• Secured Loans: These loans are provided against collateral with a value that is at least 20% more than the loans value. Detailed information about the loans is available on the credit union’s website. APR and the term of secured auto loans for new and used autos is provided. The APR rates for recreation vehicles (ATVs, motorcycles and RVs) are 2% higher than those of used autos. We also provide 72 month vehicle loans. If you want a share secured loan (one that is backed by a share account), the rate will be 2% more than that of a secured account.
• Unsecured/Signature Loans: These loans are ideal for unexpected expenses or for projects like a vacation. We offer personal/unsecured loans at affordable rates and make quick approvals upon receiving a completed application and verifying income (loan approval within 24-48 hours). We offer payroll deduction, direct deposit and automatic transfer services for convenient loan payment.
• Credit Builder Loan: This loan is offered to help members improve their credit score. It works by freezing the amount of money in a share account until the borrower pays off the loan. As per their nature, these loans can be offered even if the credit score is not satisfactory. It is a good choice for anyone interested in getting a loan for the first time. The best part about these loans is that a borrower gets to build credit and also save in one go.
• Savings Accounts: We offer a variety of accounts for the banking convenience of our members. These include share savings account, checking account, money market accounts, Christmas Club, Vacation Club, Certificates of Deposit and Individual Retirement Account (IRA). The requirements for opening a savings account are, to be living, working or worshipping west of 1-35, 2 forms of ID, $5.00 for opening an account and $20.00 to be kept in the account.
• Other Services Offered: We offer useful financial services such as an amortization calculator (on our website), skip-a payment options, debit cards, Outgoing ACHs, Incoming ACHs, Outgoing wires, Incoming wires, bill pay, gift cards and an audio response system for checking balances, making loan payments and checking cleared drafts.

• They Require Collateral: Collateral is usually in the form of any financial asset. Secured loans are secured against collateral which can be used by a lender to regain the loan amount in case it is not repaid.
  
• Low Interest Rates: Secured loans are available at lower interest rates as they are pledged against collateral. This makes them a good choice for those on a restricted budget; one can borrow huge amounts as these loans are perceived to be safer in terms of repayment.
• Flexibility: Secured loans are highly flexible as far as repayment options, loan approval and customization options are concerned. Repayment options can be fixed or variable depending on the requirement of a borrower. The loans can be customized to suit the personal and financial needs of a borrower.
• Eligibility: Even though every financial institution has a unique set of requirements for a secured loan, some of them are common. For example, in order to avail a secured loan from a credit union, one must be credit union member, possess assets that match the value of the loan or exceed it, produce proof of identity, proof of residence and more.
• Factors To Consider: When getting a secured loan from a financial institution, consider the type of collateral you are willing to provide, whether the interest rate is fixed or variable, the APR (Annual Percentage Rate) and interest rate, fees charged by the lender, minimum and maximum amount of loan, income requirements and more.
• Preparing For The Loan: Before getting a secured loan, check your credit, get your assets evaluated to know how much you can borrow and suitable monthly repayments. Some financial institutions like credit unions offer online facilities that enable members to apply for a secured loan online.
  
• Defaulting: In case one misses the payments for a secured loan, the financial institution that granted it has the right to repossess the asset that was used as collateral. Every state has different laws regarding this procedure i.e. some require a notice of repossession while other waiver it. If the repossessed asset is not sufficient to compensate for the amount of loan, the borrower will have to cover the difference.

• Membership: In order to avail a secured loan from a credit union, the first step is to become a member. For this, you will have to fill a membership application form and meet the requirements set up by a credit union. Every credit union has its unique set of requirements for qualifying as a member pertaining to place of employment, local community, school district, church and more. For example, Greater Central Texas Federal Credit Union offers membership to anyone who lives, works or worships within Bell County, TX, west of I-35.
• Assess Your Financial Position: Start with assessing your financial position to know how much money you need. For this you should list your assets and their worth and do the same for your liabilities; get the difference to know your net worth. This will help you to know how much you can borrow and repay every month.
• Pursue The Application Process: Once you are a member of the credit union and have assessed your financial position, etc., the next step is to fill the application form for the secured loan. You can fill an online application form on the credit union’s website. You will be required to provide information about your residence, type of loan required, personal information and more.
• Review The Terms & Conditions: Before signing the loan application, go through the terms and conditions stated therein thoroughly. If there is anything you do not understand, always ask an expert at the credit union by calling or sending an email. It is important to understand the actual cost of the secured loan, annual fees, up-front costs, loan term, etc.
  

