• Better Chances Of Loan Approval: A credit union does not have stringent income requirements like a bank. It provides flexible and affordable loan options to suit the need of all clients. Moreover, the staff at a credit union is more receptive to the clients’ requirements and is often willing to make reasonable changes in the terms of the loan.
• Lower Rates Of Interest: This is the biggest reason why most people choose credit union for an auto loan. A credit union offers much lower interest rates than banks or any other financial institution. Whether you are going to purchase a new or used car, the approximate cost of loan from a credit union would be almost half of that at a bank. Subsequently, the monthly or annual payments are also quite low and easy-to-pay. 
• Simpler Loan Process: The process of applying for an auto loan is also much simpler and convenient at a credit union. There are no complex forms to be filled or documents that need to be submitted. The staff at the credit union also provides complete assistance to clients about the process in a smooth manner. Usually, the loans are approved within a few days after all the documents have been verified. 
• Non-Sales Approach: Unlike most traditional banks, the staff a credit union does not work towards making a sale or earn any sort of bonuses. They work solely for the benefit of their clients and easing their financial difficulties. All the profits earned by the credit union are returned in the form of low interest rates, dividends or other services to the clients. The representatives will understand your requirements and put forward the most suitable loan option.
  

• Improve Your Credit Score: Before you apply for a secured loan it is essential that you have an accurate knowledge of your credit rating. If it shows any loan defaults or late payments, you are likely to be quoted a higher interest rate. Hence, you must contact a reliable financial institution and ask for ways in which your credit score can be improved.

• Offer Valuable Collateral: Another important factor that can help you get a better rate is to offer a valuable collateral against the loan. The collateral's market value should be at least equal to or more than the amount of money that you intend to borrow. This will make the lender comfortable and sure about your trustworthiness and solemnity in repaying the loan.

• Analyze Your Needs: You should carefully analyze your financial needs before applying for a secured loan. Make sure that you borrow only the amount of money that you actually require. A higher loan amount is most likely to correspond to a higher interest rate. You should also try to opt for a smaller duration to repay the loan to avoid more interest payments in the end.

• Compare Different Policies: Lastly, it is equally important that you compare the rates of policies and the insurance premiums. A credit union is likely to offer much lower interest rates than banks and other financial institutions. However, you must do thorough research about the policies and terms offered by them.

• Quick loan approval: A credit union considers the loan application of the members irrespective of their credit history. It offers quicker approval and is flexible in the loan terms as well.
• Competitive and reliable: Being non-profit organization, the credit union is member owned and operated. Thus it offers lower interest rates that make the loan more affordable and at flexible terms. The union uses the generated revenue to offer lower fees and lower rates.
• Personalized service: The credit union offers customized services to the members. You can discuss your loan needs with the staff and they can offer personalized loan solutions. You can also opt for flexible repayment options and gain from the professional support of the staff. They not only offer you repayment solutions according to your needs but also guide you on buying a suitable car. 
• Guidance available: The credit union offers guidance about taking the right decisions while assessing the value of cars. The staff helps you calculate the real value of your car, if you are a new buyer. They also help you better understand your financing options. 
• Not sales focused: Unlike banks, the credit union is non-sales oriented, so it do not offer bonus or other compensation to the lenders. The union returns whatever profit they earn to the members in the form of low interest rates on savings accounts, financial products and loans. 
• Easy loan process: It is quite easy to apply for auto loan as members can go to the credit union office and discuss the needs face-to-face with a loan office. The members can apply for the loan at particular dealership, over the phone or online. The staff is very friendly, courteous and assists the members in applying for a loan.
  

We, at Greater Central Texas Federal Credit Union, provide secured and unsecured auto loans to all our members. For more information, call at (254) 690 – 2274.

• Check Your Credit Score: This is an extremely important criterion to get approval for an auto loan. Make sure you have a good credit score, as it affects the interest rate that you will be charged for your loan.
• Budget: Get a clear estimate of how much you can afford for the initial down payment as well as the monthly repayments. Calculate your monthly income from all sources and the indispensable expenses to know the money you can spare for the car loan.
• Check The Interest Rates: Before deciding on your loan policy, compare the rates of interest quoted. Even a slight change in the interest rate could make a huge difference in your monthly payments. You must also decide between fixed and floating interest rates.
• Select Loan Repayment Period Wisely: When you are shopping for a car loan, make sure you take the loan repayment period into consideration. Although long tenured loans may seem attractive in the first place, you may end up paying a lot more as part of the interest rate. Hence, it is always advisable to choose a short-term loan with 3 to 5 year repayment duration.
• Skip a payment: You should confirm with the agent if you would be offered the option of ‘ skipping a payment’. You may be offered to skip one payment a year but it is helpful in times of a financial crunch. 
• Secured Or Unsecured Loan: You also have the option to choose between secured or unsecured auto loans. In the former one, you have to put up collateral equivalent to the loan amount which, in most cases, is the car itself. The interest rates and monthly payments are quite low in these types of loans.
  

