A secured auto loan is one in which there is collateral offered against the loan, which gives the lender higher security, hence resulting in better loan terms for the borrower. In most cases, the collateral in a secured auto loan is the car itself. That means that if, for any reason, the borrower is unable to make complete payments of the car, the car is repossessed by the lender. In some cases, the lender might require something more than just the car to be offered as collateral. This could include assets owned by the borrower, like a home, boat, land, etc.

A borrower has to fulfill certain basic requirements to get approval for a secured auto loan. These include:

• Proof of income- It is mandatory to have a verifiable income in order to be eligible for a secured auto loan. You could submit proof of income in the form of paycheck stubs, copies of tax returns, bank statements, etc.
• Steady employment- You must have had a steady source of income. If you do not have proof of steady employment, you might need to show proof of some other verifiable source of income, such as a personal business, inheritance, etc.
• Residency- You must have had lived in your current residence for at least one year. If you have just moved into your home, you need to show your prior residence proofs.

The greatest advantage of getting a secured auto loan is that the rate of interest for such a loan is significantly low, as compared to that for an unsecured loan. In addition to this, you can also expect to get more favorable loan terms, such as increased flexibility, on such a loan, since the lender has greater security in such a loan. Moreover, since the car is offered as collateral, the lender is generally more relaxed in terms of the amount of income of the borrower, or how well the income shows on paper.

When opting for a secured auto loan, you need to be sure not to default on your loan payments. By completing the loan payments till the end of the loan term, you can end up saving a lot of money as compared to if you had chosen an unsecured loan.

Are you searching for a car loan, but not able to find the right source? At the Greater Central Texas Federal Credit Union, we have the perfect solution to your problem. We are the most reliable and quickest loan provider with the least rate of interest. Our loan products are of great help to people who tend to suppress their desire of buying a car because of its heavy price tag.

But we at Greater Central Texas Federal Credit Union assure you a hassle free and easy way to fulfill your desire of buying your dream car. Our cheap finances take away all you worries regarding paying back the loan.

We provide loans to all those people too, who are facing the problem of bad credit. No matter you buy a new car or an old one, we will provide you with instant loans for both.

However, we have listed below the ABCs of taking a car loan just for your convenience:

• Always keep in mind your budget and the amount you will have to pay in installments.
• Decide before hand which car you want to buy.
• The loan will always be higher for a costlier car and so will be the rate of interest.
• In how much time you will be able to pay back the loan.
• Your credit ratings will have a huge impact on the interest rates, so always try to keep a good credit record before applying for a loan.
• Always check for the reliability of the firm that is proving you the loan.

Greater Central Texas Federal Credit Union is a group of experienced members who make every effort to provide you with the loan. We are the most reliable and secure firm to provide you with not just the auto loans but also with home loans.

Contact us today to make your dream of owning a car true! Have no worries if you have a bad credit, just visit Greater Central Texas Federal Credit Union, located in Killeen, Texas or call us at 254-690-2274.

Lowest Used Car Loan - Secured Auto Loan