GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas

Online Services At Greater Central Texas Federal Credit Union

5. October 2013 Administrator (0)

If you are among the thousands of Americans procrastinating their financial obligations everyday due to a shortage of time, going online could be the solution you are looking for. Greater Central Texas Federal Credit Union, located on Elms Road, Killeen, has been serving the Central Texas community since 1957. With more than five decades of experience in providing high-quality financial services to our members, we are one of the most trusted credit unions in the region. We provide a host of online services with an aim to grant convenience to our members and help to save time and resources.

Whether you are looking for a cheap auto loan or a lucrative investment option, our online services will help make things quicker and easier for you. All that you need to do is click on the ONLINE ACCESS link on our website, and you shall be all set to get access your account online. Our highly secure login system ensures that your details remain protected while you use the online services. Using this system, you can enjoy round-the-clock access to your account, from anywhere across the world. The sign up process takes as less as a minute. You can contact one of our tellers right away to know more about how this online system works and all the services that you are eligible for.

Our members who sign up for our online services can pay their bills online simply by clicking on the “Quick Pay” world online. This method is absolutely safe and protected, and spares you the convenience of having to visit our office to pay your bill. We charge a nominal monthly fee of $5 for the online billing service. However, this service is free for members above the age of 55. In addition to paying your bills online, you can also make your Mastercard payment online without any hassle. You can call card services at 800-442-4757 or click on the ‘Go To My Card’ link on our website www.gctfcu.net.

These online services allow you to operate your account with Greater Central Texas Federal Credit Union from the comfort of your home or office. You no longer have to put your financial transactions on hold just because you are out on vacation or you are short of time. Manage everything on the go, just in the click of a button. Contact us to know more about our online services, and for information on our lowest used car loan.

Greater Central Texas Federal Credit Union- Members Benefits

24. September 2013 Administrator (0)

Greater Central Texas Federal Credit Union has its origins dating back to 1957. We are a secure and sound credit union, based on a not-for-profit model, where all the proceedings from the credit unions go back to our members. The large number of financial opportunities and member services that we offer give us the reputation of being a highly trusted financial service provider. Here is a look at some of the key benefits that you can avail with a GCTFCU membership:

Payroll deduction
Direct deposit
ATM
Wire transfer
Cash advance on your MasterCard and MasterCard gift cards
Bill payments
Online access to your account
ACH origination
Notary service

In addition to the aforementioned convenience services that we offer our members, you can also benefit from a wide range of savings and investment options. These are especially useful if you are planning to make a huge investment like a house or a car. As a GCTFCU member, you are entitled to open a regular share savings account, for which you need a minimum of only $25.00 to start with. You can benefit from our attractive dividend rates, which are paid on a quarterly basis.

Other popular saving options that our members can avail include Share Certificates of Deposit, IRAs, and club accounts. The SCD requires a minimum balance of $1000, and flexible terms ranging between 6 months and 36 months. The interest on these accounts is compounded quarterly. For those looking for a secured auto loan, getting a GCTFCU membership is a great idea, because we offer cheap interest rates and flexible loan terms, making it easy for you to convert your dream into a reality.

Our members are entitled to a wide range of options while getting an auto loan, which include pre-approval on the loan and refinancing. Other loans that we offer include boat loans, RV loans, home improvement loans etc. You can also enjoy low rates on our credit cards, which start from as low as 8.99% for our MasterCard Platinum. Our members are privileged to use these credit cards worldwide, without having to pay any annual fee.

You can also avail our exclusive skip-a-payment feature, which makes it easy for you to sail through a rough financial patch without having to worry about lagging behind on your loan payment. Our efforts remain to provide the best service and lending opportunities to each of our valuable members.

Cheap Auto Financing Loan Calculator

6. September 2013 Administrator (0)

As exciting as it is to buy a new car, it is increasingly important to pay heed to the financial intricacies involved in this purchase, and make sure that you understand how your car loan is going to impact your personal finances. These financial calculations can be intimidating, which is where the role of a car loan calculator comes into play. Such a calculator is a useful tool for a layman to understand how a car loan works, and decide the best option to get a cheap auto loan that fits within their budget.

The car loan calculator at Greater Central Texas Federal Credit Union can help you calculate factors like how much your monthly car payment will be, how much you can comfortably afford as per your income and expenditure, etc. Car loan calculators help you to achieve accurate figures by taking into account loan terms like the trade-in value of your car, sales tax, down payment, etc.

