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

Tips to Ensure Timely Loan Repayments

29. November 2022 Administrator Blog (0)
Managing your debts is vital for maintaining financial health. Timely loan repayments not only keep your credit score healthy but also ensure the uninterrupted functioning of the household.

Here are a few tips for making timely loan repayments while taking care of your expenditure.

Prepare a Budget

Prepare a monthly budget and earmark a particular amount for each household requirement. With proper budgeting, you can strategize your loan repayment while keeping track of your expenditure. Cut down on unnecessary expenses and spend mindfully. You can also install budgeting apps to keep your monthly outlay in check.

Loans Consolidation

It is difficult to keep track of multiple loans and their monthly installments. Consider various ways to consolidate your debts. Debt consolidation means unifying more than one debt into a new loan, especially the ones with a lower rate of interest. You can take personal loans from a credit union at a competitive interest rate to pay off your loan.

Prioritize the Loan with Higher Interest Rate

Focus on the loans with higher rate of interest. If allowed, make larger payments towards these loans to pay them off as early as possible. But make sure that you don’t skip payments towards other loans, if any.

Automate Payment Options

Choose auto payment deductions to ensure you don’t skip or delay any monthly installment towards your loan repayments. This is necessary to avoid penalties for late payments.

Emergency Funds

Prepare an emergency fund to walk through tough times without any financial complications. If possible, keep funds worth 2-3 months of EMI amount in your account to act as a financial safety net.

Deposit Extra Money Towards Debt/Loan

If you receive a considerable amount of money, such as a bonus, instead of splurging that sum on needless expenses, deposit this money towards your loan repayments.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union is a member-owned cooperative that has been helping people with their financial needs since 1957. The lending options offered by the credit union include New and Pre-Owned Vehicle Loans, and Secured & Unsecured loans at competitive interest rates. The credit union also offers numerous other financial services such as savings accounts, Wire Transfer, Bill Pay, etc. 

To know more about loans in Killeen, visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd, Killeen, TX – 76542 or call (254) 690 - 2274. You can also browse through www.gctfcu.net
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GCTFCU Blog | Ways To Get Out Of Debt
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Ways To Get Out Of Debt

21. May 2019 Administrator Blog (0)
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GCTFCU Blog | Services Offered By A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Services Offered By A Credit Union

24. June 2019 Administrator Blog (0)



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

For A Cheaper Auto Loan, Try A Credit Union

22. October 2014 Administrator Auto Loans (0)

If you are looking to buy a new or old car and have exhausted almost every financing option, then credit unions can come to your rescue. Credit unions are the financial institutions set up by a group of people who pool their resources to provide loans and financial assistance to the members. Since they are non-profit organizations, you get expect competitive interest rates and quicker loan approval. These features have made credit unions an attractive option to consider for an auto loan. 

Benefits of choosing a credit union for auto loan-

  1. More chances of getting loan approved – Although credit unions do check your credit history, they are quite flexible in making a few adjustments in the loan terms. This can come as a breather for a number of people who have not been able to secure a loan from other financial institutions. The loans are usually approved quickly and even the documentation work is minimal. Being a member of these credit unions can add up to these privileges.
  2. Low interest rates –The loans provided by the credit unions are offered at much lower interest rates than any other financial institution. Knowing that, you can have considerable amount of savings on your loan payment. 
  3. Personalized service - Since credit unions are non-profit organizations and strive to provide the best experience to their clients, they offer flexible repayment options on your auto loan, depending on your circumstances. You can even discuss your concerns regarding the loan with the representatives at the credit union. This can help ease a lot of pressure and other issues regarding the loan.
  4. Non sales approach – Credit unions usually follow a non-sales approach and do not try to sell any other financial products to you. Rather, they strive to provide better services to their customers.
  5. Better educational resources – Credit unions also provide you the necessary information related to the financing options and also help in assessing the real value of your car. They work for your best interest and assist you in making the right decision about the auto loan.

Credit unions are a great option for auto loans as the process is very easy and stress free. The staff assists you in all aspects of loan application process. For more information about auto loans, visit Greater Central Texas Federal Credit Union. You can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.

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