Secured Loan Checklist Killeen, TX 13. January 2016 Administrator Auto Loans, Car Loan (0) A secured loan is the one where your asset is kept as collateral and can be taken into possession by the lender in case you are unable to pay back the loan. Secured loans have become really popular over a period of time because you can get them easily approved. Moreover, you can borrow huge sums of money at a lower interest rate.It is important that you conduct a thorough research about the secured loan rates being offered by the credit unions in your area. This will help you select the most appropriate lender for your loan requirements. It is always beneficial to prepare for your loan well in advance to make the process hassle free and quick. Consider the following checklist before applying for a secured loan:Prepare your credit report: Check your credit report for any errors and make sure you do not have any pending debts. Also, make sure that all your credit card payments have been duly made on time. Save regularly: Establish a good saving record by saving regularly so that you can build up security for your loan. Increased savings make it easier to borrow from a credit union.Get insurance: It is imperative to have insurance prior to applying for a loan. For example, if you are applying for a secured auto loan, you need to show that you are insured to drive a car.Income and employment verification: You will be required to provide details of your income during the last three months, wage and tax statement from your employer, latest tax return details as well as recent bank account statements. Keep all these documents ready beforehand so that you do not face any difficulty when applying for a secured loan.Ask for pre-qualification: Whenever you go to a credit union to apply for a secured loan, you should ask them about the estimate of the loan that you can be given and the interest rate for which you are pre-qualified. For this, you need to show your employment and income verification documents.Other documents: Apart from the above mentioned documents, you also need to submit a photo identity proof, your residential address, contact details of your insurance agent etc. For affordable secured loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer customized loan plans with low interest rates and easy repayment options. To know more, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.