Here is a look at some of the ways in which you can benefit from an auto loan calculator:

The process of using an auto loan calculator is simple and straightforward, making it a lot less time consuming than a personal consultation with different car dealers and agents. You can try out different possibilities, altering the down payment, interest rate, monthly payments, loan period, etc. to know how each of these factors will impact your overall car loan.
Making use of a car loan calculator helps you to be a better-informed customer when you actually go to buy a car. If you have all the knowledge of how different loan terms will impact your EMI, your chances of landing the lowest possible new or used car loan go up significantly.
You can use a car loan calculator not only before, but also during the process of buying a car. For instance, if the dealer offers you a loan option that you hadn’t considered earlier, you can compare it to an option that suited you, instantly, by using a car loan calculator.
In the end, the greatest benefit that you, as a car buyer will get from using an auto loan calculator is that you shall get the best possible deal on your car loan. It is almost like having a personal consultant with you wherever you go, willing to answer questions on as many possibilities as you can conjure for your car loan.

To obtain quick and affordable auto loans in Texas, you can count on Greater Central Texas Federal Credit Union. You can visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Instant Car Loans At Greater Central Texas Federal Credit Union

20. August 2013 Administrator (0)

Shopping for new or used car loans from credit unions is a great idea to get a cheap auto loan, as these financial institutions offer attractive loan terms and significantly lower interest rates than banks. The Established in 1957, Greater Central Texas Federal Credit Union is one of the 7700 credit unions across America, which has been serving people across Central Texas to procure low interest loans. Here are some of the top reasons that make getting a credit union car loan a great idea:

Greater flexibility: When you walk into our credit union, you are not just another number, but are a valuable member whom we shall make every effort to help. You are much more likely to have your case heard out and considered at our credit union than at a bank. This could mean getting approved for a car loan even if you do not fulfill all the requirements of such a loan.
Lower interest rates: This is probably the major reason why a vast majority of people looking for an auto loan in Killeen, TX and other cities across America opt for credit union auto loans. While the interest rates for bank auto loans average at around 4%, those at credit unions are as low as 2%, amounting to a significant saving over the life of the loan.
Non-profit approach: Our credit union follows a “for the members” and “by the members” approach. All the proceedings gained through interest are put back into the credit union for the benefit of its members. This is usually in the form of low interest rates, savings accounts, and increased flexibility in loan terms.
Financial education and resources: The Greater Central Texas Federal Credit Union has a dedicated resource center for its members, where you can get valuable advice regarding your loan, repayment options, your financial situation, the real value of the car being considered, saving options, etc. At our credit union, you can always be sure of the lenders working in your best interest.
Personalized service: You can be sure of getting the best customer service at our credit union, with a group of board members volunteering to make decisions regarding operation. This gives you a chance to openly discuss any issues you might be facing with your loan before or during the loan term, being sure of getting helped with the best solution for your problem.

For more information, visit us at 3305 E. Elms Rd., Killeen, TX 76542 or call (254) 690-2274.

Cheap Auto Loans In Killeen TX

6. August 2013 Administrator (0)

Financing your next car through a credit union is a great option if you are looking for a cheap auto loan. With more than 7,700 credit unions across America, credit unions are the financial institutions of choice for car buyers, thanks to the favorable loan terms and low interest rates offered by these lenders.

Greater Central Texas Federal Credit Union (GCTFCU) is a credit union based in Texas, which has been serving Texans since its establishment in 1957. The great thing about getting a credit union auto loan is that these institutions are owned by the members, making them not-for-profit organizations.

All the proceedings that are earned by way of interest are returned back to the members in the form of low-interest rates. GCTFCU does not charge any monthly service charges from its members, and has no minimum balance required for membership. If you are looking for the lowest used car loan in Texas this could be just what you need, with interest rates on used cars being as low as 5.99%. This credit union offers competitive interest rates on new cars as well, with interest rates averaging around 3.99%.

While the process followed to obtain a car loan from this credit union and a bank is very similar, the major advantage that the former offers is being community-oriented. This means that if for any reason you are unable to make a payment at some point during the loan period, you can expect the credit union to work with you to find a way around it, which is contrary to the rigid approach followed by banks. For instance, GCTFCU offers a “skip-a-payment” option to its members, whereby they can skip a single loan payment in case of a rough financial patch.

