GCTFCU Blog | All posts tagged 'Secured Auto Loan Killeen'

A secured auto loan is a good alternative for people looking for an affordable financing option. In this, the borrower needs to put forward collateral in exchange of the loan amount. In most cases, the collateral offered is the item for which the loan is being taken. For instance, the security in an auto loan is the recently bought vehicle itself.

Here are some of the benefits of a secured auto loan:

Flexible loan conditions: As a secured auto loan requires the borrower to present a collateral, it minimizes the risk for the lender. Hence, the terms and conditions of the loan are quite flexible which eliminates any sort of financial burden on both the parties involved. The borrower need not have a high income to be eligible for a secured loan.

Lower interest rates: Pledging an asset by the borrower subsequently brings down the interest rates on a secured auto loan. The lender is assured that he can take over the possession of the vehicle in case the borrower is unable to repay the loan. Lower interest rates imply easier and regular monthly payments, which in turn, improves your credit rating.

Quick Approval: Compared to other types of loans, it is much easier to get approval for a secured loan. Due to minimal risk, there is no need for the lender to conduct through background checks or income verification. Thus, secured auto loan applications are approved much faster, usually with 48 to 72 hours.

Economical repayments: The interest rates are much lower when it comes to a secured auto loan. This eventually means that the borrower has to give out less money for monthly repayments. You can even request to increase the term of loan repayment to make it even simpler to pay back the capital along with the interest.

More Reliable: By keeping a guarantee with the lender, there are minimal chances of the borrower defaulting on the loan. Also, knowing that the vehicle will be confiscated if he fails to repay the credit encourages him to be regular in his payments.

We, at Greater Central Texas Federal Credit Union, offers affordable secured auto loans in Killeen, TX. Being a non-profit organization, our credit union works solely for the benefit for the members. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

When you are planning to buy a new or used car, the first thing you will probably consider is financing options. Although there are a number of options available, it is always a good idea to shop around to get the best auto loan rates. Credit union is a good option due to the better customer services and loan rates they have to offer as compared to the traditional banks.

Given here some of the reasons why you should choose a credit union for auto loan:

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.

We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.

Being non-profit and member-owned organization, a credit union offers a variety of financial services to its members at affordable rates. People consider credit unions to meet their financial goals because of their attractive rates and fees, sense of community, shared branching and personal services offered.

Here is a comprehensive list of services offered by credit unions to their members:

Savings Accounts: Under a credit union, savings accounts pay dividend to members based on the amount deposited and the prevalent interest rates. Transfers out of savings accounts are limited as per the federal law but there is no limit to the number of deposits.
Checking Accounts: These accounts offer the freedom to spend money without monthly limits. Members can gain access to their money via debit cards, online bill payment, writing a check and paying cash. The credit union pays interest on a members cash without any limits to the monthly transactions. Debit cards (offered for free), can be used to withdraw money from ATMs and make online payments.
Certificates of Deposit: These deposits pay higher interest to the members, provided the amount deposited is not withdrawn for a specific period of time. They are considered as one of the safest investments that pay more interest. Users who want some freedom to withdraw money without being charged interest can avail other accounts such as Money Market Accounts.
Loans: Credit unions offer members a variety of loans such as auto loans (secured and unsecured) and credit cards.
Other Services: In addition to the above-mentioned services, credit unions also offer Outgoing and Incoming ACHs, Bill Pay, Gift Cards, IRAs (Traditional and Roth), Club Accounts (Christmas Club and Vacation Club), ATM services, Payroll Deduction, Overdraft Protection, etc.

Greater Central Texas Federal Credit Union offers a variety of beneficial services to its members. The member services include savings account, checking account, vehicle loans, etc. For further information on services offered by a credit union, visit us at 3305 E. Elms Rd., Killeen, TX – 76542. You can also call us at: (254) 690 – 2274.

The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.

Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

A credit union is a financial cooperative that is created, owned and operated by its members. It provides credit at competitive rates in addition to a plethora of financial services to its members.

Following is a list of some terms that are commonly used in credit unions:

Account Agreement: The agreement that determines membership eligibility, conditions for share accounts and other banking operations.
Accrued Interest: Interest that is due but has not yet been paid to an account holder of a share account. It can also be due interest that has not yet been paid to the credit union by borrower of a loan.
Adjustable-Rate Mortgage: A mortgage without a fixed interest rate. The rate fluctuates on the basis of market conditions such as index rate.
Annual Percentage Rate: Percentage indicating the cost of credit on a yearly basis.
Annual Percentage Yield: A percentage indicating the total amount of interest paid on a share account. The amount is based on the interest rate and frequency of compounding for the year.
Annuity: Life insurance contract sold by brokers, insurance companies and other institutions as retirement investment.
Automatic Bill Payment: An automated system for an account holder to pay recurring bills.
Available Credit: The remaining amount of funds in a line of credit or account that a member can borrow.
Closing Costs: Expenses incurred by sellers and buyers when transferring the ownership of property.
Collateral: Assets offered by a borrower for securing a loan or some other form of credit.
Drawer: A person/entity who writes a check or draft asking the drawee to pay another.
Drawee: The credit union or financial institution expected to pay a check or draft that is presented for payment.
Escrow: The act of holding money or documents by a neutral third party prior to closing the property.
Foreclosure: Legal process of selling property and using the proceeds for covering a mortgage debt.
Open-End Credit: A credit agreement allowing members to borrow against pre-approved credit line for purchasing goods and services.
Overdraft: When the amount in an account falls short of the amount being withdrawn from a checking account or share draft account.
Payee: A person or organization to whom a check, draft or note is made payable.
Payoff: Complete repayment of a loan.
Share Draft Account: Checking accounts are called share draft accounts by credit unions. They are transaction accounts.
Uncollected Funds: A part of a deposit balance that is due to be collected by the depository financial institution.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd., Killeen, TX-76542 or call at (254) 690 – 2274.

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