Technology has made our lives simpler but has also made us too dependent upon it.  Car for instance, has become one of the biggest necessities today. But buying car is a big expense and only those with hefty money can afford to buy it as per their choice.

However, car loans are available for the convenience of those who do not have enough budgets to buy a car. It provides them with an opportunity to purchase a car of their choice.

Auto loan can be broadly categorized into secured and unsecured loans.  Purchasing a car using secured auto loan is comparatively a better option than opting for an unsecured auto loan. This is because when you opt for a secured loan, you need to keep a valuable asset such as land, house or any other property as a security to the lender. You can avail really low rate of interest as there is a low risk of money and added security for the lender.

On the other hand, unsecured loan does not require any collateral.  For this reason, it is great option for the people who do not own any asset. But the rate of interest is not solely dependent upon the collateral. The other factors like the credit history and ability to repay also play important role in deciding the interest rates.

Cheapest auto loans in Central Texas are available at Greater Central Texas Federal Credit Union. We provide you with secured car loans regardless of your credit history.  The loan offered by us does not demand any down payment.  Even if you do not have a regular income, we provide you with an auto loan at very reasonable rates of interest.

We are a renowned financing agency throughout Texas for providing our customers with fastest and reliable secured auto loans. The loans offered by us are flexible which suits your financial compatibility. For further details on secured auto loans and car financing, free to contact us at - Greater Central Texas Federal Credit Union located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

Cheap Auto Loan - Secured Auto Loan

• Annual Percentage Rate (APR): It refers to the variable or fixed interest rate at which the financier is ready to lend the loan for a certain period of time. Borrowing a loan at a low APR does not always mean a cheap loan, particularly if it is a long term loan. Paying higher number of installments at a low APR ultimately leads to reimbursing more interest.
• Comparison Rate: This includes the upfront loan fees as well as the proposed interest rate. Comparison rate will help you in assessing the true cost of the home loan.
• Fixed Rate: This allows you to borrow the loan at a definite rate of interest with fixed monthly payments for a specified period of time.
• Loan To Value Ratio (LVR): It refers to the size of your home loan in proportion to the actual value of the property to be purchased. For instance, if you borrow $200,000 to finance a home worth $400,000, the loan will have an LVR of 50% ($200,000 is 80% of $400,000).
• Variable Rate: It keeps on varying according to the changes in official rates of interest.
• Down Payment: When you borrow a home loan, the lender will require you to contribute certain percentage of your own money to buy the house. This initial amount is known as down payment. 
• Refinance: This refers to procuring a new mortgage loan on an already owned home. This is usually done to switch current loans on the property. 
• Loan Term: It is the time period before the maturity of your home loan and is usually indicated in months, usually 24 to 84 months. It helps the borrower have an idea about when he is expected to pay off the loan.
  

Shopping for new or used car loans from credit unions is a great idea to get a cheap auto loan, as these financial institutions offer attractive loan terms and significantly lower interest rates than banks. The Established in 1957, Greater Central Texas Federal Credit Union is one of the 7700 credit unions across America, which has been serving people across Central Texas to procure low interest loans. Here are some of the top reasons that make getting a credit union car loan a great idea:

• Greater flexibility: When you walk into our credit union, you are not just another number, but are a valuable member whom we shall make every effort to help. You are much more likely to have your case heard out and considered at our credit union than at a bank. This could mean getting approved for a car loan even if you do not fulfill all the requirements of such a loan. 
• Lower interest rates: This is probably the major reason why a vast majority of people looking for an auto loan in Killeen, TX and other cities across America opt for credit union auto loans. While the interest rates for bank auto loans average at around 4%, those at credit unions are as low as 2%, amounting to a significant saving over the life of the loan.
• Non-profit approach: Our credit union follows a “for the members” and “by the members” approach. All the proceedings gained through interest are put back into the credit union for the benefit of its members. This is usually in the form of low interest rates, savings accounts, and increased flexibility in loan terms.
• Financial education and resources: The Greater Central Texas Federal Credit Union has a dedicated resource center for its members, where you can get valuable advice regarding your loan, repayment options, your financial situation, the real value of the car being considered, saving options, etc. At our credit union, you can always be sure of the lenders working in your best interest.
• Personalized service: You can be sure of getting the best customer service at our credit union, with a group of board members volunteering to make decisions regarding operation. This gives you a chance to openly discuss any issues you might be facing with your loan before or during the loan term, being sure of getting helped with the best solution for your problem.

For more information, visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call (254) 690-2274.