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

If you are looking for easy, fast, and convenient home loan options, then you can turn to a credit union in Killeen, Texas. Unlike banks, credit unions offer more advantages and competitive home loans. If you are an existing credit union member, then you can consider Credit Union’s home loan offers over other alternatives. People are often not aware about the home loan available with the credit unions, as these unions do not advertize much about their products.

What credit Unions are

Credit unions are non-profit banking organizations that work on limited budgets. These unions do not advertize their loan options vigorously; however, that does not mean they do not have much to offer potential borrowers. These lending organizations offer some of the most attractive loan packages. A credit union provides finance options to members only. Unlike other financial organizations that are run by investors and stockholders, members own credit unions and pool in money to finance loans to borrowers. So, their loans are not externally funded. A number of advantages of getting home loans from credit union in Killeen TX are listed below:

• Lower Interests: As the sole motive is to provide financial services to their members, Credit Unions offer low interest rates on home loans. Due to lesser interest rate, borrowers need to pay less monthly mortgage payments.
• Better customer services: In comparison to banks and other financial institutions, credit unions offer personalized and better customer services. They are responsive and helpful when you need more details.
• Quick closings: Credit unions do not require lot of paperwork and bureaucratic formalities. Unlike banks, they offer quick closing of your home loan.
• Qualify with Lower income: If your gross income is not sufficient, even then you can apply or qualify for a home loan from a credit union, as they have set their income requirements quite low. If you are a member of the union, you can avail the loan in spite of your meager salary.
• Better treatment: Being a member of the union, you get a better treatment from the credit union and have a say in important matters and issues, whereas, in banks and other lending institutes, you are just treated like a customer.

We, at Greater Central Texas Federal Credit Union provide quick and cheap home loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690-2274.