• Know Your Repaying Capacity – Do not borrow an amount which you cannot repay. Check if you have enough monetary and income sources to make sure you make no defaults on repayment of interest and loan amount.

• Take Loan From A Credit Union – It is a wise decision to opt for loans from credit unions. To apply for loan, a credit union membership is quintessential. From liberal policies to low interest rates, they offer a wide range of home loan options to their members.

• Start Saving For The Down Payment – No matter what type or amount of loan you opt for, saving early for the down payment is imperative. Saving and planning for your down payment helps you to take advantage of better options and to meet your financial commitments on time.

• Avoid Long Term Loans – Longer the period of loan, more the interest rates. To avoid shelling out dollars, it is highly advisable to take loans for a shorter tenure which are affordable and easy to repay.

• Ensure Complete Paperwork – To get qualified for home loan promptly, make sure that you possess all the necessary financial documents that your lender asks for.

• Plan Your Budget – If you are planning to take a home loan in near future, plan your budget accordingly. Cut down on other expenses to make sure that you save enough to fulfil your financial commitments that shall arise when you opt for a loan.

• Choose An Ideal Loan Option – Thoroughly research for all the available loans options and select that one whose terms and conditions suit you the best. Carefully choose the loan type after considering your financial status and requirements. Focus on all the aspects of the loan rather than just taking into account the low interest rates.

• Improve Your Credit Score – You must have a good credit score to secure the best deal. The lender would certainly consider your credit records to ensure himself whether you would be able to repay your loan or not.

• Use A Mortgage Calculator- It requires you to enter some basic details like price of home, your down payment savings, payments per year etc. The easy to use calculator allows you to calculate mortgage payments you would need to pay on the basis of the information you fill in.

Stringent loan regulations and tough lending policies make it difficult for a regular new car buyer to cope with the situation. One of the biggest challenges as a car buyer without a credit history worth boasting of, might be to get a cosigner for your loan. Put simply, a cosigner is a person who signs your loan along with you, taking shared responsibility of you paying the loan, and the consequences that would follow if you do not.

Getting an auto loan without a cosigner might be difficult but is definitely not impossible. The main thing that you need to focus on is saving enough money to pay up high upfront. With that taken care of, you can easily get a loan, with your car as the collateral. However, if you are considering getting an auto loan without a cosigner, you need to be careful about the following-

• The car should not be more than 5 years old
•  The down payment should be a fairly large amount.
•  You should be ready to repay the loan in a relatively less amount of time (around 4 years)

If you have no/bad/low credit history, and are looking for a no-cosigner auto loan, you might have to compromise on the rate of interest, which is bound to be higher than it would otherwise be. To ensure that this does not happen, you need to work on the above factors, each of which can help to significantly decrease the interest that you need to pay. 

If you cannot afford sufficient down payment, a good idea would be to ask a close friend or relative to pitch in. That way, you can end up with a low interest rate, eventually saving money, which you can repay to your personal lender. You can also seek professional assistance to improve your credit score. This can be done by searching for discrepancies in your credit report, as well as reporting positive credit that might have gone missing.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable auto loans in Central Texas. No matter you want to purchase a new car or a used one, we have solutions for all your loan needs. For more details on secured auto loans and car financing, visit us at Greater Central Texas Federal Credit Union located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

Buying a used car is a great option if you’re looking to save a few dollars, but it can be a tricky process. The car you select may have some hidden problems that you might not notice when you test-drive. Though the minor problems can be easily fixed, but these cars can also have major problems that may make you consider another car sooner than you expected!

The following points can help you to make more informed decision when purchasing a used car:

• Check car history: Even though no one can give you a guarantee that the car is perfect, it is worth the money that you will spend. The history report can help you find out problems the used car might have in the past, such as reported accidents, damage, rental use, etc.
• Inspect for common problems: Make notes about the VIN number, price, mileage, car’s features, what you like and what you don't like in every car you check. These notes will greatly help you in selecting as well as in the final deal negotiation.
• Check the car body: Take a walk around the car and look at the overall appearance of car. Look from all sides and check if the car sits at level or not. Often if the car is driven with a full load, the rear springs sag over time. And over the time, the wheel alignment may change, as the suspension parts wear out, which means tires will wear faster.
• Check the windshield: Check for cracks, scratches and other damages. These damages, if large enough, can cause the vehicle to fail the safety inspection and also the replacement may prove to be heavy on your pockets.
• Check the interiors: The condition of the vehicle interior is a good indicator of how well the car was taken care of. Mark any defects that you find like scratches, tears in the seat fabric, broken door handles, loose sun visors, etc. Be alert if you notice excessive use of the air freshener as these could be used to hide a bad odor. A bad odor in a car could be very hard to get rid of for a long time.

For more details, visit us at Greater Central Texas Federal Credit Union. We provide cheap and secured used car loans throughout central Texas. You can visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

• Lower interest rates: Credit unions, being non-profit organizations are not liable to pay any taxes to the state or federal government. As a result, they offer considerably lower interest rates on car loans. This means that your monthly payments will be low and you can save more.

• Flexible terms and conditions: The terms and conditions of car loans are usually flexible at a credit union. Working with a client centered approach, the credit unions are more considerate towards the financial needs of the members. Their policies are flexible enough to adjust the repayment options and loan duration according to the convenience of the clients.

• Better customer services: The credit union is easy to approach and there are lesser formalities involved in the car loan application process. Their staff provides complete assistance to the clients in filling out the application form and getting the paperwork ready.

• Convenient loan process: The process of getting loan is more relaxed at credit unions. The clients can even apply for a car loan through the credit union’s website. This eliminates the need to be physically present at their office.

• Membership benefits: The credit unions also offer various other banking and financial services to their members. This includes wire transfer, payroll deduction, notary service, savings accounts, direct deposit, ATM, ACH origination, MasterCard Gift Cards etc.

• Members have a say: All the members are stakeholders and part owners of the credit union. Therefore, they are given the right to choose the board of directors and vote on the important matters concerning loan rates, terms and working of the credit union.