In addition to getting a cheap auto loan with flexible terms, being a member of GCTFCU also comes with several added advantages. These include payroll deduction, direct deposit, ATM, wire transfer, online access, MasterCard cash advance, notary service, etc. We also make an effort to help you in achieving your financial goals through a variety of easy saving and investment options. Choosing to get a used or new auto loan from us puts you at the advantage of having pre-approval for the loan, flexible terms (48-72 months), the option of refinancing, and competitive interest rates.

Secured Auto Loan In Killeen TX

19. July 2013 Administrator (0)

A secured auto loan is one in which there is collateral offered against the loan, which gives the lender higher security, hence resulting in better loan terms for the borrower. In most cases, the collateral in a secured auto loan is the car itself. That means that if, for any reason, the borrower is unable to make complete payments of the car, the car is repossessed by the lender. In some cases, the lender might require something more than just the car to be offered as collateral. This could include assets owned by the borrower, like a home, boat, land, etc.

A borrower has to fulfill certain basic requirements to get approval for a secured auto loan. These include:

Proof of income- It is mandatory to have a verifiable income in order to be eligible for a secured auto loan. You could submit proof of income in the form of paycheck stubs, copies of tax returns, bank statements, etc.
Steady employment- You must have had a steady source of income. If you do not have proof of steady employment, you might need to show proof of some other verifiable source of income, such as a personal business, inheritance, etc.
Residency- You must have had lived in your current residence for at least one year. If you have just moved into your home, you need to show your prior residence proofs.

The greatest advantage of getting a secured auto loan is that the rate of interest for such a loan is significantly low, as compared to that for an unsecured loan. In addition to this, you can also expect to get more favorable loan terms, such as increased flexibility, on such a loan, since the lender has greater security in such a loan. Moreover, since the car is offered as collateral, the lender is generally more relaxed in terms of the amount of income of the borrower, or how well the income shows on paper.

When opting for a secured auto loan, you need to be sure not to default on your loan payments. By completing the loan payments till the end of the loan term, you can end up saving a lot of money as compared to if you had chosen an unsecured loan.

Avoiding Pitfalls In Secured Auto Loan

5. July 2013 Administrator (0)

Getting a secured auto loan can be a confusing and overwhelming process for many, and there are several things that can go wrong in such a loan. You need to be very sure about the terms and conditions of such a loan before you sign your auto loan contract. Feel free to ask questions, carry out research, and explore all your options before you seal the deal. Here’s a look at some of the most common pitfalls while applying for a secured auto loan, and how to avoid them:

Sitting across the desk from your financier with your fingers crossed as you wait to hear your credit score is not a good idea. You need to be very sure about where you stand, and make an effort to improve your credit rating, before walking in to get an auto loan. Contact a credit bureau for information on how you can rectify errors in your credit report. Even a small change in your credit can have a big impact on your loan and the interest rate you get.
One of the easiest ways to ruin your auto loan is to end up spending more than you had set out to. If you are sure that you want a cheap auto loan, it is important to know exactly how much you can afford to spend towards monthly car payments (no more than 20% of your net monthly income) and stick to this figure.
Take time out to carry out some basic research on the going interest rates on secured auto loans in the market, before visiting the dealership. This way, you will know whether the rate being offered to you is a fair one.
Do not let the loan officer drift to insignificant aspects of the deal, by intertwining them with what really matters. Your primary focus at all points should be the APR being offered to you, as this is what shall actually matter in determining how much you end up paying in the long run.
Signing the papers under pressure in a rush to finalize the deal is another common pitfall that most buyers make. If you feel that you are losing control and succumbing to the seller’s pressure, a better idea would be to walk out and return, if you must, once you have cooled down.

Keeping your head cool and doing your homework before entering the loan agency office can help you get that lowest used car loan that you have been looking for, leaving you with a loan that you’ll be happy about for as long as you drive the car.

Credit Unions For Lowest Used Car Loans In Texas

20. June 2013 Administrator (0)

Buying a car is an absolutely exciting and refreshing experience for any individual. But when it comes to getting a loan for the same, you could find yourself in a dilemma over the multitude of auto financing options available in the market. Obviously, you are looking for something that gives you the best in terms of both savings and lower interest rates. So your best bet to get a cheap auto loan is through Greater Central Texas Federal Credit Union.

