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

Why Are Credit Unions Popular Financial Institutions

18. February 2021 Administrator Blog (0)
Credit unions are popular financial institutions for a number of reasons: they are affordable, convenient, have flexible terms, offer great customer service and more. They provide a number of financial services and products under one roof and offer various member-benefits. These non-profit organizations are founded on the sole philosophy of helping their members who are its owners too.

Let us take a look at some reasons due to which they so popular:

  • Cheaper Loans: Credit unions are famous for affordable lending rates. Their focus is on providing members with affordable products and services in the fastest and most convenient way possible.
  • High Rates On Savings Accounts: Those with saving accounts in credit unions enjoy higher rates on their savings and deposit accounts. The savings accounts offered in credit unions include share accounts, money market accounts, Christmas and Vacation Club accounts, Certificates of Deposit and Individual Retirement Accounts (IRAs).
  • A Strong Community Presence: Credit unions offer members an opportunity to contribute towards the welfare of their local community. This can be in the form of offering scholarships and grants, sponsoring local fundraisers and organizing valuable events for the local community.
  • Personalized Assistance: Credit unions are known for helping members figure out which financial services and products are the best for them as per their current financial situation. They provide personalized assistance to every member and walk them through all the available options to assess whether they are in tandem with their short and long-term financial goals, credit score and more.
  • Financial Education: Most credit unions work towards providing financial education to their members in order to help them make sound financial decisions; this is something many people appreciate. They do so in the form of financial workshops, free advice, telephonic consultation, etc.
  • Voting Rights: Credit union members are its owners too and enjoy the right to vote on important matters regarding its working e.g. selection of board members. Members feel relevant and acknowledged in the working of the credit union which adds to their overall level of satisfaction and trust in the organization.
  • Other Services: Credit unions offer a plethora of services to their members some of which are payroll deduction, on-line access, ACH Origination, ATM services, Bill Pay, MasterCard Cash Advance, Outgoing and Incoming ACHs, Outgoing and Incoming Wires, Gift cards and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. to its members. For more details on why are credit unions popular financial institutions, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
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GCTFCU Blog | Why Choose A Credit Union For Home Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Why Choose A Credit Union For Home Loans

5. March 2015 Administrator Home Loans (0)
There are various benefits associated with a credit union membership and one of them is the ease to get home loans. However to understand the process you should be familiar with the working of a credit union.

What is credit union?

Credit unions are financial institutions that offer checking and saving accounts, receive deposits, and offer credit for a wide range of needs such as home loans, auto loans, etc. However, unlike banks, they are member owned non-profit organizations that aim at building up the local community. Due to their lower operating costs credit unions offer low mortgage rates.

Benefits of having home loan from a credit union

Purchasing a home is a daunting task due to the expenses involved. Most people apply for a home loan when buying a house as it makes the process easier. However, it is very difficult and time consuming to get a loan approved banks, due to the formalities and paper work involved. Thus, a credit union is the best alternative to banks for auto loans and home loans. It approves the loan quicker and offers flexibility in repayment as well.

  • Lower rates of interest: Credit unions offer favorable interest rates as compared to banks that help in making savings in the long run. The unions are non-profit organizations and are exempt from paying taxes like traditional lenders. Therefore, credit unions offer lower interest rate on home loan mortgages.
  • Flexibility: Unlike banks, the credit unions are more flexible in the policy and are cooperative with their members. As the credit union is members owned, all the members have the right to vote on important issues that affect the rates of interests. 
  • Lower income requirements: The credit unions may also approve borrowers with lower income. Thus people who might not qualify for a loan in a bank stand a better chance of getting a loan through a union. 
  • Other benefits: Some other benefits of taking home loans from credit union include personalized service in comparison to banks, higher payouts on certificates of deposits, faster closing options and even the possibility to miss a payment.
A credit union surely has an edge over banks and offers many benefits to its members. However, you should consider discussing your case with a consultant to get the full details about your individual case.

We, at Greater Central Texas Federal Credit Union provide you home loans at affordable interest rates. For more information, you can visit us at 3305 E Elms Road, Killeen, TX 76542 or call (254) 690 – 2274.
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GCTFCU Blog | Common Issues With Auto Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Common Issues With Auto Loans

27. October 2012 Administrator (0)

An auto loan is one of the best ways of buying the car of your dreams irrespective of your present financial status. However, before getting your car financed, it is important to be well-versed with all aspects of such loans. You must have knowledge of how the interest rates work, number of installments involved, terms and conditions, etc. Before finalizing on an auto loan, it would be good to consult a financial expert who can throw light on common problems that are encountered in auto loans and what can be done about them. Such advice will be helpful in letting you know what to expect and how to avoid potential problems.

Auto loan issues and their solutions

  • Overspending: The ease with which you can buy a car through auto loans tempts some people to go for cars that are very expensive. They fail to see what the future implications of such a step could be and end up being stuck in a situation where the monthly payments they have to pay are higher than their monthly net income. To prevent such pitfalls, always stick to your budget and no matter how lucrative the deal seems to be, stick to a plan in which the monthly payments you have to make do not exceed 20% of your monthly income.
  • Research on the current interest rates: Some consumers get auto loans without having a clue about the current interest rates and are not even aware whether the interest rates being offered to them are competitive or not. Prepare yourself well in advance with some knowledge about the prevailing interest rates.
  • Review the contract before signing: Looking for an appropriate car loan can take its toll on the borrower to such an extent that he ends up signing the contract without going through it. Such a faux pas could lead to accepting terms and conditions that one is not even aware of. You can thus end up agreeing to get an extended warranty, rustproofing, etc. Such things can escalate your expenditure, so make it a point to crosscheck the contract carefully before signing.
  • Pressure tactics: The dealership staff is well trained at pressurizing consumers into accepting their deals and this can be quite baffling at times. The pressure and confusion clouds your thinking and in the rush of the moment, you end up signing the deal despite having second thoughts about it. Always resist such pressure and take your time to understand what you are getting into even if it means walking away at that time and coming back after a few days with a sorted mind.

For more information about auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

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