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

How To Select A Savings Account

A savings account is one of the safest ways of depositing money, earning interest and enjoying access to your funds at the same time. The right savings account is crucial for the growth of your money. Greater Central Texas Federal Credit Union offers a number of savings accounts to provide financial freedom to its members. Its savings accounts include Share accounts, Money Market Accounts, Vacation and Christmas club accounts, Certificates of Deposit and Individual retirement Account (Roth and Traditional).

Listed below are some tips to help you choose the right savings account for your requirements:

  • Assess the Minimum Balance Requirements: This refers to the lowest amount of money that you need to have in your savings account, usually on a daily basis. Your credit union may impose a fee if the balance falls below the minimum amount required, so carefully review your choices and opt for an option that is manageable for you and in sync with your financial goals. At GCTFCU, the minimum balance requirement for a savings account is $25.00 and for Share Certificates of Deposit, the minimum deposit is $1,000.
  • Consider Liquidity: The accessibility of a savings account is another factor to consider. Check into the level of accessibility provided in terms of making deposits, transferring and withdrawing. Also, look for features like online transactions, ATM services, etc. At GCTFCU, we offer a variety of features for the convenience of members e.g. online access, direct deposit, wire transfer, ATM and more.
  • Consider Features: To make a sound choice, you need to figure out features that are important for you. For example, you may have to prioritize one feature over another from choices such as customer service, reasonable interest rates, accessibility, liquidity, statement frequency, etc. The right choice is one that meets your financial needs and goals.
  • Determine your Goals: Everyone has goals that are unique to their needs, so it is important to choose a savings account that meets these goals. Your goal may be to create an emergency fund, cater to short-term goals (vacation, major purchases, etc.), debt repayment and long-term goals like retirement, a child’s education, or a down payment for a new home. It is important to have a clear goal in mind when choosing a savings account. Interest Rate: When choosing a savings account, look for one that offers a competitive interest rate. Research on the interest rates provided by credit unions in your area. The amount of interest offered will determine how much you earn on your savings.
  • NCUA (National Credit Union Administration) Insurance: Savings accounts at GCTFCU are federally insured by the NCUA up to $250,000.

Choosing the right savings account maximizes the benefits of one’s savings and helps in easily meeting financial goals. For detailed information about different types of savings accounts offered at Greater Central Texas Federal Credit Union, visit 3305 E Elms Rd, Killeen, TX 76542, United States or call at 254-690-2274. You can also visit www.gctfcu.net or connect on our social media handles on Facebook, Twitter, Google Plus and Instagram.
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GCTFCU Blog | The Essentials Of Auto Financing
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

The Essentials Of Auto Financing

Auto financing can be a hectic process if it is done without proper planning and research. It is an essential part of the loan process taken up by many banks and financial institutions. Auto financing generally refers to the financing of the car, but it may also include other auto vehicles. Thus, while you plan to finance your vehicle, you should investigate all the available options that best suit your requirement.

It is important to choose your Auto financing partner wisely. Some of the major things which you should always keep in mind before getting finance for your vehicle are mentioned below:

  • Check your credit upfront before going for auto financing and take the decision wisely.
  • Compare all the available options for auto loans in the market evaluating their respective competitive prices being offered.
  • Check out the local bank or the credit union which may offer you with low rate of interests and are more convenient.
  • You can also opt for dealer financing where the dealers of the auto companies who provide you with the auto vehicles get your loans sanctioned themselves.
  • You can also examine leasing aspect according to your suitability. It can be a wise as well as a worse decision you can make, as it strictly depends upon your particular needs and requirements.
  • You should always keep in mind not to stretch your budget limits and allot only that part of your income which you can spend comfortably on a monthly basis.
  • Also, do not overextend your loan tenure to 8 - 10 years as it is a long time and various changes take place during this which may or may not complicate your situations.
  • Ensure that you make the maximum amount of money in down payment as you don’t have to stretch or exhaust your savings afterwards.   

For more details on wide range of auto loans and auto financing in all credit situations, you can contact us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.

