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

Factors To Consider While Applying For Car Loan In Central Texas

22. July 2016 Administrator Car Loan (0)
When applying for a car loan in Central Texas, you need to choose the one that you can easily repay along with the specified interest rate. It is important to consider certain factors so that you find a loan plan within your budget. Whether you are planning to buy an old car or a new one, make sure you consider the following parameters:

  • Budget: Calculate your budget to find out the monthly amount you can manage to repay your car loan. It is best to opt for a used car if you have a low budget as going in for an expensive one may put a financial burden on you. Apart from monthly installments, you will also have to spend money on insurance, car maintenance, registration etc. Keep all these expenses in mind before making a decision.
  • Interest rate: The amount of money you need to pay as interest hugely affects your EMIs. Therefore, you need to check the interest rate with the credit union where you are planning to apply for the car loan. It is better to compare the rates from at least three credit unions and choose the one that suits you the best.
  • Type of car: Depending on your budget and daily use, you need to decide if you want to buy a new or a used car. A used car is generally the best choice in case you drive occasionally because it will cost you less. On the other hand, if you plan to use the four-wheeler on a daily basis, it is better to check out the latest car models and choose the one that fits your budget.
  • Credit score: Before applying for a car loan, keep a check on your credit score. It is imperative that you clear all your previous dues (if any) and be regular in your loan payments as well. Your credit score has a bearing on the approved amount of loan and the interest rate.
  • Down payment: You need to make an initial down payment when you finance a new car. Although a lower down payment may seem lucrative in the beginning, it can result in higher EMIs. This will consequently increase the tenure of your loan. So, you need to consider the amount you can afford to pay as down payment and the impact it may have on your loan.
We, at Greater Central Texas Federal Credit Union, offer low interest loans for new as well as used cars. For details, call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.
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GCTFCU Blog | Benefits Of Direct Deposit
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Benefits Of Direct Deposit

25. January 2019 Administrator Blog (0)
In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.                                                                                                                                                                         

Following is a list of benefits that direct deposit has to offer:

  • Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
  • Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
  • Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
  • More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
  • Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
  • Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
  • Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
  • Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
  • Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

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