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

Auto Loans In Killeen: Common FAQs

Getting an auto loan from a credit union in Killeen is a fairly simple process. However, before applying for a loan, you need to be clear about your requirements and budget. Besides, there may be a lot of questions and concerns that you may have in your mind. Listed below are some of the common questions asked by people while applying for an auto loan in Killeen:

Q: How do I approach for a car loan?
A: You can research online or contact the credit union in your area to know about the vehicle financing options available. After comparing the interest rates offered by different institutions, you need to submit an online auto loan application form. Depending on your eligibility, you may get intimation from the lender to process your application further for loan approval.

Q: How much loan can I get from the credit union?
A: Depending upon the terms and conditions of the credit union, you may get loan up to 90% of the total value of the car you are planning to buy. However, certain factors may influence the actual amount approved by the credit union. These may include the price of the vehicle, resale value, insurance costs, your income etc.

Q: How is the interest rate determined for my auto loan?
A: The interest rate for auto loan is determined after considering factors such as credit history and loan amount sanctioned. The credit union may evaluate your ability to repay the loan while deciding the interest rate. The length of loan term and amount given as down payment are some of the other factors that may be taken into account.

Q:
What are the important documents that I need to submit?
A: While applying for an auto loan, you may need to submit proof of your income, credit history, residence, age, financial statements etc. You will also be required to provide vehicle information to the lender whether you are buying a new or used car. This includes details such as: year of manufacturing, model, vehicle identification number etc.

Q: If I decide to repay my auto loan early, is there a pre-payment penalty?
A: Though most of the financial institutions do not have a pre-payment penalty, you need to check out the specific rules of your credit union. Depending on the specifications of your loan as well as the terms and conditions, you may or may not be able to repay the loan early.

For affordable auto loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about the application procedure, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Is A 72-Month Auto Loan Right For You?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Is A 72-Month Auto Loan Right For You?

With 3 and 5 year loans dominating the car financing market, most buyers know little about lesser popular 72-month auto loans. While these loans make a car buyer pay a greater amount of interest eventually, they are of advantage to those who can’t afford to pay high monthly installments. If you are considering the 72 month auto finance, the following list of pros and cons will help you decide whether such a loan is right for you or not.

  • The most obvious advantage of a 72-month loan is the low monthly payments on such a loan. Since the loan has to be repaid over a longer period of time, the monthly payments are low and hence affordable.
  • If you want to buy an expensive vehicle, such a loan can help you in achieving this dream even if the car is not quite within your budget.
  • A good question to ask yourself before opting for a 72-month auto loan is whether you are the kind of person who likes to trade in the old car for a new one every few years. If you are likely to get tired of your new car in a couple of years, this loan is not the right option for you, since the chances of you ending up with a negative equity are high.
  • Another disadvantage of such a loan when compared with car loans of a lesser duration is the higher interest rate that you shall end up paying. While such a loan appears to be cheaper while taking the monthly payments into account, the fact is that you eventually pay a high overpayment amount.
  • If you have an irregular pay cycle when in some months you earn more than the other months, such a loan would be perfect for you. The low monthly payments make it possible for you to keep up with your payments and even make higher payments on certain months when you have a lump-sum of money.
  • Such a cheap auto loan is a great option for students who work part-time and make better money during the summer. As long as you are willing to make the payments for the 6-year period of the loan, such a loan can be very affordable and convenient.

To procure instant 72 Month Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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

Credit Unions For Cheap Auto Loans

Credit unions are financial institutions that are formed by a group of people with some similar interests. This group might be of business partners, members of a church, etc. Such a group pools in its assets to form capital that can be lent to members of the union as a loan. Many people prefer credit union loans to loans from regular financial institutions because their interest rates are very competitive, making them a cheaper option in the long-run. Low interest rates are a boon for borrowers especially when it comes to auto loans.

Auto loans from credit unions are very convenient for the borrower due to the following reasons:

  • Easy availability of money: Most of the financial institutions make their terms and policies stringent especially when the economic conditions are not favorable and this becomes a major handicap for borrowers. Credit unions do not suffer from such issues as they have enough funds at all times and enjoy good relationships with most of the car dealers making them a reliable source of loans. The process of getting loans from credit unions has been further simplified as you can now get a loan online or even over the phone.
  • Flexibility: Credit unions are very flexible when it comes to the terms and conditions for offering loans. It lets the borrower switch from a long-term loan to a short-term loan at his convenience and he can even extend the period of the loan in case of non-payment. You can also negotiate on the interest rates and settle for one that is comfortable for you.
  • Lower interest rates: This is probably the biggest advantage of opting for auto loans from credit unions as it cuts down on your expenditure in the long-run. Credit unions are non-profit organizations due to which their main motive is to help those in need of money without focusing on how much they end up gaining. This is the main reason for which auto loans offered by them have very reasonable interest rates as compared to those of other financial institutions.
  • Easy membership and perks: The process of becoming a member of a credit union is uncomplicated and once a member, you get additional perks that non-members do not enjoy. Members enjoy a further slash on the interest rates coupled with other offers that make it easier for them to clear their loan.

For more information on how to secure an Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union located at - 3305 E. Elms Rd. Killeen, TX 76542. You can also call us at 254-690-2274.

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