Located in Killeen TX, this credit union is a non-profit financial organization, formed by a group of members who share a common bond, and belong to the same region. The members here share benefits with one another in the form of low interest rates on loans and similar such schemes.

Read on to know more about the benefits of a credit union over other conventional ways of procuring auto loans, through banks for instance.
If you choose a credit union while you hunt for the lowest used car loan, a credit union is the best way to go about it. The primary benefit of doing so is a favorable rate of interest that does not eat too much into your savings. This basically implies that you would be paying a lower EMI. In addition, you will also observe that over a period of time, you ultimately have to pay a lower amount of money as interest.
Getting a loan through a credit union is also a very convenient option. Once you are a member of the union, getting a loan is a matter of a few simple steps. The entire procedure is secure as well. In addition, you can also be assured of the best customer service. You get a loan for your dream vehicle at very competitive rates. The best part is, a credit union would not charge any additional fees or hidden costs, as is the case with other financial institutions such as banks.
A credit union also provides you with the flexibility of deciding upon the period for repayment of your auto loan. The lesser the duration in which you repay the amount, lesser would be the overall amount that you would be paying over the entire period. This can be attributed to the low interest that you would be required to pay back to the union.

So if you are looking for an auto loan in Killeen, then definitely go in for Greater Central Texas Federal Credit Union to get the best interest rates, lower EMIs, and a user-friendly experience.

Why Shop At A Credit Union For Car Loans

6. June 2013 Administrator (0)

Getting a car loan that fits into your monthly budget with favorable loan terms could be a cumbersome task in the present financial scenario. However, credit unions offer much relief in these conditions, as these financial institutions function on a not-for-profit model, making them user-friendly for car loans. If you are considering getting a secured auto loan from a credit union, here’s a look at why this is a great idea-

A key reason to opt for credit unions for car loans is the favorable interest rates offered at these institutions. All the earnings that are made through interest by credit unions are returned back to the members in the form of low interest rates. Low interest rates on car loans translates into lower monthly payments, a shorter loan period, and hence an overall cheap auto loan.
Applying for a car loan at a credit union is a convenient and customer-friendly process. Not only are the fees involved a lot lower than what one would expect to pay at a bank or a car dealership, but the overall process is also a lot less time-consuming. It is simply a matter of sitting with a financial agent and having your paperwork evaluated, after which the loan is usually approved on the same day. In most cases, the process is further simplified by enabling carrying out all the proceedings online or over the phone.
Even if for any reason your loan does not get approved the first time, you can expect to get some great financial advice on how you can strengthen your personal case, and what you can do to get approved the next time you apply. This level of personal concern is something that one can only expect at a credit union, owing to the relatively low number of members.
The fact that a credit union is committed to serving its local community means that you can expect a lot more support from a credit union in the event that you face difficulty in repaying your loan, than you would at say, a bank.
The regular member perks offered by credit unions can go a long way in making the terms of your car loan more favorable to you. It is a good idea to ask the officials at your credit union if any such perks are around the corner, before applying for your loan.

To avail cheap and quick car loan in Killeen TX, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Buying A Car- Should You Buy New Or Used?

21. May 2013 Administrator (0)

One of the most perplexing decisions that any car buyer is faced with at the beginning of his purchase, is whether to opt for a new car or a used one. While some people are very sure about which way they want to go, the following compilation of the pros of going either side should help the rest of you decide-

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

Terms You Must Know Before Taking Home Loan

5. November 2015 Administrator Home Loans (0)

When applying for a home loan, there is a lot of paperwork and documentation that you need to undertake. There are a number of jargons that you need to be familiar with for a hassle-free loan process. Here is a list of some of the common terms that you may come across while taking a home loan in Killeen, TX:

