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

Ways To Increase Your Eligibility For Home Loan

Purchasing a home is usually the biggest investment that one makes in a lifetime. Being approved for a home loan can make the process of owning a home quicker and easier. However, there are various criteria and conditions that you must fulfill to qualify for a loan. A credit union is a good option to apply for a home loan as you can be provided instant loan approvals at very low interest rates. By following certain tips you can increase your eligibility for being approved for a home loan.  

Here are some points that you must consider:

Relaxing the loan repayment tenure

Relaxed loan repayment tenure increases the home loan eligibility of the borrower. This is due to the reasonable interest rate and lower EMI, which makes the lender more confident about the loan repayment.

Paying off outstanding loans

Before applying for a home loan, it is advisable to pay off any other outstanding loans. Borrowers with negligible outstanding loans and good payback history are given priority. However if it is not feasible to pay back the whole outstanding loan amount you can consider providing information about the remaining loan amount. A strong financial background assists in getting approved for a loan.

Clubbing of income

A higher income improves the eligibility of getting approved for a home loan. A family can consider clubbing of income of two or three members to improve eligibility.

Considering step up loans

Step up loans give the option of paying back the total amount in two ways. The first half of the amount is payable at a lower interest rate while the remaining amount can be paid over a period of time at a higher interest rate. Due to the easier payback terms in the first repayment period, eligibility for the home loan also increases. Borrowers applying for home loan can consider these loans for better home loan eligibility.

Consider perks in addition to salary

When applying for a home loan, you can improve your eligibility by providing proof of perks in addition to your salary. It can be income from a part time job, rental income, performance appraisals and bonuses etc.

By following these tips you can increase your home loan eligibility and the chance to own a home. We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
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GCTFCU Blog | No Money Down Auto Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

No Money Down Auto Loans

No money down auto loan is a financing option for those buyers who have no cash to bring to the transaction. They are mainly meant for individuals with good credit. They are generally used by those who cannot afford a down payment, or simply don’t want to block their cash in a vehicle that depreciates.

A good credit score is the gateway to accessing a no money down loan easily. Many car dealers and auto financing institutions have no money down programs for buyers with a good credit score. Having a trade-in makes it even easier to get a no money down loan from a dealer. They can easily manipulate the amount they give you for the trade-in to make a profitable deal for them. Those who pay too high a price for the vehicle may end up getting a no money down financing at the dealership they are dealing with.

Regardless of your credit score, you are required to produce the standard auto loan paperwork to get the no money down auto loan. You will have to show the total amount that you have earned for the year. If you are self employed, you will have to produce the tax returns for the past two to three years. You will also need important information about the vehicle in question. You will have to mention the VIN, the purchase price on the dealer’s sheet, the year, make, model and the mileage. The car title and proof of insurance are crucial requirements when seeking a no money down auto loan.

Those with bad credit will have a tough time getting such a loan. They will end up paying a higher rate of interest than if they were making a down payment. They may be required to have a co-signer on a loan. Such borrowers should steer clear of lenders with “buy here, pay here” policies.  These lenders usually charge exorbitant interest rates. They also have very aggressive repossession policies and little leniency in late payments. It’s essential to check these things out before striking a deal with a lender. Be sure you clearly understand the terms of the agreement before you sign.  Make sure you understand the terms, the payments, the duration of the loan, the late penalties and other details.

We at Greater Central Texas Federal Credit Union always recommend maintaining a good credit score to get a quick and low interest loans in Texas. For more information about our services, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Secured Auto Loan - Cheap Auto Loan

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

Auto Loan From Texas Credit Union

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.

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