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

Services Enjoyed By Members Of A Credit Union

A credit union is a financial cooperative which is created, owned and operated by its members. They pool in money in the form of shares in the cooperative and use it to provide loans and other financial services to each other.
Members of credit unions enjoy a whole lot of services, some of which are enlisted below:

1. Services For Convenience: These services are provided to members of credit unions to save their time and increase efficiency. Most services are either completely free for the members or require a nominal fee. They include:
  • Online access
  • Direct deposits which make it convenient for members to receive their paychecks.
  • Notary service
  • Master Card cash advance
  • Wire transfer
  • Bill pay
  • ATM
  • ACH Origination
  • MasterCard Gift Cards
  • Checking accounts which facilitate free and unlimited check writing.
  • A Golden Apple Checking account for members above the age of 55 years. No minimum daily balance is required and members are not charged any fee for having money that falls below the minimum balance required.
  • Payroll deduction
2. Services Pertaining To Savings And Investments: The goal of a Credit Union is to help its members achieve their financial goals in the easiest and most cost-efficient ways. For this, credit unions help members save for retirement, college education of children, car etc. The following is a list of some savings and investment options that members of a credit union can avail:
  • Regular Share Savings Accounts: These require a nominal amount to start the account. Members are offered competitive dividend rates. The dividends are figured on a day-to-day basis and paid quarterly.
  • Share Certificates Of Deposits: The minimum amount of deposits required vary here. There are a variety of terms available for example minimum $1000 deposits and $6 month-$36 month terms. The Annual Percentage Yields are quoted on a weekly basis and interest is compounded quarterly.
  • IRAs: These comprise of Variable Rate Traditional and Roth IRAs. The Individual Retirement Accounts have great tax advantages. Roth IRAs help members make tax-free withdrawals on retirement.
  • Club Accounts: These consist of Christmas club and vacation Club accounts.
3.Lending Services: Credit unions offer various lending services to members to help them possess whatever they dream of, be it a new vehicle, a vacation to an exotic locale or even purchasing a dream home. They provide loans for New and Pre-Owned Vehicles at very competitive rates. Members are also assisted in the pre-approval on vehicle loans.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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GCTFCU Blog | Buy Car At Low Interest With Secured Car Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Buy Car At Low Interest With Secured Car Loan

A secured car loan is one in which you put up collateral as security to the lender before getting the loan. This means that in an event when you are not able to repay the loan, the lender can repossess your car or house, which are the most common possessions used as collateral. The benefit that you as a borrower have is that you get a much more generous loan, which means lower rates of interest and a longer repayment period. If you are looking for a loan for a new car, then your car should be enough as collateral. However, in case of a used car, you might need to use your house as collateral.

Moreover, when you are opting for a secured car loan, the lender is likely not to be too bothered about your credit history, because you are offering him a tangible possession as security, giving him no reason to be frazzled about your not returning the money. This means that you shall need to pay a much lower rate of interest than you would need to in case of an unsecured loan, in which the lender compensates for the lack of security with a higher rate of interest.

Secured car loans usually end up in very easily affordable monthly installments, because of the long repayment period. Also, since the loan is less riskier for the lender than an unsecured one, it means that you are likely to be offered more flexible terms and conditions, including the penalty fee. The overall result is a loan that is easy to pay for the borrower, and highly secure to the lender. The only possible disadvantage when compared to an unsecured loan is that you need collateral. But if you intend to repay the loan over the stipulated time, that should be no problem at all.

Secured car loans also offer an advantage to buyers who do not have a steady income that shows well on paper. That’s because, with the car being used as collateral, the lender is likely to be less fussy about how much monthly income the borrower is drawing. In case you put up your house or property as collateral for a secured auto loan, you might be able to avail tax deductions on the interest of your loan, which is yet another advantage. Just be sure not to default on your loan, and you might actually end up with more money by the end of the repayment period, than you had started off with!

We at Greater Central Texas Federal Credit Union provide you quick and cheapest car loans in Texas. We neither harass you by asking unnecessary questions nor make you wait for days to sanction your auto loan. To obtain cheap and secured auto loans easily and quickly, 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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