Offer Letter/Sanction Letter: It is a formal confirmation letter given by the financial institution from where you are taking the loan. This letter states that you have been duly considered to be one of the loan applicants. However, this letter does not confirm the approval of a home loan. The loan will only be sanctioned after verifying all the documents and eligibility criteria of the applicant.
Equated Monthly Installments (EMI): EMI is the amount you repay to your lender every month. It includes the principal repayment along with the interest amount. Three basic factors are considered while deciding your EMI. These include the principal amount, loan duration and rate of interest. An amortization schedule shows how your EMIs have been formulated over the period of entire loan term.
Pre-EMI: If you buy a property that is still under construction, you will be given only a part of the loan amount. You are required to make the interest payments on this partial amount. These payments are known as pre-EMI. This eventually means you will have to keep on paying more interest to the financial institution till the time your builder takes to complete the construction of the property.
Credit Appraisal: The process of credit appraisal involves looking at various factors before finalizing the loan. The financial institution will consider parameters such as income, age, savings, qualifications, work experience etc. They will also check the number of loans you are presently servicing. Your eligibility for the loan will only be finalized after scrutinizing all these factors.
Margin: It is important to note that any lending organization will not sanction you the entire amount required for your home. You can get up to 90% of the cost and the rest you will have to put in from your side. This balance amount is called down payment or margin.
Post-Dated Checks (PDCs): PDCs are scheduled for future dates and cannot be processed till the mentioned date arrives. Generally, the lending organization will ask you to give them post-dated checks for one to two years. These checks need to be addressed to the credit union or home loan company. The exact amount of EMI to be paid should be mentioned on these checks.

To know more about the home loan process, feel free to contact Greater Central Texas Federal Credit Union at (254) 690 – 2274.

The Pros Of Secured Auto Loan

20. October 2015 Administrator Auto Loans (0)

A secured auto loan is a good alternative for people looking for an affordable financing option. In this, the borrower needs to put forward collateral in exchange of the loan amount. In most cases, the collateral offered is the item for which the loan is being taken. For instance, the security in an auto loan is the recently bought vehicle itself.

Here are some of the benefits of a secured auto loan:

Flexible loan conditions: As a secured auto loan requires the borrower to present a collateral, it minimizes the risk for the lender. Hence, the terms and conditions of the loan are quite flexible which eliminates any sort of financial burden on both the parties involved. The borrower need not have a high income to be eligible for a secured loan.

Lower interest rates: Pledging an asset by the borrower subsequently brings down the interest rates on a secured auto loan. The lender is assured that he can take over the possession of the vehicle in case the borrower is unable to repay the loan. Lower interest rates imply easier and regular monthly payments, which in turn, improves your credit rating.

Quick Approval: Compared to other types of loans, it is much easier to get approval for a secured loan. Due to minimal risk, there is no need for the lender to conduct through background checks or income verification. Thus, secured auto loan applications are approved much faster, usually with 48 to 72 hours.

Economical repayments: The interest rates are much lower when it comes to a secured auto loan. This eventually means that the borrower has to give out less money for monthly repayments. You can even request to increase the term of loan repayment to make it even simpler to pay back the capital along with the interest.

More Reliable: By keeping a guarantee with the lender, there are minimal chances of the borrower defaulting on the loan. Also, knowing that the vehicle will be confiscated if he fails to repay the credit encourages him to be regular in his payments.

We, at Greater Central Texas Federal Credit Union, offers affordable secured auto loans in Killeen, TX. Being a non-profit organization, our credit union works solely for the benefit for the members. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Borrowing From A Credit Union: The Benefits

13. October 2015 Administrator Auto Loans, Car Loan, Home Loans (0)

A majority of people looking for easy financing options are turning to credit union these days. A credit union is basically a member owned and operated non-profit organization working solely for the benefit of the clients. When you are looking for a home or auto loan, you must consider applying at a credit union to get an affordable deal.

Here are some of the benefits of borrowing from a credit union:

Competitive Interest Rates: Working with a customer centric approach, a credit union offers loans at significantly low interest rates as compared to other financial institutions. As they are not liable to pay any state or federal taxes, all their profits are given out to the members in the form of low interest rates.

Excellent Customer Service: A credit union always keeps customers’ benefit as their topmost priority. They formulate customized loan products, policies, terms and conditions according to the client’s requirements. Their staff even assists the clients in the loan application process.

Lower Fees: The loan application fees charged by a credit union tend to be lower so as to benefit the customers. The transfer fee is also less and usually, there are no ATM charges levied from the clients. This in turn, implies that you can save a lot of money and add to your savings substantially.

No Hidden Charges: All the rules and regulations of credit unions are very clear as well as explicitly stated. There are no hidden charges or fines in case you pay back the loan before the stipulated time period.

