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

Eligibility For Home Loan In Killeen, TX

A home loan is a perfect way to purchase your dream house in Killeen, TX. However, before applying for a loan from a credit union or any other financial institution, it is important to know whether you are eligible for the same or not. It will help you save time and simplify the home loan process.

Listed below are some eligibility criterion set by most financial institutions in order to apply for a home loan in Killeen:

  • Age:  Age is an important consideration for home loan approval. Younger people are more likely to get a loan as compared to those who are nearing retirement.
  • Source of income: Your source of income along with its stability is an important factor taken into account by a credit union. For instance, having a salaried job can fetch you a higher loan amount because of your job stability.
  • Additional debts: If you have an existing loan repayment, it can affect your chances of getting a home loan from credit union. It is better to pay off all your smaller loans (if any) before applying for a home loan. Additionally, having a good repayment history may also increase your chances of getting a home loan.
  • Proof of income: You will be required to show at least three of your recent pay slips to your lender. If not, you may be asked to submit a letter from your employer which states your annual salary. In case you are self-employed, you may be asked to provide the financial accounts for the past two years.
  • Debt to income ratio (DTI): Your debt to income ratio is another factor considered by a credit union before approving a home loan. It is basically a measure of your ability to manage monthly payments and repay debts as well. DTI is calculated by dividing total recurring monthly debt by gross monthly income. You should calculate it prior to deciding how much loan you want.
  • Credit score: Having a good credit score increases your chances of getting a home loan approved easily. Therefore, it will be beneficial if you maintain a decent credit score by paying all your installments and loans on time.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to our members in Killeen, TX. To know more about our services, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | 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

Secured Auto Loan In Central Texas

If you are planning to finance your new automobile or car, going in for a credit union is a good option. Obtaining a secured auto loan through a credit union in Central Texas is a far simpler and faster process. It has its own set of advantages that guarantee you peace of mind. Read on to know how credit unions are serving the needs of cheap auto loan of people residing in various communities of Texas.

  • The biggest benefit of getting a secured auto loan through a credit union is the competitive interest rates on offer. These are much lower as compared to conventional sources of raising funds, such as banks. Therefore, with an auto loan from a credit union, you can be assured of lower paybacks in the form of interest.
  • Loan approval is a major factor when it comes to applying for an auto loan. Many financial institutions take a lot of time for the loan approval process. The formalities to be completed along with the documents to be furnished are very time-consuming. But when you go in for an auto loan from a credit union, you can be assured of loan approval to be as quickly as possible. The process is comparatively faster and saves up a lot of your precious time before you lay your hands on your dream automobile.
  • Credit unions are also advantageous when it comes to the convenience factor for consumers. A credit union can offer you an auto loan that suits your specific needs and requirements. With credit unions, customers can apply for loans online while sitting in the comfortable environment of their home. Should you have any queries, you can always call up the customer helpdesk to get them resolved at a time suitable to you.

For a secured auto loan in Central Texas, there is collateral to be offered as a security against the loan. The collateral is kept in a safe place and is returned back to the customer.

Whether it is the quest for buying a new automobile or a second-hand one, customers always want a safe way of making their payments. Consistency is an important factor as nobody wants to have loan repayment structures that keep on changing with time. With a credit union, all these factors are taken care of.

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GCTFCU Blog | How Credit Unions Promote Economic Growth?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Credit Unions Promote Economic Growth?

Credit Unions are nonprofit financial co-operatives providing a comprehensive range of savings, lending & investment options. Owned and operated by the members, credit unions strive to offer higher interest on savings, lower loan rates, and various financial products & services to boost the community's economic well-being.

Economic Participation By Members

As a nonprofit & member-centric financial institution, the capital in the credit union is controlled & contributed by the member owners. Therefore, a credit union's earnings are shared among the members in the form of higher savings rates, low-cost loans, reduced fees, and more. Members' economic participation helps form a mechanism that facilitates the community's economic growth.

Lending Options

Credit unions provide various lending options at lower rates. Financial services like loans & credit limits assist members in fulfilling their respective financial obligations & needs like capital requirements, asset purchasing, home building, education, etc. The credit union helps to elevate the economic status of a family/individual by providing easy-to-access lending services, flexible terms and conditions, and a wide range of financial programs.

Savings

A savings account is a basic account type that allows a person to deposit funds with safety assurance. It is considered to be an essential part of financial management as it allows to save money without locking it away for longer period of time. Depositing money on a regular basis enables your money to grow over time keeping you prepared for recurring as well as sudden expenses. Credit unions offer higher interest rates on savings to help members achieve personal financial goals. 