Listed below are some questions an auto loan buyer should ask before getting one:

• What Is The Interest Rate? The first question to ask is about the rate of interest for the auto loan. Interest rates for auto loans are expressed in the form of a percentage (Annual Percentage Rate). Owing a small amount of auto loans translates into a lower interest rate and vice versa. The aim of getting this information is to look for an auto loan that suits your financial requirements.
• What Is The Amount Of Down Payment Required? Next, ask about the requirement and amount of down payment for the auto loan. The amount of down payment is equivalent to a certain percentage of the vehicle’s selling price. A borrower can either put down the minimum amount of down payment required or more as per the amount he can afford to put down.
• What Would Be The Total Cost Of Loan For You? Get a clear picture of the total amount you have to pay for the vehicle by financing it. The total cost includes the down payment, loan principal and the interest part on the loan. It also includes loan processing fees and other fees if any.
• What Is The Duration Of The Financing Period? Auto loans usually last for 36 to 72 months which directly impacts the amount of interest to be paid. So, depending on your budget, ask for an auto loan that is affordable in terms of interest. Short-term loans cost less as far as interest is concerned whereas long-term loans are easier for those on a budget.

• Select A Credit Union: Research on the credit unions in your locality and choose the one based on membership criteria. Inquire whether the credit union is federally insured by the NCUSIF (National Credit Union Share Insurance Fund). Review the services and products offered and verify whether they meet your needs.
• Choose Account Type: Check different account types offered by the credit union. Credit unions offer numerous different account types such as Savings Account, Share Account, Money Market Account, etc. Ask about the features and minimum requirements for every account type and choose a suitable account that matches your requirements.
• Gather Your Documents: The next step is to gather documents that contain important information about your identification such as your Social Security Number, tax bill receipt, credit card, voter’s registration, student ID, physical address, valid identification like a passport, driver’s license, passport, etc. Feel free to call the credit union for guidance and assistance about required documents.
• Open An Account: To finally open an account after the initial formalities, you will be required to pay an amount of as opening amount to complete the account application. You will also have to pay an amount as the processing fee and deposit a minimum amount in your account which will remain in the account until its closure.
• Consider Online Options: For your convenience, you can consider filling an online application form for opening an account in a credit union on its website. Information on the formalities and documents required can be accessed on online portals in full detail. Apart from information about opening an account, you can explore the variety of services and products offered such as the calendar of events, direct deposit, Christmas and Vacation club accounts, certificates of deposit, Individual Retirement Accounts, share accounts, money market accounts and so on.

• Cheaper Loans: Credit unions are famous for affordable lending rates. Their focus is on providing members with affordable products and services in the fastest and most convenient way possible.
• High Rates On Savings Accounts: Those with saving accounts in credit unions enjoy higher rates on their savings and deposit accounts. The savings accounts offered in credit unions include share accounts, money market accounts, Christmas and Vacation Club accounts, Certificates of Deposit and Individual Retirement Accounts (IRAs).
• A Strong Community Presence: Credit unions offer members an opportunity to contribute towards the welfare of their local community. This can be in the form of offering scholarships and grants, sponsoring local fundraisers and organizing valuable events for the local community.
• Personalized Assistance: Credit unions are known for helping members figure out which financial services and products are the best for them as per their current financial situation. They provide personalized assistance to every member and walk them through all the available options to assess whether they are in tandem with their short and long-term financial goals, credit score and more.
• Financial Education: Most credit unions work towards providing financial education to their members in order to help them make sound financial decisions; this is something many people appreciate. They do so in the form of financial workshops, free advice, telephonic consultation, etc.
• Voting Rights: Credit union members are its owners too and enjoy the right to vote on important matters regarding its working e.g. selection of board members. Members feel relevant and acknowledged in the working of the credit union which adds to their overall level of satisfaction and trust in the organization.
• Other Services: Credit unions offer a plethora of services to their members some of which are payroll deduction, on-line access, ACH Origination, ATM services, Bill Pay, MasterCard Cash Advance, Outgoing and Incoming ACHs, Outgoing and Incoming Wires, Gift cards and more.