Fewer Income Requirements: In order to be eligible for borrowing from a credit union, you do not need to have a considerably high income. People who have a low income can also get approval for their loan application. The staff at a credit union is more amenable to the clients’ needs and willing to make minor alterations in terms of the loan.

Repay Loan Through Various Channels: A credit union allows you to repay the loan through various channels, such as payroll deduction or direct deposit. You can even skip-a-payment once a year in case of a financial crisis.

Greater Central Texas Federal Credit Union is a leading credit union in Killeen, TX. We offer low interest secured and unsecured loans for homes, vehicles, etc. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Home Loan Tips: Credit Union Killeen, TX

6. October 2015 Administrator Home Loans (0)

Buying a house is a huge and one time investment for most people. Therefore, it is important to choose a home loan provider wisely so that this liability can be eased to some extent. With so many financing options available, it can be difficult to choose the right one. A credit union is a reliable option that can provide you the loan amount at affordable interest rates, the lowering your monthly repayment amount.

Read on to know about some tips for getting a home loan from a credit union.

Research thoroughly: It is suggested to carry out complete research before applying for a home loan. Compare the interest rates of various financial institutions so that you are able to find a plan with affordable interest rates, making it easier to repay the loan. Acquaint yourself with the jargons used in home loan agreements so you can understand the terms and conditions properly.

Check your credit score: Your credit score is an important point of reference when it comes to getting a home loan approval. It helps to determine your consistency in repaying loans, paying taxes etc. The interest rate you are likely to be quoted depends a lot upon your credit score.

Decide the monthly installment: It is advisable to apply for a loan that fits your budget. Evaluate your monthly income from all sources and the necessary expenditures to determine the amount that you can spare towards your home loan repayment.

Prepare documents: Make sure you have all the required documents at hand before applying for the home loan. The lender may ask for the closing disclosure from previous home sale (if applicable), alimony funds, relocation agreement and retirement statement etc. You should be prepared with all the documents beforehand in order to make the process hassle-free

Read the agreement: You must read each and every point mentioned in the home loan agreement thoroughly. The loan tenure, interest rates, EMI amount, due date for payment and other important details should be clearly mentioned therein. Clear all your doubts and if there is anything that you do not understand, make sure you ask the agent to avoid any confusion later on.

We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. We offer low interest rate, easy repayment options and flexible loan plans to suit the requirements of the clients. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Questions To Ask Before Applying For A Secured Auto Loan

21. September 2015 Administrator Auto Loans (0)

With so many financial institutions offering secured loans and financing options for vehicles, choosing one can be a daunting task. To make the process less confusing, it is better to understand the stages of the loan process, right from submitting the application to its final repayment and hence, planning well in advance for your financial liabilities.

Seeking answers for the following questions can help you make an informed decision while applying for a secured auto loan:

What is the applicable nature of interest rate: You may borrow a loan under fixed or variable interest policy. In the former, the amount you need to pay each month will be fixed and thus enables you to plan your expenses. In the latter, the monthly payment may differ as interest rate may fluctuate based on market trends.

Am I required to buy my vehicle from a licensed dealership: Some lenders insist that you buy your vehicle from a particular dealer. Ask them if there is any such pre-condition so you can decide beforehand if you are willing to be flexible regarding the dealer’s choice.

Are there any penalties on my loan: You should ask the lender if there are any additional charges levied if you pay off the entire loan amount ahead of its tenure. Also, in case you are facing some temporary financial crisis, verify if they allow you to skip a payment. Do inquire about the terms and conditions for all such conveniences.

What is the precise price that I will be paying at the end of the loan term: It is advisable to know the exact amount that you will end up paying (including the rate of interest) at the termination of loan term. This will help you determine if the loan is reasonably priced or not.

What is the exact amount that is being financed: You must know the correct breakup of the amount, both which is being financed and that required from your end as down payment. Some financial institutions require a fixed percentage of the vehicle’s value as down payment.

What are the finance charges: Another important part of the loan amount are the additional charges like handling fee, paperwork fee etc. Ask your lender if they have included all the charges in the amount quoted or you need to pay them separately.

If you are looking for a secured auto loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer customized loan plans with low interest rates and easy repayment options. For more information, you can call us at (254) 690 – 2274.

