• They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this:
  • You should live, work or worship in a particular city or area,
  • Be a member of a certain group e.g. the same college, armed forces, a church, etc.
• You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.
• Thereafter you will have to choose the financial services you are interested in.
• Once you are eligible for being a member of the credit union, the next requirement is to open an account with it.
• Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF).
• They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.
• Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products.
• Most credit unions offer savings and loan accounts to their members along with other additional products and services.
• Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.

There are many lenders in an around Texas that can be approached to obtain auto loans. Buying expensive vehicles by furnishing huge lump sum in one go is uite a difficult task. This is where the auto loan become a useful tool. Auto loan is a great method through which one can complete the payment in a stress free manner over a number of years. There is usually a fixed term for repayment of an auto loan in case of most money lenders in Texas. One generally needs to repay the borrowed sum before the end of this period so as to avoid legal issues.

Sometimes, you may find it easy to repay the remaining loan amount along with the interest accumulated on it long before the loan terms is touted to end. This may be on account of availability of money required to close the loan contract. The method of fulfilling your auto loan liability by repaying the remaining dues in one go before the expiry of the loan period is known as preclosure. This is quite beneficial as it helps you avoid escalating interest rates that may be revised due to general inflation in the economy from time to time. It also helps eliminate the burden of furnishing monthly payments out of your salary. Not to mention you save on the interest part as well. Certain financial institutions do charge a small preclosure fee on your loan amount that was due.

Almost all individual money lenders as well as money lending institutions offer the chance of going in for a preclosure to borrowing customers. You can read about the particular terms of initiating the preclosure process in your loan document. It is advisable to be aware of this process before you sign the loan contract so that you can conveniently get a preclosure for your loan amount.

A preclosure in relation to an auto loan is not likely to affect your credit ratings in a negative way at all. On the contrary, it is bound to strengthen your credit score thus making you better eligible for future loans. Most banks in the future are likely to prefer providing loans to you on account of your great record of repaying a loan even before it falls due.

For Auto loans in Central Texas do visit Greater Central Texas Federal Credit Union. We have amazing deals on Auto Loans for our customers. Call us at Phone: 254-690-2274. We are situated at Killeen, Texas.

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