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 | Things To Consider Before Applying For Home Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Things To Consider Before Applying For Home Loan

Filling for a home loan is a time consuming process requiring research and paperwork. You need to ensure that the loan suits your requirements and is the best deal in the market. Getting a loan from a credit union offers various benefits but you should consider certain important factors before applying for the loan.

Given here are a few points that you must consider:

  • Know The Jargons: It is essential to have a clear understanding of the terminologies involved in the home loan process to avoid misunderstandings. Some of these are annual percentage rate (APR), refinance, loan to value ratio, fixed rate, floating rate etc.
  • Determine Your Budget: You must set some time aside to determine your financial position taking into consideration the insurance and taxes. If possible, you should consider making a higher down payment against the loan. This will reduce the overall interest rate and subsequently lower your monthly payments.
  • Know Your Eligibility: The loan amount that you are eligible to borrow from a credit union depends on factors such as your annual income, previous loan payment records, credit card dues etc. In case you have any other liabilities, like a personal or auto loan, your eligibility may drop.
  • Tenure Of The Loan: Your monthly payment will be inversely proportionate to the tenure of the home loan. If you choose a longer tenure, the EMI will be less and if the duration is shorter, the installments will be high. However, longer duration loans also increases the total amount of interest paid. Therefore, you should carefully weigh all the alternatives to choose the appropriate loan tenure.
  • Type Of Interest Rate: In a fixed rate loan, the EMI does not change throughout the repayment tenure. On the other hand, in a variable rate loan, the EMI keeps on changing according to prevailing base rates in the market.
Greater Central Texas Federal Credit Union is a leading credit union offering affordable homes loans to the clients in Killeen, TX. We have an easy application process and provide instant approval for most home loan applications. The staff can assist in the application process and solve any queries pertaining to the loan application. For more information, you can call us at (254) 690 – 2274.
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GCTFCU Blog | 72 Month Auto Financing For Used Car
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

72 Month Auto Financing For Used Car

If you are ready to make the big purchase of a car, but aren’t sure whether you will be able to pay the loans, a 72-month used car loan is an option worth considering. This loan is particularly useful for those who have a low monthly income, and would not mind a prolonged repayment period. Since it’s a 6-year period that we are talking about, this is not a decision to be plunged into without careful deliberation. It is more important than ever to ensure that you are getting the best possible rate of interest in a 72-month loan, as this will make a big difference to the final amount that you end up paying over the loan’s period.
Benefits-

  • Low monthly payments- Since the loan is being distributed over a long period, the result is lower monthly payments, which are likely to be easy for you to keep paying on a low income. The budgeted installments make the eventually higher long-term payment worth it, decreasing the likelihood of overdraft fees.
  • Option to generate an income- Over the long period of a 72 Month Auto Financing, you can use the car to run a lucrative business, hence generating enough income to compensate for the extra cost incurred in the loan.
  • Refinancing- If the changes in the US prime lending rate are favorable down the lane, you might benefit from refinancing your used car after a few years.

It is thus evident that a 72-month auto loan is a great option for a buyer with a low monthly income, for whom a used car is going to be the major investment over the next few years. The fixed rates of interest on such a loan, when combined with the low monthly installments, take the pressure off the borrowers, helping them to navigate a plan for the future.

Requirements-

  • Credit history- Since this loan relies on you being able to make regular payments over a long period of time, a good credit score will work in your favor to get a low rate of interest on such a loan.
  • Down payment- It is advisable to make as high a down payment as possible, as not only does this lower your monthly installments, but it also helps in getting a more favorable rate of interest.
  • Proof of income- In order to be eligible for a 72-month auto loan, you shall have to submit proof of a regular source of income, so that the lender can be assured of your ability to make the monthly payments in time.

To procure instant 72 Month Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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