Auto Loan in Killeen, Tx - Secured Auto Loan

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GCTFCU Blog | How Used Auto And New Auto Loans Differ?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Used Auto And New Auto Loans Differ?

When making the decision of buying a car, a major consideration that needs to be made is whether to buy a new car or a used one. This becomes even more important when getting a car loan, since loan terms can differ significantly for used cars and new ones. As a buyer, it is important to understand what these differences are, so as to decide which car loan would be better suited to your preferences. The following points highlight the major differences between a used auto loan and a new one-

  • Since used cars have a reduced cost, these loans tend to be smaller than those on new cars, which are obviously longer.
  • The rate of interest on a used car is likely to be higher than that on its new counterpart, owing to the higher risk involved in such a car. In this way, new car loans have the advantage of having lower interest rates.
  • Used car loans are generally considered to be riskier than new auto loans from the lender’s perspective. This is because these loans run the risk of the car’s value falling below the loan’s value before repayment. It is for this reason that buyer’s might be required to pay a higher down payment on a used car than on a new one.
  • It is usually difficult to get a loan on a car that is more than ten years old, since such cars are very risk for the lender.
  • In the long run, the cost incurred on a used car is likely to be substantially less than that on a new car. This is due to the high level of depreciation of a new car when compared to a used car in good condition.
  • As far as the interest rate is concerned, while the condition of the car and whether it is new or used definitely has a bearing, a greater role is played by other more important factors, such as the borrower’s credit rating and the amount being borrowed. This explains why the rate of interest should not be a major factor when deciding whether to buy a new car or a used one.
  • It is a good idea to calculate how much you shall be paying at the end of the loan period in both cases, and take into account the depreciation in the car by then, while making a choice between a new car loan and a used car loan.

To obtain quick, cheap and secured auto loans, consider Greater Central Texas Federal Credit Union only. You can visit at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

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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

Credit Union Auto Loans Application Process



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Credit Union: How To Be A Member

A credit union is a non-profit cooperative financial institution owned by its members. The institution offers affordable financial services to its members in the form of reasonable interest rates and financial benefits. Membership requirements of credit unions are usually based on factors like place of work, worship, residence and more. Most credit unions charge a one-time membership fee and require members to open an account with them.

If you are interested in joining a credit union, here are some helpful pointers to do so:

  • Choice of A Credit Union: The first step is to choose a credit union that offers products and services that suit your financial and personal requirements. Also consider factors such as rates offered, online services, access to ATMs, safety (in terms of federal insurance), etc. A safe credit union is one that is insured by the NCUSIF (National Credit Union Share Insurance Fund), a Federal government agency. You can choose from locally run credit unions such as Greater Central Texas Federal Credit Union.
  • Membership Eligibility: To be eligible for credit union membership, a person should be living, working or worshipping within the location stated by the credit union. In case of Greater Central Texas Federal Credit Union, any person who lives, works or worships within the portion of Bell County, Texas, west of Interstate 35, can be a member.
  • Application: Most credit unions require two forms of identification such as a driver’s license, State-issued ID card (with a photo), military ID and passport, Social Security Card, etc. Fill the application form and submit it as states by the credit union
  • Initial Deposit: To complete the application process, members are required to pay an initial amount. This includes a processing fee and initial deposit.
  • Membership Benefits: Credit union members enjoy a number of benefits such as excellent customer services, high interest rates, community support, secure deposits, financial literacy, easy qualification, low fees and more.
  • Member Services: Wire Transfer, Notary Service, MasterCard Gift Cards, CH origination, Bill Pay, Notary Service, safe deposit boxes, Direct Deposit, Traditional and Roth IRAs, Christmas and Vacation club accounts, savings and investments, Overdraft protection and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. For more details on how to be a member of the credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Tips To Choose Suitable Secured Loan

A secured loan is a type of loan in which the borrower pledges an asset as collateral for the loan. The loan amount depends upon the value of collateral. A major benefit of secured loan is its affordability in terms of low interest rate.

