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

Refinancing Your Auto Loan

14. September 2017 Administrator Auto Loans (0)
When you refinance your car, the present auto loan is replaced with a new one having an entirely different set of terms and conditions. You need to repay your loan to the new lender within the stipulated time period while keeping your vehicle as collateral. Refinancing your auto loan is a simple and quick process that has many benefits to offer. You have to pay an almost negligible amount as fees to refinance your auto loan.

In order to speed up the process of refinancing your auto loan from a credit union, ensure that you have the documents ready beforehand. All the application forms must be duly filled and it is essential to keep the car loan account number handy. Also, have all the information pertaining to your vehicle such as the car model, year of manufacturing, VIN etc.

The benefits of refinancing your auto loan are:

  • Reduced loan term: If you are looking to pay off your loan faster in short period of time, refinancing your auto loan is the best option available. This can happen if you have some major positive changes in your financial situation. Although this will lead to an increase in the monthly payment, the overall interest rate will come down. This will eventually lead to financial gains and contribute towards your savings.
  • Lowers the monthly payments: If you are finding it difficult to pay the monthly installments for your auto loan, it is good to opt for a refinance. This can happen if you have suffered a financial setback and need to bring down the monthly payments. A refinance will increase your loan term and provide you more time to repay. This extension in the loan period can help you manage your finances in a better manner.
  • Decreases the interest rate: A lower rate of interest is beneficial as it can reduce your total interest charge and help in repaying the auto loan at a faster pace. Therefore, if you think you did not get a competitive rate of interest in the first time, it is probably good to consider refinancing your auto loan.
  • You can own a car previously on lease: In case your car lease is about to expire, it can be easily purchased by using the option of auto loan refinancing. The loan you get from refinancing can be used to buy out the lease and hand over the payments to the lender. The advantage here is that you can own the car at the end of your loan term.
  • Handle your finances easily: Refinancing an auto loan can help you in managing your finances more efficiently. The amount you get from the refinanced auto loan can be utilized for repaying other smaller personal loans. Therefore, you get to pay only a single EMI instead of multiple EMIs that you were paying previously.
For refinancing options in Killeen, TX, get in touch with Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.

Credit Score: Do's And Don'ts

28. August 2017 Administrator Auto Loans (0)

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Banks Vs Credit Unions

23. August 2017 Administrator Blog (0)

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Reasons To Get A Loan From A Credit Union

20. August 2017 Administrator (0)
A credit union is a financial co-operative that provides loans at competitive rates. The non-profit lending organization works for the benefit of its members. All you need to do is sign up for the membership of the credit union in order to gain all the benefits. Below is a list of certain reasons why you should get a loan from a credit union:

  • Competitive rates of interest: A credit union offers loans at viable rates of interest that makes it easier for the members to get one. Even the loan terms are favorable due to which they can repay the loan along with the specified interest rates at a very comfortable pace.
  • No hidden charges: Credit unions have a small upfront fee when it comes to lending formalities. Apart from this, there are no hidden charges, security deposits or penalties that you are required to make. Not only this, even the paperwork for a loan is not a lengthy process and can be completed within no time. This makes the overall loan process faster and is beneficial for the borrower.
  • Hassle-free membership requirements: It is easy to become a member of a credit union. Whether you are working in a certain company, business or government organization; you can apply for the membership of a credit union. After becoming a member, you get to enjoy all the advantages associated with the membership of the credit union.
  • Works for the benefit of members: Credit union is member and community-oriented. It is formed to provide loan benefits to the members. Even if you default on a loan payment, a credit union is likely to stand with you and offer other possible options.
  • Reasons To Get A Loan From A Credit Union: Nowadays, credit unions offer user-friendly loan options wherein borrowers can simply go online and apply or call over the phone to discuss the details and formalities. This saves the time of actually visiting the credit union premises and talking face-to-face with the loan officer.
  • Additional bonus for members: The members of credit union can get additional bonus offers which are not open for general consumers. The unique perks are promoted by credit unions and this helps in providing extra benefits for those who are a part of the credit union. This is another important reason why you should become a member and get a loan from the credit union.
We, at Greater Central Texas Federal Credit Union, offer affordable loans to our members in Killeen, TX. To know more about the interest rates, you can call us at (254) 690 – 2274.

Important Questions To Ask When Getting A Car Loan

26. July 2017 Administrator Car Loan (0)
When you are looking to get an auto loan, it is important to go to multiple lenders as each will offer different mortgage products. In order to get the best finance deal for your car, make sure you ask lots of questions. The questions could range from simple ones such as what model of the car to buy and go on to complex ones such as credit history etc.

