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

Tips When Buying A Luxury Car Loan In Killeen, TX

Owning a luxury car is a dream for many in Killeen, TX. However, buying an expensive vehicle is not within reach many a times and getting a loan is a convenient way to fulfill that dream. Getting a car loan is not difficult but you need to be sure that the loan amount can be repaid easily. Analyze your budget and calculate if you will have enough money for your expenses after paying for the monthly installment along with the interest rate.

Below is a list of some tips that can be utilized when getting a luxury car loan in Killeen:

  • Research: It is important to conduct a thorough research regarding the loan plans being offered by various credit unions. Browse through the internet and read the reviews to decide from which lender you want to get a loan. Compare the plans from at least three providers before making a decision.
  • Interest rate: Interest rate is a crucial factor when applying for a car loan as it eventually decides the EMI that you need to pay every month. A minimal increase in the interest rate can cause a major jump in the monthly installments. Identify the best deal and it is better to opt for a floating rate of interest if you want a loan for a short period of time. On the other hand, go for a fixed rate of interest if you want to opt for a longer tenure loan.
  • Processing fee: Every credit union has its own method of calculating the processing charges for a car loan. Some credit unions use fixed percentage of their loan as processing fee. On the other hand, many lenders also have flat rate processing fee. Decide on what suits your requirement and the amount you can easily afford to repay.
  • Down payment: Down payment is the lump sum money that needs to be paid at the commencement of the loan term. Therefore, you need to have some amount of cash ready for down payment. Take note that lesser down payments will eventually increase your monthly EMIs. So, you need to decide according to the financial resources available to you.
  • Loan term: It is best to avoid long term loans as this can lead to an increase the interest payments made during the loan tenure. On the other hand, a short term will help you in saving on the interest cost. Depending on your financial standing, you can decide on the car loan term.
  • Prepayment charges: The lender can levy prepayment charges if the borrower is able to return the complete or partial loan amount before the end of the loan term. Therefore, you need to be aware if your credit union levies any such charges.
We, at Greater Central Texas Federal Credit Union, offer affordable car loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.
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GCTFCU Blog | Applying For A Home Loan In Killeen, Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Applying For A Home Loan In Killeen, Texas

Whenever you are planning to buy your dream home in Killeen, TX and applying for a mortgage, the most important thing that you need to focus on is your budget. You must know how much monthly installments you can afford to pay. In addition to the EMIs, some other costs are also included in the home buying process. This may comprise the closing costs, credit report fees, home appraisals, application fees, taxes, title transfer fees etc. Therefore, you need to take all factors into account before applying for a home loan.

Below are some tips that can be utilized when you are going to submit a loan application at a credit union:

  • Save money: The terms and conditions for getting a home loan approval keep on changing from time to time. Therefore, if you are planning to apply for a home loan, make sure you have enough cash reserve. You may need to pay the down payment right away once your loan is approved.
  • Get pre-qualified: Knowing how much you can afford is a key step in getting pre-qualified for a loan. Your lender may ask questions pertaining to your monthly income, estimated down payment and the assets you own. Pre-qualification helps in determining your borrowing capacity but it does not guarantee an approval for your loan.
  • Get pre-approved: In order to get pre-approved for a housing loan, you need to submit your recent bank statements, proof of income, and income tax return papers along with employment information. This will help your lender in cross-checking if you have sufficient funds to repay the loan amount.
  • Compare housing loan rates: Compare the various housing loan rates being offered by different credit unions to select the most suitable plan. Most of the credit unions in Killeen offer flexible loan terms thereby making it easier for customers to get approval.
  • Know your credit score: It is important to review your credit score before applying for a home loan. This is a critical factor in deciding your eligibility for a home loan. Also, it is imperative to pay all your bills on time, lower your debts and have a good credit report.
We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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