The choice of a suitable secured loan depends upon a variety of factors. Here are some tips to help you choose suitable secured loan:

1. Loan Amount: The foremost considerable factor is to choose the right loan amount. It is imperative as the loan amount has major impact on rate of interest, EMI, etc. For choosing right loan amount, consider the actual need and the funds available with you. However, make it a point to choose a loan amount that you actually need. Borrowing higher loan amount can have an impact on your financial situation in the future.

2. Collateral: The choice of collateral is important for ensuring loan approval. The value of collateral should be either equal to or higher than desired loan amount. Ask the credit union about allowed collateral and required collateral value.

3.  Loan Tenure & EMI: The choice of loan tenure and EMI are inter-dependent. Longer loan tenure results in lower EMI and vice versa. So, when choosing the right loan tenure, focus on choosing the right EMI. Here are some steps that may help you in choosing right EMI:
  • Consider your monthly income including total monthly salary and income from other sources.
  • Calculate monthly expenses by adding bills, general expenditure, etc.
  • Add monthly savings to the monthly expenses to calculate total monthly expenditure.
  • Subtract total monthly expenditure from total monthly salary.
  • The resulting value can be used as maximum affordable EMI.
4. Rate Of Interest: Rate of interest is governed by type of loan, loan amount, loan tenure, etc. So, consider the variables to check suitable rate of interest.

A great option is to contact the credit union staff for professional assistance in deciding suitable secured loan. The professional team analyzes the financial situation to suggest suitable loan parameters.

Greater Central Texas Federal Credit Union offers affordable secured loan to its members. Members can apply for a secured loan online or by visiting the credit union. For more details on tips to choose suitable secured loan, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Direct Deposit Services By Credit Union

Credit Union: An Affordable Financial Institution

Credit unions are cooperative financial institutions that are owned and managed by their members.  They are preferred by many due to their affordable financial services and products. They offer a variety of convenient personal services, attractive rates and fees, shared branching and flexible terms & conditions.

Let us delve deeper into understanding the working of credit unions and what they have to offer:

  • They are Non-Profit Organizations: Credit unions accept deposits from members and offer loans without any intention of making profits. Due to the fact that they are non-profit organizations, they offer loans at low interest rates and higher rates for deposits.
  • Operating Principles: Credit unions operate with the intention of pooling financial resources for the benefit of members. Their operating principles revolve around voluntary membership, non-discrimination, serving members, building financial stability, social responsibility and democratic control.
  • Services Provided: Some of the services offered by most credit unions include but are not limited to payroll deduction, online access, MasterCard Gift Cards, ACH origination, ATM, Bill Pay, Wire Transfer, Direct Deposit, Notary Service, savings and investments, lending services (secured and unsecured loans), Traditional and Roth IRAs, Club accounts (Christmas and Vacation), Overdraft protection and more.
  • Reasons For Joining A Credit Union: Credit union members enjoy benefits such as low fees, higher interest rates, excellent customer service, member-centric services, community support, security of deposits (regulation by the National Credit Union Administration; every account is insured up to $250,000), financial literacy and independence, easy qualification, easily approachable in spite of a low credit score etc.
In conclusion, the fact that credit unions are member-owned non-profits plays a prime role in making them affordable financial institutions. Their member-centric approach as opposed to a profit-centric one makes it possible to offer loan products at lower rates, higher rates of interest on savings, access to low-fee checking accounts and more. They are the best option for millennials who are just starting to make financial decisions and require guidance to manage and control their funds without spending much on fees and interest.

Greater Central Texas Federal Credit Union offers a variety of financial services including savings accounts, secured/unsecured auto loans, etc. to its members. For more details on credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Reasons To Save Money In A Credit Union Account




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Steps To Open A Credit Union Savings Account

A savings account is an important financial tool that assists the account owners in managing their financial goals in an effective manner. The interest earned on a savings account makes it a preferred way of saving funds. It also allows the account owners in availing the benefits of a variety of account services such as automated payments, direct deposit, etc.

