• Ask for quotes from various credit unions: Different credit unions will offer you varied rates of interests on home loans. Make sure you ask for a quote to have an idea about your monthly repayment amount. Apart from the rate of interest, you should be able to know the limit up to which you can borrow. Compare quotes from different credit unions and finalize the one that offers the lowest rate of interest.

• Fixed or adjustable rate loan: You can choose to get a home loan at a fixed rate of interest or an adjustable one. In case you select a fixed rate, the repayment amount remains constant throughout the loan term. On the other hand, the interest charged on adjustable-rate mortgage fluctuates over the time period of your loan. This eventually means your repayments will vary as well.

• Choosing the loan term: You can get to choose a customized loan term from a credit union. Therefore, you can decide the amount of time it will take you to return the home loan. Depending on your income and expenditure, you can settle for a particular number of years within which you will be able to repay your loan. Though a longer duration can lower your monthly payments, it would eventually lead you to pay more interest.

• Fees and charges: Check if you need to pay any fees or additional charges before getting a home loan approval. These may include ATM fees, loan fees, wire transfer fees etc.

Looking for the right financing option while buying a new or used car can be a daunting process, especially with dealerships doing all that’s in their might to make their financing programs sound highly attractive. However, if you are looking for a cheap auto loan, it is highly advisable to get started at your local credit union, where there are high chances of getting the best auto loan rates. The Greater Central Texas Federal Credit Union serves multiple locations across Central Texas, and can help you to get the lowest used car loan, as well as attractive rates on new cars. We have been serving Central Texas since our establishment in 1957, and ensure that we provide the best deals to our customers.

Below is a list of the top reasons to get a car loan from a credit union:

• Credit unions are more likely than a commercial bank to consider personal financial issues such as a mediocre credit or previous credit issues. Even though credit unions essentially follow the same process for a loan application and approval, they offer a greater degree of flexibility, making them more customer-friendly.
• The interest rates at a credit union are typically much lower than those at other financial institutions, which equates to substantial long-term savings for the borrower.
• Being non-profit organizations, credit unions are member-oriented, which is why they offer a high degree of personalized attention, providing members with the best possible customer service. Since a group of volunteer board members is responsible for making all operation decisions, the members of the credit union have a greater say in how the credit union works.
• Credit unions provide their members with useful educational resources that can help them to make the right financial decisions when assessing the value of their car purchase. Credit unions help you to look beyond the dealership value of the car, into a clear assessment of the car’s real value.
• Credit unions follow a non-sales approach, contrary to commercial banks which grant bonuses and compensations to employees for loans that get approved. On the other hand, all the proceedings gained from credit unions are returned to the members in the form of lower rates and flexible loan options.

To learn more about the membership requirements, and used/ new car loans at Greater Central Texas Federal Credit Union, contact us at (254) 690 - 2274.