Tips To Save On Auto Loan

14. September 2015 Administrator Auto Loans (0)

Purchasing a new car requires a huge financial input that can be shared by an auto loan. However, to ensure that you get the best deal, it is essential that you keep certain tips in mind. You can consider applying at a credit union to get competitive interest rates for your auto loan.

Here are some tips that can help to save on auto loan:

Refinance: If you get a better interest rate, you should consider refinancing your auto loan. You should avoid extending the tenure of the loan lower the monthly payments as it incurs higher interest rates.

Research: You should evaluate the different loan amounts, tenures and interest rates offered to get the most affordable auto loan. You can consider a credit union to get the best interest rates and easy approval for the loan.

Additional payments: If possible, you can consider making additional payment for your auto loan. This will shorten the overall loan tenure and subsequently lower the amount of interest that needs to be paid.

Do not skip a payment: It is imperative that you make the payment before or on its due date to avoid any late fees. Delaying a payment incurs more interest and increases the cost of the loan.

Credit score: You should maintain a clean credit record to ensure a lower interest rate. Previous loans, bank accounts and all other financial transactions should be genuine. The agent will conduct a complete credit check to ensure that you will be able to pay back the loan amount and interest rate.

Read the terms: It is advisable to read the terms and conditions carefully to ensure that you are getting the best deal. You should be acquainted with the exact loan amount, interest rate, monthly due dates and any other clauses that may affect your loan amount.

Negotiate: You can consider discussing your budget and requirements with the agent to get the best deal. You can also inquire about any factors that can assist in reducing interest rates for the loan amount.

If you are looking for an auto loan in Killeen, TX, contact Greater Central Texas Federal Credit Union. For more information, you can call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

Before You Apply For A Home Loan In Killeen, TX ‬

8. September 2015 Administrator Home Loans (0)

Purchasing a home is one of the biggest investments that a person makes in his lifetime. Getting a home loan can reduce the financial burden involved in the process. However, the costs involved in premiums and interest can take up large amount of all total monthly expenses. Therefore, it is important that you are familiar with the basic factors that can help you get an affordable home loan.

Here are some points to remember before applying for a home loan:

Loan Eligibility: The home loan amount depends on your income and previous loan record. There may be a significant difference in the online quoted amount and the actual loan sanctioned. Thus, you should have a clear idea about the loan plan you are eligible for.

Budget: You must evaluate your budget before applying for a home loan. This will help to determine the amount you can pay upfront for the home and the remaining can be applied for as loan. The budget also assists in deciding on a monthly amount that you can afford.

Credit Score: You should maintain a clean and dependable credit score. Maintenance of bank accounts, credit card usage, existing loans, payment of bills, all these can affect the interest rate charged on your home loan.

Interest Rate: The type of interest rate determines the amount you would have to pay every month. You can select between fixed rate and floating rate home loan. You can make the choice depending on your financial condition and current market rates.

Loan Duration: This will determine the interest amount and its portion that you will have to pay every month. A longer tenure will reduce the monthly payments but will eventually result in more interest payments.

Documents: You must ensure that you read the documents carefully before signing. All verbal contracts and negotiations must be in written. You should check the applicable charges, processing fee, late charges etc.

Research: It is essential to get quotes for different home loan policies and choose the one that best suits your needs. You can consider a credit union for low interest home loans.

Extra Charges: You must be aware of any extra charges that may be incurred during the course of the loan repayment. It is important to clarify the queries during the initial stage to avoid paying processing fee at a later stage.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Steps To Qualify For An Auto Loan In Killeen

20. August 2015 Administrator Auto Loans (0)

When planning to buy a car, the most important thing that you need to consider is about financing it. Auto loans are a great option to meet the expenses of a new or used car. However, you must keep yourself fully prepared so that you do not face any problems in getting the loan. A lot of people end up financing the car from the dealer but this may make you to pay a huge amount of interest. Instead, you should consider getting pre-approved for auto loan from a credit union.

Here are some tips that can help you qualify for an auto loan:

Determine The Loan Amount: Firstly, the most important thing is to determine the amount that you need to borrow from the credit union. Depending upon the price of the car, interest rates and monthly installments, you must figure out the funds that you would be able to pay off easily.

Decide The Term Of Loan: Ideally, the duration of an auto loan should be around five to six years. Although a longer tenure can help to lower the monthly payments, but you will end up paying more interest in due course. Therefore, you should settle on a loan term that allows you to manage repayments easily while saving on the interest payments.

