72-month auto loans are becoming highly popular among people looking for long-term loans with lower monthly payments. While these loans are not dragged as long as the 120-month loans, they make it easier to get on the road faster without breaking the bank. If you are considering getting 72 month auto financing in Texas, here is a look at some of the major benefits that you can expect from such a loan:

• The biggest advantage of a 72-month auto loan is that it is associated with lower monthly payments. This is beneficial for those with a steady income but small savings, as it can help you to keep car payments low enough to keep your household budget intact.
• Smaller payments mean more control over the loan, which leads to lower chances of repossession. The car can help you generate income over the loan period, hence buying you time as a borrower.
• If you eventually consider refinancing the car, you can benefit from the changes in the US prime lending rate when you do so.
• A 72-month car loan is ideal if you intend to make just one major investment over a long period of time, and would like to be able to navigate the road ahead, knowing what you can expect. It is also important for you to be sure that you will not need to trade in the car for the next 1-2 years, and that the monthly payments fit well within your budget.
• Such a loan gives you the chance of buying a car that you might not have been able to afford with a shorter term loan. For instance, if you have $350 to spend towards car payments each month, you can borrow $21400 on a 72-month loan, as opposed to only about $15000 for 48 months.

The Greater Central Texas Federal Credit Union provides 72-month auto loans for new cars in all major locations across Central Texas. Our competitive interest rates, flexible terms, quick approval process, and friendly services make it simple for you to avail this cheap auto loan. Established in 1957, we have gone on to become one of the most trusted credit unions in Texas, with a reputation of offering the lowest interest rates, and most reliable services in the region. Our 72-month auto financing option gives you the chance of driving your dream car without depleting your savings.

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.