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

Pathway To New Home

21. October 2017 Administrator (0)

View Full Image

Membership Privileges At Credit Union

26. September 2017 Administrator Blog (0)
View Full Image

Home Loan Application Checklist

21. September 2017 Administrator Home Loans (0)

Refinancing Your Auto Loan

14. September 2017 Administrator Auto Loans (0)
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.

Credit Score: Do's And Don'ts

28. August 2017 Administrator Auto Loans (0)

View Full Image

Banks Vs Credit Unions

23. August 2017 Administrator Blog (0)

View Full Image

Reasons To Get A Loan From A Credit Union

20. August 2017 Administrator (0)
A credit union is a financial co-operative that provides loans at competitive rates. The non-profit lending organization works for the benefit of its members. All you need to do is sign up for the membership of the credit union in order to gain all the benefits. Below is a list of certain reasons why you should get a loan from a credit union:

  • Competitive rates of interest: A credit union offers loans at viable rates of interest that makes it easier for the members to get one. Even the loan terms are favorable due to which they can repay the loan along with the specified interest rates at a very comfortable pace.
  • No hidden charges: Credit unions have a small upfront fee when it comes to lending formalities. Apart from this, there are no hidden charges, security deposits or penalties that you are required to make. Not only this, even the paperwork for a loan is not a lengthy process and can be completed within no time. This makes the overall loan process faster and is beneficial for the borrower.
  • Hassle-free membership requirements: It is easy to become a member of a credit union. Whether you are working in a certain company, business or government organization; you can apply for the membership of a credit union. After becoming a member, you get to enjoy all the advantages associated with the membership of the credit union.
  • Works for the benefit of members: Credit union is member and community-oriented. It is formed to provide loan benefits to the members. Even if you default on a loan payment, a credit union is likely to stand with you and offer other possible options.
  • Reasons To Get A Loan From A Credit Union: Nowadays, credit unions offer user-friendly loan options wherein borrowers can simply go online and apply or call over the phone to discuss the details and formalities. This saves the time of actually visiting the credit union premises and talking face-to-face with the loan officer.
  • Additional bonus for members: The members of credit union can get additional bonus offers which are not open for general consumers. The unique perks are promoted by credit unions and this helps in providing extra benefits for those who are a part of the credit union. This is another important reason why you should become a member and get a loan from the credit union.
We, at Greater Central Texas Federal Credit Union, offer affordable loans to our members in Killeen, TX. To know more about the interest rates, you can call us at (254) 690 – 2274.

Important Questions To Ask When Getting A Car Loan

26. July 2017 Administrator Car Loan (0)
When you are looking to get an auto loan, it is important to go to multiple lenders as each will offer different mortgage products. In order to get the best finance deal for your car, make sure you ask lots of questions. The questions could range from simple ones such as what model of the car to buy and go on to complex ones such as credit history etc.

Below is a list of certain important questions that you need to ask when getting a car loan:

Q: How much can I afford?
Getting a new car can be a great addition to your assets. However, you need to sort out your finances well in advance before embarking on this purchase. Take a good look at your monthly expenses and other loan repayment amounts before arriving at the decision of buying a new car. Make a detailed list of your monthly budget and think how you are going to cut off unnecessary expenses in case you buy a new car.

Q: What interest rate I need to pay?
Every credit union will offer you varied rates of interest that can change on a daily basis. However, one of the most important deciding factors for concluding the interest rate that you will be offered is credit history. All the loan options and fees will be decided based on your credit score. Apart from this, there are many other factors such as loan term, the model of the car you are buying and down payment are also taken into consideration while finalizing the interest rate.

Q: Are there any penalties on my loan?
Before getting an auto loan, you need to confirm from the credit union if repaying your loan earlier than the stipulated time period can fetch you some penalty. Also, make sure you ask about any extra charges or fees that you may have to incur during your loan term. It is important to be clear about any hidden charges so that you are not taken aback by any surprise later on.

Q: Should I opt for fixed or variable rate of interest?
 If you opt for a car loan with a fixed rate of interest, your repayment amount as well as interest rate will remain constant throughout the loan term. On the other hand, a variable rate of interest will keep on changing making your repayment amount increase or decrease during the loan term. This can affect your budget as you will not know what rate of interest you will be required to pay every month. Depending on your financial situation, choose a suitable option.

Q: Do I need extra protection apart from insurance?
It is important to have car insurance if you want to legally become the owner of a vehicle. However, it is up to you to decide if you want to have comprehensive car insurance to add more protection. It is best to talk to your lender and discuss your insurance requirements.

Apply for cheap car insurance at Greater Central Texas Federal Credit Union. To know more about the financial services provided, feel free to call at (254) 690 – 2274.

Benefits Of A Secured Loan

21. July 2017 Administrator Auto Loans (0)

View Full Image

Common Home Loan Mistakes

19. July 2017 Administrator Home Loans (0)


View Full Image