Below is a list of certain important questions that you need to ask when getting a car loan:

Q: How much can I afford?
Getting a new car can be a great addition to your assets. However, you need to sort out your finances well in advance before embarking on this purchase. Take a good look at your monthly expenses and other loan repayment amounts before arriving at the decision of buying a new car. Make a detailed list of your monthly budget and think how you are going to cut off unnecessary expenses in case you buy a new car.

Q: What interest rate I need to pay?
Every credit union will offer you varied rates of interest that can change on a daily basis. However, one of the most important deciding factors for concluding the interest rate that you will be offered is credit history. All the loan options and fees will be decided based on your credit score. Apart from this, there are many other factors such as loan term, the model of the car you are buying and down payment are also taken into consideration while finalizing the interest rate.

Q: Are there any penalties on my loan?
Before getting an auto loan, you need to confirm from the credit union if repaying your loan earlier than the stipulated time period can fetch you some penalty. Also, make sure you ask about any extra charges or fees that you may have to incur during your loan term. It is important to be clear about any hidden charges so that you are not taken aback by any surprise later on.

Q: Should I opt for fixed or variable rate of interest?
 If you opt for a car loan with a fixed rate of interest, your repayment amount as well as interest rate will remain constant throughout the loan term. On the other hand, a variable rate of interest will keep on changing making your repayment amount increase or decrease during the loan term. This can affect your budget as you will not know what rate of interest you will be required to pay every month. Depending on your financial situation, choose a suitable option.

Q: Do I need extra protection apart from insurance?
It is important to have car insurance if you want to legally become the owner of a vehicle. However, it is up to you to decide if you want to have comprehensive car insurance to add more protection. It is best to talk to your lender and discuss your insurance requirements.

Apply for cheap car insurance at Greater Central Texas Federal Credit Union. To know more about the financial services provided, feel free to call at (254) 690 – 2274.

Benefits Of A Secured Loan

21. July 2017 Administrator Auto Loans (0)

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Common Home Loan Mistakes

19. July 2017 Administrator Home Loans (0)


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Guide To Home Loan Process

24. June 2017 Administrator Home Loans (0)

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Questions To Ask Yourself Before Buying A Home

20. June 2017 Administrator Home Loans (0)
Buying a home is a dream for everyone as you can customize it according to your lifestyle and taste. However, buying a home is a task that should not be done in haste without prior planning. It is imperative to buy at the right time so that the purchase does not have any serious consequences on your present lifestyle. In order to know if you are ready for buying a home, you need to ask yourself certain questions. These are listed below:

What is your financial standing?

Without a doubt, your financial status needs to be strong before you embark on the journey to buy your own home. You need to look at factors such as consistent monthly income, a stable job, savings as well as your credit history. Since your finances will be finely scrutinized by the credit union and real estate agents, it is wise to be prepared well beforehand.

How much can you afford to pay every month?

If you are looking to buy a high-priced home, be prepared to shell out a high monthly payment. Even if you get a loan approval, consider having a re-look at the price range. You must be easily able to pay the EMI without affecting your monthly expenditure. Create your monthly budget and jot down your expenses for payments as well as luxuries. Always finalize your mortgage payments depending on your budget so that you don’t face any financial issues later on.

Which location do you prefer?

Once you buy a home, you can make numerous alterations in the property but the location will remain the same. Therefore, pay attention to this important aspect before buying a home. Decide whether you prefer to live in the city or countryside. Weigh the pros and cons of both and don’t limit yourself to a particular area. Conduct a thorough research on the Internet to discover good places where you can buy an affordable home.

What are the things you absolutely need in your home?

While conducting your home search, you will come across certain properties that will have all the features you desire but with a higher monthly payment. Therefore, you need to make a prior list of ‘must-haves’ in your property. For instance, a backyard or a specific number of bedrooms etc. could be on your wish-list. Decide on a particular home only after calculating the monthly installments and do your home search accordingly.

Whose names will be mentioned on the lease?

