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

Choosing The Right Car Loan In Killeen, TX

17. December 2014 Administrator Car Loan (0)

Various financial institutions offer car loans with different repayment options. However as a borrower, it is important that you understand your requirements and affordability to avoid any difficulties while repaying the loan amount. 
Here are some important tips that you must keep in mind while choosing a car loan:

  • Determine your affordability: Undoubtedly, this is the most important per-requisite of applying for a car loan. It is very important to establish your budget for the loan amount to ensure you can pay it off easily. Therefore, determine all our monthly expenses and determine the amount that you would be able to spare monthly. Some people may have the misconception that making large repayments is a good way to pay the loan off early. However, this extra expenditure every month cost can also cause you to financially struggle for your basic needs.
  • Know your budget: After you have set aside the amount that you can afford, you must work upon how you will manage your expenses. If you do not have a steady income, you should opt for a loan that offers flexible repayment options. Make sure that you chalk out a budget that seems practical and realistic.
  • Determine your chances of approval: Most financial institutions have a specified set of criterion to decide on if an applicant’s loan should be approved or not. You should consider your credit history, annual income and other relevant factors to determine the approximate loan amount that you can be lent.
  • Secured or unsecured loan: A secured loan would need you to put up collateral against the money borrowed. In case you fail to pay the loan back, the collateral will be possessed by the lender. Unsecured loans, on the other hand, will possibly have higher interest rates due to no such security. You should be aware of the stakes and take a well informed decision.
  • Interest rates: You must also decide between fixed and variable interest rates. Fixed rates would help you have a clear idea of your monthly repayments, and therefore, manage your budget accordingly. Variable rates however are subject to change according to the present market conditions but can offer benefits too.

We at Greater Central Texas Federal Credit Union offer convenient and instant car loans at affordable rates of interest. For more details, feel free to call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

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

Affordable Home Loans In Killeen, TX

13. August 2015 Administrator Home Loans (0)
With the ever-increasing property prices and soaring interest rates, it is important to choose the right home loan to avoid any financial issues in the long run. Keeping this in mind, a lot of home buyers prefer a credit union over bank for their financing needs. This is mainly because of the considerably low interest rates and better customer service offered by them. Additionally, the process of applying for a home loan at a credit union is much simpler, with minimal documentation and paperwork.

Given here are some of the benefits of choosing a credit union for a home loan:

  • Low Interest Rates: Being a non-profit organization, a credit union is not liable to pay any taxes to the state or federal government. This, in turn, allows them to offer low interest rates on their home loan products. Thus, you will have to pay lower monthly installments and be able to save more.
  • Account Holders Have A Say: As members of a credit union are its part owners, they have a say in the important matters of the credit union. This may be concerned with the working of the credit union, interest rate of loans or other services offered to the members.
  • Less Income Requirements: A credit union usually does not have a strict income criterion for an applicant to be eligible for home loan. Thus, people who have not been approved for home loan by a bank due to low income are quite likely to get approval at a credit union.
  • Fewer Processing Fees: The loan processing fees charged by a credit union are usually affordable and lesser than many other financial institutions. In addition, it also offers several other membership services such as online banking, checks, wire transfer etc. at a nominal cost.  
  • Speedier Closings: When you apply for a home loan at a credit union, you can expect an instant approval for the same.
  • Flexibility: Working solely for the benefit of the members, a credit union is not much stringent when it comes to their loan conditions and policies. They offer considerable flexibility in terms of loan products and repayment options.
We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
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