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Types Of Auto Loans

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Types Of Auto Loans

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  1. Types Of Auto Loans To purchase a new vehicle, you must be aware about the lending options available . Understanding the main concepts can help you to decide which type of loan is better for you. Read on to know the two types of auto loans and their advantages. A secured auto loan requires you to keep one of your existing assets as collateral. Secured Auto Loan Lesser risk assessment is involved in a secured auto loan. If you are sure you can repay the loan without any hassle, this is the best option to choose. All you need to do is present your collateral. Quick And Easy A number of restrictions are eased out by the lender in this type of loan. Since you are being given the loan against collateral, the formalities are generally relaxed. Less Credit Requirements The guarantee in case of a secured auto loan is generally the vehicle itself. Having a guarantee minimizes the risk for lender and this eventually brings down the rate of interest on the loan. Lower Rate Of Interest If you default in loan repayments, the lender can seize your collateral and recover his money. So, overall there is a decreased risk for the lender in case of a secured Lower Risk For The Lender auto loan. Unsecured Auto Loan An unsecured auto loan is based on your credit history. There is no need to risk any of your assets in order to get an unsecured auto loan. If you are unwilling to part with your collateral, you must opt for this loan option. No Need For Collateral Unsecured auto loans are processed in a lesser time. This eventually means you can get a loan at a much quicker pace if you have all the requisite documents ready Less Processing Time beforehand. It is an optimum choice if you want a loan of a small amount. You can even use the loan amount for down payment if you have the rest of finances already sorted out. Best For Small Amounts An unsecured auto loan is generally accompanied by additional benefits such as discounted vehicle inspections, breakdown cover and reduced rate for car parts etc. Additional Benefits Brought To You By www.gctfcu.net Contact Greater Central Texas Federal Credit Union 3305 E. Elms Rd., Killeen, TX 76542 Phone: (254) 690 - 2274

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