You will be made to sign a lease agreement in order to complete the home buying formalities. It is the most important document declaring the owner of the property. Therefore, if you are planning to buy a joint property, it is best to talk about that with your partner in advance. In certain instances, it may be beneficial to have your parent as your co-signer.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans. To know more about the interest rates and membership benefits, feel free to call us at (254) 690 – 2274.
GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

The Rise Of Credit Unions

30. January 2019 Administrator Blog (0)


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Benefits Of Direct Deposit

25. January 2019 Administrator Blog (0)
In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.                                                                                                                                                                         

Following is a list of benefits that direct deposit has to offer:

  • Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
  • Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
  • Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
  • More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
  • Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
  • Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
  • Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
  • Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
  • Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

Paying Your Bills Online

15. January 2019 Administrator Blog (0)

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Ways To Save Money In The New Year

31. December 2018 Administrator Blog (0)

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Financial Tips For Youngsters

27. December 2018 Administrator Blog (0)
Financial intelligence is paramount for youngsters who want to achieve success and financial freedom early in life. This is because youngsters who make smart financial decisions at the beginning of their career ladder have better savings, fewer debts, emergency funds and other financial perks as compared to their counterparts.

Following are some proven financial tips for youngsters:

  • Practice Budgeting: One of the most useful financial tip is to learn how to budget. Budgeting helps you keep a tab on your incomes and expenses. It makes it easier to allocate funds for important things such as education, bills, grocery, etc.
  • Open A Savings Account: A savings account is one of the best modes of saving money for future investments as well as for achieving both long-term and short-term goals. You may consider being a member of the credit union as you will be entitled to many benefits and privileges reserved for members only.
  • Plan Ahead For Retirement: Start saving for your retirement while you are still young. You can be a part of an employer’s plan for the same. Such plans require you to contribute a portion of your income towards retirement goal.
  • Pay Off Your Debts Systematically: Start paying off your debts by getting rid of the smaller ones initially and gradually building your way up to the larger debts. This is referred to as the ‘Snowball Method’ and is great for keeping you motivated and focused. Take on a new debt in extreme cases only.
  • Build An Emergency Fund: It is important to keep aside some money in your emergency fund. So, if you start building your emergency fund while you are young, it will ensure that you have a substantial amount down the road.
  • Reduce Expenses: A great financial rule that can do wonders for youngsters is to minimize unnecessary expenses. Start by trimming off expenses that are futile and repetitive in nature. Eventually progress to cutting down expenditure on more meaningful yet avoidable items.
  • Manage Raises: When you get a raise, use it judiciously. Instead of spending it for leisure, you can either use it to pay off a long pending debt or save it.
  • Educate Your Children: Teach your kids the value of money at an early age. Embed it in their malleable minds that saving is not an option but a necessity. You can even take them to a nearest credit union and motivate them to open their own savings accounts.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

Ways To Protect Your Credit While Shopping

18. December 2018 Administrator Blog (0)


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Taking A Secured Loan From Greater Central Texas Federal Credit Union

28. November 2018 Administrator Blog (0)
Meaning of Secured Loan

When a borrower pledges an asset as collateral for a loan, such a loan is called a Secured Loan. The debt/loan is secured against the collateral. If the borrower fails to repay the loan amount, the creditor can sell the asset to get back a part of the money that was lent.

Secured Loans offer benefits such as lower rates of interest, high borrowing limits and long repayment terms.

Greater Central Texas Federal Credit Union offers Secured Loans to its members at competitive rates. The loans provide members with a financial boost when sudden expenses crop up; for a vacation, home improvement, purchasing a new car or a pre-owned vehicle, etc.

A Secured Loan is granted against collateral that is either equal in value of the loan amount or greater (at least 20 percent greater).

For a shared Secured Loan, the loan is backed by a share account that is held with Greater Central Texas Federal Credit Union. This excludes an IRA. It is necessary for the balance in the share account to be equal to or more than the loans balance (through its life).

Benefits of taking Secured Loans from Greater Central Texas Federal Credit Union:

  • Fast approvals: Loans are approved within 24-48 hours of receiving a completed application form and verification of income.
  • Convenience of payment: Services like direct deposit, payroll deduction and automatic transfer are offered to members to facilitate repayment of the loan.
  • Lower interest rates.
  • Promote savings.
  • Skip-a-payment option.
  • Higher borrowing limits.
  • Easy application process.
  • Flexibility: There is an option of converting fixed-rate loans to variable-rate loans. Even the amount of premium can be varied as per the convenience of the borrower.
  • Helpful and friendly staff.
  • Involvement of members to vote on new policies.
  • No minimum balance restraint.
  • Programs to help members manage their budget and unexpected expenses.
  • It is locally run.
  • Insured by the National Credit Union Share Insurance Fund (NCUSIF) – A Federal government agency.

GCTFCU is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. Its members consist of people from the local community’s churches, schools and also employers. All members are equal owners. For more information on availing Secured Loan from Greater Central Texas Federal Credit Union, call at - (254) 690 - 2274

Things To Do Immediately If Your Credit Card Is Stolen

21. November 2018 Administrator