• Better Chances Of Loan Approval: If you are worried about getting a loan rejected due to a lower income, a credit union might be a better option for you. They offer affordable and flexible loans to suit the needs of the members. They even offer secured auto loans in which you can borrow money by putting a valuable possession as collateral.
• Lower Rates Of Interest: The auto loans offered by a credit union has much lower interest rate than the banks. Thus, the monthly payments are quite low and you can make huge savings in the long run.
• Customer Centric Approach: Since credit union is a non-profit organization owned and operated by a voluntarily elected group of people, they have a vested interest in working for the benefit of the members. Any revenue generated by the credit union is returned to the members in the form of lower fees and interest rates.
• User-Friendly Loan Process: In order to provide the best possible services to the clients, credit union offers a highly simplified process for loan application. There is minimal paperwork and flexible eligibility requirements for an auto loan. The representatives at the credit union provide complete assistance to the clients throughout the process. They also offer instant approval for auto loans, usually within a few days.  
• Good For First Time Buyers: If you are buying a vehicle for the first time and are apprehensive about the loan process, the credit unions have dedicated resource centers set up to guide you. They can help you to calculate the monthly payments according to the real value of the car. They will also guide you to choose a suitable loan term according to your income and budget.  

• The entire application process for a secured loan will take much less time as you are providing a security for the money being borrowed.
• The rates of interests offered in secured auto loans are usually low and fixed. Thus, the monthly payments are quite low and stable through the entire loan period.
• Since you have pledged a valuable possession for the loan, you are most likely to get 100 per cent finance for your car. Also, the expenses for the insurance and registration could also be included in the loan amount. 
• Depending upon the value of the collateral, it is easy to get a lower interest rate on a secured auto loan. Thus, the monthly repayments will not be a financial burden and you would not need to default on your loan or lower your credit rating.
  

Applying for a secured auto loan can be a very confusing and deliberating task for many people. There are a number of terms and conditions that must be properly understood before you sign a contract.

Given here are some of the mistakes that people usually make while applying for a secured auto loan in Killeen, TX.

For more information on secured auto loans in Killeen, TX, contact Greater Central Texas Federal Credit Union. You can call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

If you are looking to buy a new or old car and have exhausted almost every financing option, then credit unions can come to your rescue. Credit unions are the financial institutions set up by a group of people who pool their resources to provide loans and financial assistance to the members. Since they are non-profit organizations, you get expect competitive interest rates and quicker loan approval. These features have made credit unions an attractive option to consider for an auto loan. 

Benefits of choosing a credit union for auto loan-

1. More chances of getting loan approved – Although credit unions do check your credit history, they are quite flexible in making a few adjustments in the loan terms. This can come as a breather for a number of people who have not been able to secure a loan from other financial institutions. The loans are usually approved quickly and even the documentation work is minimal. Being a member of these credit unions can add up to these privileges.
2. Low interest rates –The loans provided by the credit unions are offered at much lower interest rates than any other financial institution. Knowing that, you can have considerable amount of savings on your loan payment. 
3. Personalized service - Since credit unions are non-profit organizations and strive to provide the best experience to their clients, they offer flexible repayment options on your auto loan, depending on your circumstances. You can even discuss your concerns regarding the loan with the representatives at the credit union. This can help ease a lot of pressure and other issues regarding the loan.
4. Non sales approach – Credit unions usually follow a non-sales approach and do not try to sell any other financial products to you. Rather, they strive to provide better services to their customers.
5. Better educational resources – Credit unions also provide you the necessary information related to the financing options and also help in assessing the real value of your car. They work for your best interest and assist you in making the right decision about the auto loan.

Credit unions are a great option for auto loans as the process is very easy and stress free. The staff assists you in all aspects of loan application process. For more information about auto loans, visit Greater Central Texas Federal Credit Union. You can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.

Buying a car is one of the major expenses that people indulge in and it is extremely important that all the options should be considered carefully before taking a decision. In order to help you out with the search as well as to reduce your overall expenses given here are some useful tips that can be of great help in deciding your auto loan.

• Determine your budget: The first and foremost step is to clearly establish what you can actually afford and finalize your budget. This will help you determine which vehicle you can buy, either new or used, and clarity about your financing options. To make this decision you would need to calculate all your monthly expenses and then conclude if you will be able to afford buying a car.
• Evaluate the cost of the car: Once you have set aside the expenditure plan you should check for your options in that budget. You can look through the internet or visit a local dealer for this however, make sure that you do not exceed your predefined budget.
• Check your credit score: You must also check your credit rating in order to be assured that your loan application will be approved. You can consult a credit union to avail auto loans at lower interest ratesthan banks.
• Do proper research: Do not decide on an option before comparing and researching several loan rates. Interest rates depend on a number of factors such as car make and model, your credit rating, the loan term, your financial status etc. Discuss with your agent about all the issues that come up in your mind and have all your questions answered. 
• Focus on the loan amount: Your agent may ask you to lower the monthly repayment amount to make it easier on your pocket. Even though it may help you to save a few hundred dollars per month but it will add up to the interest rates. Thus, you should focus on lowering the loan amount instead of monthly payment.
• Consider other finance options: If you are unemployed or not financially stable, auto loan might not be suitable for you. Instead, consider going for secured loans that offer more flexibility and ease in repayment options.

If you are looking for car financing options in Killeen, TX, visit Greater Central Texas Federal Credit Union. We offer quick and convenient auto loans at competitive interest rates. For more information, feel free to call us at (254) 690 – 2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.