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

Auto Loans In Killeen: Common FAQs

8. July 2016 Administrator Auto Loans (0)
Getting an auto loan from a credit union in Killeen is a fairly simple process. However, before applying for a loan, you need to be clear about your requirements and budget. Besides, there may be a lot of questions and concerns that you may have in your mind. Listed below are some of the common questions asked by people while applying for an auto loan in Killeen:

Q: How do I approach for a car loan?
A: You can research online or contact the credit union in your area to know about the vehicle financing options available. After comparing the interest rates offered by different institutions, you need to submit an online auto loan application form. Depending on your eligibility, you may get intimation from the lender to process your application further for loan approval.

Q: How much loan can I get from the credit union?
A: Depending upon the terms and conditions of the credit union, you may get loan up to 90% of the total value of the car you are planning to buy. However, certain factors may influence the actual amount approved by the credit union. These may include the price of the vehicle, resale value, insurance costs, your income etc.

Q: How is the interest rate determined for my auto loan?
A: The interest rate for auto loan is determined after considering factors such as credit history and loan amount sanctioned. The credit union may evaluate your ability to repay the loan while deciding the interest rate. The length of loan term and amount given as down payment are some of the other factors that may be taken into account.

Q: What are the important documents that I need to submit?
A: While applying for an auto loan, you may need to submit proof of your income, credit history, residence, age, financial statements etc. You will also be required to provide vehicle information to the lender whether you are buying a new or used car. This includes details such as: year of manufacturing, model, vehicle identification number etc.

Q: If I decide to repay my auto loan early, is there a pre-payment penalty?
A: Though most of the financial institutions do not have a pre-payment penalty, you need to check out the specific rules of your credit union. Depending on the specifications of your loan as well as the terms and conditions, you may or may not be able to repay the loan early.

For affordable auto loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about the application procedure, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Benefits Of Getting Loan From A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Benefits Of Getting Loan From A Credit Union

10. June 2016 Administrator Blog (0)
A credit union is a financial cooperative for the people of a community. Since the purpose is to work for the benefit of the members, it offers home and auto loans at fairly simple terms that can efficiently work in everyone’s interest. Following are some upsides of getting loan from a credit union:

  • Willingness to give loans: Credit unions understand their members‘ needs to take loans and patiently assess their credit history and financial ability to provide them the required amount. The loan eligibility requirements are not so stringent at a credit union which increases the likelihood of getting an approval.
  • Low fee and rates: The purpose of a credit union is not to make profits but to offer financial aid to the members to its members. Thus, they offer low interest rates and processing fees on all loan plans.
  • Personalized service: The credit union board of directors consists of the members and thus you can expect to receive personalized services. The staff reviews your concerns regarding loan term, repayment flexibility and financial needs to offer a customized loan plan.
  • Provide proper education: Credit unions provide complete assistance to the members regarding the financial tools and resources available. Thus, you can seek guidance regarding how much money you should borrow or the premium amount you should settle on as per your financial position. Credit unions have professionals to guide you through the loan process.
  • Unions are stable: Market fluctuations do not make your monthly repayments volatile when you have get a loan from a credit union. This is because the source of their finance is the deposits of other members. This make the credit unions a stable source to finance your home or vehicle purchase.
  • Other benefits: Besides simplifying the loan process, the credit unions also offer many other services for the benefit of its members. These may include wire transfer, savings and checking account, MasterCard, ACH origination etc.
A credit union provides the required convenience and stability that every loan seeker looks for. You may compare the terms and rates from other available options too before making up your mind. It is not a problem if you aren’t a member of a union yet. It is easy to gain membership and reap the benefits of the financial services offered by a credit union.

If you are looking for an auto or home loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about our loan plans, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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