If you have an image of your dream car and have done your research on the available models within your budget, it might be just the perfect time to make that purchase, and bring your gleaming set of wheels home! The last thing that needs to be a deterrent in achieving this dream is the lack of sufficient funds. After all, that is what auto loans are all about, and by fulfilling just a few requirements, you can get your dream car financed in a way that’s easier than you can imagine. When faced with a choice between secured car loans and unsecured ones, most buyers find themselves confused, and unable to make a choice between the two.

Let’s start by seeing how these two loans differ from each other. A secured car loan requires you to offer some “security” to the lender, which is usually the car itself. By putting your car up as collateral against your loan, you give the lender the right to claim your car if you fail to make the payments in time. On the other hand, an unsecured car loan does not require you to have any collateral, and compensates for that with a higher rate of interest, and less flexible payment options.

It is thus evident, that if you intend to pay back your loan (which should be the case anyhow), a secured auto loan is the better option to go by. Such a loan offers much better rates of interest, and also allows you to decide on a repayment period and payment interval that is convenient for you. The reason why the lender is more flexible in such a loan, is that he is more secure that you shall repay the loan, since your car is put up as collateral. The end result is a situation in which both parties are happy, with the lender being secure, and you having to pay lower monthly installments.

Even though different lenders have different requirements, the basic requirements that you shall have to fulfill to qualify for a secured car loan are-

• Proof of monthly income (pay stubs and bank statements/ income tax returns if you are self employed)
• Proof of employment (employment certificate for the last 12 months/ proof of steady income in case you are self employed),
• Residential proof (should prove that you have resided at your current residence/ a past residence for a period of at least 12 months.)

To avail cheap auto loans for both used and new cars in Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Purchasing a home requires a big financial input and usually people apply for a home loan to assist with the investment. However there are many criteria and conditions that you must fulfill to qualify for a loan. Here are some parameters that describe your home loan endorsement and explain who can apply for a home loan in Killeen, TX.

• Salary: One of the most important criteria that you must fulfill in order to be eligible for a home loan is regular employment. The loan providers seek the assurance that you can repay the loan amount smoothly without any interruptions. They make sure that the borrower has enough resources and seek documents such as your salary certificates, etc. High salary increases your chances of being approved for the loan.
• Stable job: To qualify for a home loan, you must have a stable job. You must be employed for at least six months or a year before applying for loan to show stability and a regular income.
• Existing loans: Before approving your home loan, the lenders may require information about any existing loan. If you have paid off your existing loans, it increases your chances of getting an approval.
• Property check: To approve your home loan the financial institutions and banks often check the property that you intend to buy and see if it is built as per the technical and legal norms. They even verify if the property is sanctioned by the authorities. It is crucial that you check whether the property has approved sanctioned plans and complies with the technical and legal aspects.
• Having saving account: Most of the financial institutions including banks approve loans for applicants who have a saving account. They often require the latest statement of your bank account to see whether you are capable of repaying the loan. Having enough savings increases your chances of getting approval for the home loan.
• Credit score: The mortgage companies and financial institutions check your credit score before approving the loan. Your credit score decides your interest rate, the amount that you can borrow and the loan type that you are qualified to obtain.

You may be required to furnish your personal details by filling an application form while applying for home loan. We, at Greater Central Texas Federal Credit Union offer easy home loans at affordable interest rates. For more details, call us at (254) 690 – 2274.

• Convenience: Online bill pay service makes it easier to organize bills and pay them before they are due. If an individual juggles rent/mortgage, cable, electricity, credit card payments and more; online bill pay can save time and help to avoid late fees. There is no requirement to log into several websites and remember multiple passwords. Credit unions also offer an option to pre-schedule payments on their due date. Whether the bills are received electronically or by mail, members can utilize an online facility to schedule payments.
• Security: Credit unions use the most suitable security protocols to keep their online transactions secure. Several methods are incorporated to keep member information safe including security layers, etc.
• Simplified Money Management: Making online payments can help members check account balance and determine whether the bill payment has been scheduled and paid. Other benefits may include searching for specific payments online, access to online payment history, setting up email alerts for payments, etc.
• Environmental Advantage: One of the biggest benefits of paying bills online is eliminating paper waste. Paying bills online will reduce the use of paper checks. In addition to eliminating paper waste, it also eliminates the costs of postage and envelopes.
• Easy Consolidation: Using an online payment facility will allow consolidating bills in one place as they are posted from one account each month.
• Organization: It is certainly possible to lose track of finances, but online bill payments help individuals to organize their records. With all the bills and payments organized at one single place, members can easily know if something is posted incorrectly.
• Saves Time: Once the electronic bill payment service is set up online, it takes just minutes to pay the bills. Increasingly people are shifting to electronic statements and making use of online bill pay, thus saving themselves time and money.

There are many options for obtaining auto loans for those who wish to purchase a vehicle in the state of Texas. Texas has a well developed banking system that provides competitive interest rates to car buyers along with reasonable terms and conditions. The only requirement for qualifying for a loan in this state is to have a sound credit rating. It can get quite difficult to obtain a loan if you have a negative credit history. Thus the first thing that should be done in this case is to go about improving your credit ratings so that you qualify for auto loans in the state of Texas.

There are several things that can be done in order to improve your credit like repaying existing loans in a timely manner, not taking loans for an amount that you will be unable to repay, asking a person to stand in as surety, etc. There are credit counseling services provided by many experienced companies in Texas that can guide you regarding the best methods to improve credit in a short time period.

The kind of car that you are purchasing can also have a direct bearing on whether you are granted a loan by the lending institution or not. If you have a great credit rating, you can choose an expensive new car and still obtain approval from a bank for your auto loan. However, in case your credit is bad, you may have to settle for a second hand or a low priced car in order to qualify for a loan.

Before going ahead with an auto loan, you should conduct an online survey in order to find out the prevailing auto loan rates in Texas. This figure should then be compared to the actual rates being offered to you by banks in the area. You will also need to have a fair idea about the amount of down payment you may have to provide in order to obtain the auto loan successfully. In most cases, the down payment tends to be around twenty percent provided you have a reasonable credit rating in the state. It may increase if you have low ratings.

For Lowest Used Car Loan interest rates in Texas, visit Greater Central Texas Federal Credit Union.

Lowest Used Car Loan - Secured Auto Loan

• Reduces the monthly installments: Refinancing can significantly bring down the monthly payments towards your car loan. Having low monthly payments allows you to manage your household finances more efficiently and make savings at the same time. You can even invest your money to receive significant monetary returns in the long run.

• Can decrease the interest rate: Apart from low monthly payments, car loan refinancing can also help in decreasing your interest rate. You can get the new loan at a lower rate of interest from another lender. The lower rate of interest brings down your overall repayment amount you owe to the lender.

• You can alter the length of loan: Though long term loans equate to lower monthly payments, you end up paying more interest to the lender. However, if you opt for refinancing your car loan, you can change the loan term and the monthly payments that go with it.

• You can own a car previously on lease: If there is an instance where the lease on your car is about to finish, you can purchase it by choosing the option of auto refinancing. The loan obtained from refinancing can be utilized to buy out the lease and give the payments to the lender. You will be the owner of the car when the loan term ends.