Credit unions are a popular choice among people considering to open a savings account. Some common reasons behind this choice are higher interest rates, variety of account services, better member services, etc.

Here is a list of steps required to open a savings account at a credit union:

Check Eligibility: Every credit union has some eligibility criteria for members. Common eligibility criteria include area of living, profession, place of work, etc. For example, Greater Central Texas Federal Credit Union requires a person to live, work or worship within the portion of Bell County, Texas, west of Interstate 35. So, before opening a savings account in a credit union, it is important to check the eligibility for becoming its member.

Choose An Account Type: A credit union offers a wide variety of savings accounts to its members. Some common types of savings accounts include Share Savings Account, Money Market Accounts, Christmas Club, Vacation Club, Certificates of Deposit, and Individual Retirement Account. Ask the credit union staff about the features of every savings account type to choose an account type that meets your needs. Points to consider include:

  • Interest Rate
  • Minimum Balance
  • Monthly Fees
  • Account Services
Fill The Application: Ask the staff about the application process, opening balance and required documents. Provide the details required in the application. Credit unions may require identification proofs such as original Social Security Number and a picture id. Complete the application and recheck the filled information before submitting the application.

Make The Deposit: The credit union verifies the documents and application details. Once the details are verified, make the opening deposit as per the account requirements.

Greater Central Texas Federal Credit Union offers a variety of savings accounts to its members. The staff helps the members in choosing a suitable account type and understanding the application process. For more details on steps to open a savings account in a credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Benefits Of Opening An IRA With The Credit Union




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Checklist For Getting An Auto Loan From A Credit Union

Are you looking for an affordable and convenient source of credit for a vehicle? If yes, you should consider visiting a nearby reputed credit union for a better and detailed insight into auto loan financing. Credit unions are convenient and time saving financial institutions catering to all sorts of financial requirements of their members.

Listed below is a checklist for anyone interested in an auto loan from a credit union:

  • Determine Your Budget: Start with making a budget so as to choose the right auto loan in terms of pricing (monthly payments).
  • Get Pre-Approved: Even though your credit union will conduct a credit score check on its own, it is advisable to get the loan pre-approved from the credit union. This helps in determining the APR, amount that you can borrow and the duration of the loan. Pre-approval improves negotiation and increases the chances of getting the most appropriate deal for your budget.
  • Identity Proof: This includes a driver's license, a government-issued I.D. with your name and photograph.
  • Income Proof: This is required to see whether you will be able to repay the auto loan. A credit union assesses one’s assets, income, credit history, monthly expenses, employment, etc. You may be required to show your pay stubs of the previous month, tax forms, W-2 or W-4.
  • Residence Proof: Credit unions are required by the Federal law to provide information about a client’s residence proof. For this, you may be required to produce documents such as a utility bill, medical bill, tax bill, cell phone bill, lease agreement, mortgage statement, bank statement, renters or homeowners insurance policy, etc.
  • Credit And Bank History: The credit union will review your credit history along with your credit accounts, credit limits, account balances, etc.
  • Debt-to-Income Ratio: Late payments and total debt obligations, unpaid bills and collections, foreclosures, etc. are considered by credit unions to determine debt to income ratio.
  • Down Payment: An important part of preparing for an auto loan is to determine the mode by which you will pay the down payment. This could be by cash, credit card, debit card, personal check, etc.
In conclusion, credit unions are a convenient means of financing with limited qualification requirements. They offer a variety of financial services in addition to auto loans e.g. personal and home financing options. When approaching a credit union for an auto loan, it is recommended to go prepared as per the checklist provided above for faster initiation of the loan process.

Greater Central Texas Federal Credit Union provides affordable auto loans to its members. Members can borrow auto loans from the credit union on both new and pre-owned vehicles. For more details on the checklist for getting an auto loan from a credit union, visit 3305 E. Elms Rd., Killeen, TX  - 76542. You can also call at (254) 690 – 2274.

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

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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