Know Your Credit Score: Your credit rating has a great impact on the interest you will be charged on your auto loan. Hence, before applying for the loan, you must look at your credit score to check if it reflects any unpaid loans, credit card debt, late payments etc. If possible, devote some time to improve your rating by paying off all the debts and making timely payments. This will help you get a better interest on your auto loan.

Get Pre-Approved: Getting a pre-approval for an auto loan will help you decide the price range in which you can buy the car. You should also make allowance for other costs associated with car buying such as taxes, insurance, initial down payment and maintenance expenses.

Close The Deal: When you have finalized the amount, tenure and negotiated a fair interest rate, you must now submit the loan application. You may need to provide your proof of income, residence, identity, social security number and other important documents along with the application.

We, at Greater Central Texas Federal Credit Union, provide affordable auto loans in Killeen, TX. We offer customized loan plans with low interest rates as well as easy repayment options. For more information, call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Affordable Home Loans In Killeen, TX

13. August 2015 Administrator Home Loans (0)

With the ever-increasing property prices and soaring interest rates, it is important to choose the right home loan to avoid any financial issues in the long run. Keeping this in mind, a lot of home buyers prefer a credit union over bank for their financing needs. This is mainly because of the considerably low interest rates and better customer service offered by them. Additionally, the process of applying for a home loan at a credit union is much simpler, with minimal documentation and paperwork.

Given here are some of the benefits of choosing a credit union for a home loan:

Low Interest Rates: Being a non-profit organization, a credit union is not liable to pay any taxes to the state or federal government. This, in turn, allows them to offer low interest rates on their home loan products. Thus, you will have to pay lower monthly installments and be able to save more.
Account Holders Have A Say: As members of a credit union are its part owners, they have a say in the important matters of the credit union. This may be concerned with the working of the credit union, interest rate of loans or other services offered to the members.
Less Income Requirements: A credit union usually does not have a strict income criterion for an applicant to be eligible for home loan. Thus, people who have not been approved for home loan by a bank due to low income are quite likely to get approval at a credit union.
Fewer Processing Fees: The loan processing fees charged by a credit union are usually affordable and lesser than many other financial institutions. In addition, it also offers several other membership services such as online banking, checks, wire transfer etc. at a nominal cost.
Speedier Closings: When you apply for a home loan at a credit union, you can expect an instant approval for the same.
Flexibility: Working solely for the benefit of the members, a credit union is not much stringent when it comes to their loan conditions and policies. They offer considerable flexibility in terms of loan products and repayment options.

We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Benefits Of Getting A Car Loan From A Credit Union

6. August 2015 Administrator Auto Loans, Blog (0)

If you need financing for your new car, an option that you can explore is credit union. Getting loan from a credit union is a great idea because of the various benefits that it offers over other financial institutions. Owned and operated by the members, credit union provides a number of financial services, including loans, free ATM, savings accounts, online banking, etc.

Here are some benefits of applying a car loan from a credit union:

Lower interest rates: Credit unions, being non-profit organizations are not liable to pay any taxes to the state or federal government. As a result, they offer considerably lower interest rates on car loans. This means that your monthly payments will be low and you can save more.

Flexible terms and conditions: The terms and conditions of car loans are usually flexible at a credit union. Working with a client centered approach, the credit unions are more considerate towards the financial needs of the members. Their policies are flexible enough to adjust the repayment options and loan duration according to the convenience of the clients.

Better customer services: The credit union is easy to approach and there are lesser formalities involved in the car loan application process. Their staff provides complete assistance to the clients in filling out the application form and getting the paperwork ready.

Convenient loan process: The process of getting loan is more relaxed at credit unions. The clients can even apply for a car loan through the credit union’s website. This eliminates the need to be physically present at their office.

Membership benefits: The credit unions also offer various other banking and financial services to their members. This includes wire transfer, payroll deduction, notary service, savings accounts, direct deposit, ATM, ACH origination, MasterCard Gift Cards etc.

Members have a say: All the members are stakeholders and part owners of the credit union. Therefore, they are given the right to choose the board of directors and vote on the important matters concerning loan rates, terms and working of the credit union.

We, at Greater Central Texas Federal Credit Union, provide low interest loans for both new and used cars. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.