Central Texas offers a variety of options for those who wish to obtain auto loans for financing new or old vehicles. There are different sources of loans to suit different purposes. There are certain lenders that may provide loans with low rates of interest that may involve higher monthly installments. On the other hand, you may also be able to find money lending institutions or individual lenders who may give out loans that make it possible for you to pay in small installment amounts but that involve higher interest rates. The option that you choose is largely dependent on your particular requirements and your earnings.

There are several factors that can determine rates of interest on purchase of vehicles in the state of Texas. Some of them have been enumerated below:

• The interest rate is largely dependent on the kind of car that you decide to buy. If you are purchasing a car that belongs to the high end category and is highly priced, you may be charged a slightly higher interest rate than if you go in for a medium range or a second hand car.

• The time period within which you are willing to pay back the money that you borrowed also has a major role to play in determining the rates of interest for your loan. Generally, it has been observed that the longer the period of the loan, the rate of interest is lower. On the other hand, if the loan term is only a few months, you may be able to repay the loan at a little higher rate of interest.

• The most important factor that influences interest rates when it comes to auto loans is your previous record in repaying loans that you may have taken in the past. Your previous repayment has a major effect on your credit ratings information; which is available with most financial institutions that you may approach for loans. If you have been consistent in repaying all previous loans, you are likely to enjoy a good credit rating and thus may be able to obtain cheaper interest rates.

To get great deals on Auto Loans in Central Texas, visit Greater Central Texas Federal Credit Union. We are located in Killeen, Texas (Phone: 254-690-2274)

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One of the best possible ways to get rid of the heavy burden of your car loan, even while having a bad credit history or score, is to refinance the loan. Refinancing will allow you to take a loan that can be used to pay off the present loan. Since the new loan will be at much reasonable fees and rates of interest, this simple financial deal will help you save a lot of money.

The most basic reason of refinancing the car loan is the inability of the people to pay back the loan due to high installments. The monthly payments will substantially decrease if you refinance your auto loan. Given here are some tips that you should keep in mind while refinancing your car loan.

• Make sure you have a complete knowledge about your present credit report and credit rating. You can easily obtain these at the internet. Your present credit score is also available at a nominal fee.
• Find out the value of your car. It is not a prerequisite for refinancing the car loan but you should know about its value. There are many resources on the internet that can help you to get an estimate of the value of your car. 
• Make inquiries about the accessible lenders. It is possible that your present lender may also agree to refinance your loan. However, you should do a good survey to find out the lender that will charge the lowest rate of interest and refinance the lowest amount possible.
• Make sure that all the offers that the lender proposes is put in writing. Carefully read and make a comparison of each and every proposal and then make a decision.

If you want to refinance your bad credit car loan, then by all odds reach Greater Central Texas Federal Credit Union. You will be surprised to hear about our interest rates which are quite low as compared to others. Call us today at Phone: 254-690-2274. We are situated at Killeen, Texas.

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