Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

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GCTFCU Blog | Tips To Save On Auto Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Tips To Save On Auto Loan

14. September 2015 Administrator Auto Loans (0)
Purchasing a new car requires a huge financial input that can be shared by an auto loan. However, to ensure that you get the best deal, it is essential that you keep certain tips in mind. You can consider applying at a credit union to get competitive interest rates for your auto loan.

Here are some tips that can help to save on auto loan:

  • Refinance: If you get a better interest rate, you should consider refinancing your auto loan. You should avoid extending the tenure of the loan lower the monthly payments as it incurs higher interest rates.
  • Research: You should evaluate the different loan amounts, tenures and interest rates offered to get the most affordable auto loan. You can consider a credit union to get the best interest rates and easy approval for the loan.
  • Additional payments: If possible, you can consider making additional payment for your auto loan. This will shorten the overall loan tenure and subsequently lower the amount of interest that needs to be paid.  
  • Do not skip a payment: It is imperative that you make the payment before or on its due date to avoid any late fees. Delaying a payment incurs more interest and increases the cost of the loan.
  • Credit score: You should maintain a clean credit record to ensure a lower interest rate. Previous loans, bank accounts and all other financial transactions should be genuine. The agent will conduct a complete credit check to ensure that you will be able to pay back the loan amount and interest rate.
  • Read the terms: It is advisable to read the terms and conditions carefully to ensure that you are getting the best deal. You should be acquainted with the exact loan amount, interest rate, monthly due dates and any other clauses that may affect your loan amount.
  • Negotiate: You can consider discussing your budget and requirements with the agent to get the best deal. You can also inquire about any factors that can assist in reducing interest rates for the loan amount.
If you are looking for an auto loan in Killeen, TX, contact Greater Central Texas Federal Credit Union. For more information, you can call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.
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