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

Car Financing: What to do & What Not To Do

30. June 2018 Administrator Auto Loans (0)
 

Taking Advantage Of Skip-A-Payment Option

25. June 2018 Administrator Blog (0)
At one point during a loan period, financial institutions usually invite their clients to avail a skip-a-payment option in order to save some money. This is usually once every year provided your mortgage is not in arrears and the current balance of your mortgage plus the payments you desire to skip are not more than the original value of the mortgage. It pays off to know some ways in which such an option can be used to your advantage if you decide to avail it.

Here is a list of some ways in which a skip-a-payment option can be taken advantage of:

  • Holiday Months Shopping: The money you save on skipping a payment can be used during the holiday season. You can make the most of heavy discounts and sales by creating a buffer budget. With more money in your pocket, it is easier for you to purchase essential decoration items during the holiday season. This works best for those who have not planned their holiday expenses in advance and end up incurring more than they had planned for.
  • Post-Holiday Expenses: If your financial institution offers you a skip-to-payment option at the beginning of the year, it might be a great chance to pay a part of your holiday expenses that are lingering on in the form of credit card balances. The skip-to-payment option in this case works best for those who have spent in advance for the holidays.
  • Vacation Expenses: If you are all set for a family vacation but not quite prepared financially for any sudden expenses that might crop up, a skip-to-pay option gives you the much needed financial cushioning during such times. You can always bank upon the extra cash.
  • Sudden Unexpected Expenses: By deferring your loan payment for a month, you can easily adjust to sudden expenses that may arise due to a medical condition, loss of job, auto or home repairs etc. At least for that trying period, you don’t have to worry about your incoming bills.
Conclusion: A skip-a-payment option is no doubt a very valuable tool when extra finances are required suddenly, it should however be used smartly. You cannot depend on it as a long term solution to your financial insufficiencies. It is advisable to consult a private budget counsellor or an expert in this matter from your financial institution for guidance as to how to make the most of this option.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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13. June 2018 Administrator Blog (0)

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Facts About Credit Union

30. May 2018 Administrator Blog (0)


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Reasons Why Youngsters Should Join A Credit Union

26. May 2018 Administrator Blog (0)
Credit unions are a great option for youngsters in search of financing options with low rates of interest and individualized services. They are non-profit, trustworthy financial institutions that are being sought after by many people. Here are some reasons due to which joining a credit union is highly recommended for youngsters

  • Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
  • A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
  • Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
  • Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
  • Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
  • Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.

Conclusion: Credit unions are an ideal choice for youngsters as they are member centric, guide in making the best financial decisions, have easy eligibility norms and offer great deals in the form of perks and interest rates.

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

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18. May 2018 Administrator Blog (0)


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Steps To Apply For Your Next Auto Loan

30. April 2018 Administrator Auto Loans (0)



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Factors Affecting Tenure Period For Your Loan

28. April 2018 Administrator Blog (0)
The tenure period of your auto loan is a major point to consider when finalizing the terms of the loan. Amidst the excitement of purchasing a new car, it is easy to overlook the importance of duration of the loan. Here is a look at the major factors that determine the ideal tenure period of your loan:

  • Total Amount Of Interest Paid: Even though a long tenure can seem enticing due to the lower monthly payments, it is important to take into account the total amount of interest that you will be paying over the entire duration of the loan. Longer tenures mean a higher amount of interest and vice versa.
  • Loan Amount – The tenure period also depends on the amount of loan you take and your capacity to repay it. Again the amount of loan that you take depends on the car you wish to get financed. Generally, higher the amount of loan that you take, more will be the time you would need to repay without disturbing your monthly budget. If your sole reason for choosing a long-term loan is to own an expensive car, then it is prudent to opt for a cheaper car, or a used one. This could mean being able to afford the monthly payments for a shorter time period.
  • Income Of The Person – The tenure period depends on the amount of money or installment that a person can pay on monthly basis. This further depends on the income as well as expenditures of a person. Make sure that you opt for a loan period that requires you to pay an amount of installment which you can comfortably pay off on a monthly basis.
  • Resale Value: The resale value of your vehicle keeps decreasing, the longer you keep it. This is an important consideration before signing up for a long-tenure loan. Trying to sell your car at the end of a 3-year loan term is sure to be a lot easier than after a 5 or 7-year period.

The tenure period of your loan is of high importance, since it could have a tremendous impact on your present as well as long-term finances.

When it comes to taking loans then credit unions are your best bet. The members enjoy a number of benefits and are offered low interest rate loans with flexible repayment options. Also the staff members assist people throughout in deciding what is best for them. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274.

Ways To Pay Off Secured Loans Early

24. April 2018 Administrator Blog (0)



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New V/s Used Auto Loans

29. March 2018 Administrator Auto Loans (0)
If you considering owning a car but can’t decide on whether to opt for a new car or a used one, it might be helpful to consider the financing options for both of them. Pre-owned cars cost less as compared to new ones. However, both involve a considerable amount of money. Here are some points of comparison between financing options of used and new cars.

  • The Down-Payment
The down-payment for both types of cars differs greatly. Lenders demand a higher down payment for used cars as compared to new cars. So if you are considering a used car, be ready to shell out a higher down-payment.

  • Duration Of The Loan
The tenure for repaying the loan for a new car is usually longer. However, when it comes to used cars, the loan repayment tenure is shorter. The decisive factor when it comes to the tenure of loans for used cars are the amount of loan and age of car.

  • Monthly Instalments
The monthly instalments for new cars are lower in value as compared to those of used cars. This is because the tenure to repay the loan of new cars is longer than that of used cars.

  • The Amount Of Loan
Loans for new cars are usually granted for either the complete value of the car or significant percentage of the total cost. This is because a new car’s value is higher. For used cars, lenders are willing to offer loans at a considerably lower percentage of their value as these cars are priced at a lower value. Many buyers consider credit unions as they offer greater flexibility as per the amount and duration of the auto loans.

  • Interest Rates
The interest rate on loan for a used car is higher as compared to that of new cars. This is because the loan amount of a used car is lower than that of a new car. New cars have a better resale price and are in more demand. This makes them a safe option for lenders and that’s the reason why interest rates are lower. Credit unions are a boon for car buyers as they offer loans on new and old cars at very reasonable interest rates.

  • Depreciation
If you are considering the value of depreciation that you will incur on purchasing a car, then a used car is your best bet. The value of depreciation on a used car is negligible as compared to that of a new car whose depreciation rate is quite high.

Greater Central Texas Federal Credit Union offers loans for both used as well as new cars. For more information about our services, visit 3305 E. Elms Rd., Killeen, TX 76542 or call at (254) 690-2274.