Financial Counselling & Investment Options

Credit unions provide financial counseling led by local experts, allowing to make well informed decisions. They help to optimize member's income by educating members on financial skills including investing, borrowing, budgeting, personal finance, retirement planning, etc. Financial literacy allows individuals to utilize financial resources effectively, which eventually aids economic growth.

Ulterior Motive of Credit Union

Credit union mainly focuses on developing policies and services that can stimulate financial sustainability. The credit union's foremost concern is to promote its member's economic growth by offering democratic control, community support, voluntary membership, and various other means.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen offers multifarious savings, investment & lending options. Visit Greater Central Texas Federal Credit Union (GCTFCU) at 3305 E Elms Rd, Killeen, TX 76542, United States. You can also contact GCTFCU by filling up the contact form available at www.gctfcu.net .
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GCTFCU Blog | Refinancing Your Auto Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Refinancing Your Auto Loan

When you refinance your car, the present auto loan is replaced with a new one having an entirely different set of terms and conditions. You need to repay your loan to the new lender within the stipulated time period while keeping your vehicle as collateral. Refinancing your auto loan is a simple and quick process that has many benefits to offer. You have to pay an almost negligible amount as fees to refinance your auto loan.

In order to speed up the process of refinancing your auto loan from a credit union, ensure that you have the documents ready beforehand. All the application forms must be duly filled and it is essential to keep the car loan account number handy. Also, have all the information pertaining to your vehicle such as the car model, year of manufacturing, VIN etc.

The benefits of refinancing your auto loan are:

  • Reduced loan term: If you are looking to pay off your loan faster in short period of time, refinancing your auto loan is the best option available. This can happen if you have some major positive changes in your financial situation. Although this will lead to an increase in the monthly payment, the overall interest rate will come down. This will eventually lead to financial gains and contribute towards your savings.
  • Lowers the monthly payments: If you are finding it difficult to pay the monthly installments for your auto loan, it is good to opt for a refinance. This can happen if you have suffered a financial setback and need to bring down the monthly payments. A refinance will increase your loan term and provide you more time to repay. This extension in the loan period can help you manage your finances in a better manner.
  • Decreases the interest rate: A lower rate of interest is beneficial as it can reduce your total interest charge and help in repaying the auto loan at a faster pace. Therefore, if you think you did not get a competitive rate of interest in the first time, it is probably good to consider refinancing your auto loan.
  • You can own a car previously on lease: In case your car lease is about to expire, it can be easily purchased by using the option of auto loan refinancing. The loan you get from refinancing can be used to buy out the lease and hand over the payments to the lender. The advantage here is that you can own the car at the end of your loan term.
  • Handle your finances easily: Refinancing an auto loan can help you in managing your finances more efficiently. The amount you get from the refinanced auto loan can be utilized for repaying other smaller personal loans. Therefore, you get to pay only a single EMI instead of multiple EMIs that you were paying previously.
For refinancing options in Killeen, TX, get in touch with Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.
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GCTFCU Blog | Credit Unions: Good For Auto Loans
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Credit Unions: Good For Auto Loans

If you are looking for auto loans for a short-term period at competitive interest rates, then approaching a credit union could be your best bet. For those who are new to the concept of credit unions as financial institutions for borrowing money, it is important to know that these are formed by a group of people with some common link such as members of a church, business, etc. The members pool in their assets for the purpose of providing loans to any one of the members who need the money. Credit unions are becoming a favorite among those willing to buy cars on the basis of a loan as they are very convenient and pocket friendly.

Here are some of the top reasons due to which getting an auto loan from a credit union is a smarter choice today:

  • Personalized attention: Credit unions being smaller organizations than other financial institutions offer faster services to their members and even accommodate minor changes in the scheme of repayment.  There is always some scope for a member to negotiate on the rate of interest and even to get some extra time for the repayment.
  • Easy availability of car loans: Fluctuations in the economic status have made financial institutions quite aggressive when it comes to offering money for loans. However, credit unions are far more relaxed when it comes to giving auto loans to their members and are not affected by the economic conditions as they always have a good amount of funds and enjoy good relations with car dealers.
  • Competitive rates of interest and relaxed terms and conditions: It is a well-known fact that the rates of interest offered by credit unions on auto loans are lesser than that of other financial institutions. These institutions are also flexible when it comes to their terms and conditions, as they are sensitive to any problems that their members could be facing in repaying the loan.
  • Simple loan process: Getting an auto loan from a credit union is very simple and no longer requires a member to sit down with a loan officer to complete the formalities. You can apply for the loan at a participating dealership, over the phone and even online as per your convenience.
  • Perks: Members of credit unions enjoy perks that other customers do not have access to such as low interest rates and special deals.

For cheap 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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