car loan is one in which the borrower puts up a collateral against the loan. This is usually the item for which the loan is being taken, which in this case is the car. Depending on various factors, the lender might also ask for collateral beyond the vehicle, in the form of a house, property, or any other valuable possession. In case the borrower forfeits any of the loan’s requirements, the lender is entitled to take legal action against the borrower, and claim the collateral.

The major advantages that a secured loan offers to the borrower are a lower rate of interest, and a more flexible repayment period.  Enlisted below are the basic requirements that you shall have to fulfill to be eligible for a secured car loan:

• A verifiable income- You should be able to prove a regular source of income on paper. This could be in the form of paycheck stubs, tax returns, or bank statements. It is advisable not to resort to any false claims on income, as this could badly affect your credit record for life. However, do not fret if your income does not show well on paper, since secured car loans usually have more flexible terms, owing to the security offered by collateral.
• Steady employment- A key requirement that most secured auto loan lenders seek in prospective borrowers is a steady employment. If you have had the same job for over six months, your proof of employment should suffice. In case of self-employment or an alternate source of income, you need to find a way to demonstrate the generation of regular income.
• Stable residency- Most lenders require that you should have lived in your present home for at least one year. If you have moved in recently, you might consider using a previous proof of residence, of a home where you lived for a longer period in the past.
• A high credit score- Even though this is not an essential requirement for most car loans, but it definitely helps to have a record of good credit in the past. You can consider using some quick ways to improve your credit score before applying for a secured car loan, to reduce your chances of rejection.

With these simple requirements intact, you should have no trouble in getting a secured car loan.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable secured auto loans. Whether you want to purchase a new car or a used one, we have solutions for all your car loan needs. We offer you flexible loans to suit your financial situation. For more details, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

• Better Chances Of Loan Approval: A credit union does not have stringent income requirements like a bank. It provides flexible and affordable loan options to suit the need of all clients. Moreover, the staff at a credit union is more receptive to the clients’ requirements and is often willing to make reasonable changes in the terms of the loan.
• Lower Rates Of Interest: This is the biggest reason why most people choose credit union for an auto loan. A credit union offers much lower interest rates than banks or any other financial institution. Whether you are going to purchase a new or used car, the approximate cost of loan from a credit union would be almost half of that at a bank. Subsequently, the monthly or annual payments are also quite low and easy-to-pay. 
• Simpler Loan Process: The process of applying for an auto loan is also much simpler and convenient at a credit union. There are no complex forms to be filled or documents that need to be submitted. The staff at the credit union also provides complete assistance to clients about the process in a smooth manner. Usually, the loans are approved within a few days after all the documents have been verified. 
• Non-Sales Approach: Unlike most traditional banks, the staff a credit union does not work towards making a sale or earn any sort of bonuses. They work solely for the benefit of their clients and easing their financial difficulties. All the profits earned by the credit union are returned in the form of low interest rates, dividends or other services to the clients. The representatives will understand your requirements and put forward the most suitable loan option.
  

Having a car is more of a necessity than a luxury in the United States. Compared to public transport, it is cheaper, more convenient, and of course serves as a status symbol at all social gatherings. If you finally feel ready to realise one of the biggest dream of your life, do not let a lack of money stop you from realising it. That’s what auto loans are meant for! Put very simply, an auto loan lets you buy any car that you desire, giving you the leverage of paying its price over a few years.

Even though the idea of having someone else pay, while you get to swerve in your delightful indulgence and hear the clanking of brand-new keys, might sound tempting, there is a hidden catch. The catch is the interest that you will need to pay over the borrowed amount used to buy the car. However, when you look at the bigger picture, the interest is just a fraction of the total amount, and by the time you pay the entire amount off, you probably will not even remember that you paid any interest.

If you have decided that you are ready to being your dream car home and are prepared for an auto loan, here are a few tips to consider before getting the loan:

• Analyse your credit: Before you do anything else, you need to manage your credit, to ensure that you get the best possible rate of interest. Every US resident is entitled to use a resource named the ‘free credit report’ for this purpose. However, be sure not to lie about your income or any other details, as that could be a black mark on your credit history for life.
• Take your time to do plenty of research: As tempting as it may be to get a brand-new car in your porch right away, tread carefully. Look around for different financiers and analyse the nitty-gritty details of their loan plan.
• Watch out for prepayment penalties: Even though it might not seem as a likely prospect right now, but you need to consider that you might have a financial boom, which will assist you to pay off your loan early, and hence pay less interest. If that happens, the last thing that you need is a prepayment penalty, forcing you to pay an extra amount.
• The ideal figures: If you are confused about whether you are biting into more than you can chew, these simple figures should be a handy benchmark to guide you- make sure that your loan is divided into number of instalments that you can conveniently pay. Also you should try to pay at least 20% of the amount as the down payment.

For cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union.  We are situated at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Cheap Auto Loan - Secured Auto Loan