GCTFCU Blog

How To Apply For A Secured Loan

17. September 2019 Administrator Blog (0)

With lower interest rates, secured loans are one of the favorite funding source for borrowers. The reason for lower interest rates in case of secured loans is the fact that lenders asks for a collateral as security against the amount financed. Examples of collateral used for secured loans are funds in the savings account, certificate of deposits, valuable property such as house or a commercial property, etc. It is important to know that the value of collateral should be equal to or greater than the loan value.

Following are some points worth considering when applying for a secured loan:

Your Financial Situation: Before applying for a secured loan, the first thing to do is to assess your financial situation. Figure out how much loan you need, suitable loan term, feasible EMI, etc.
Credit History: Once you have made up your mind to get the loan, check your credit history and see how it will affect your loan application. A good credit score increases your credibility.
Loan-to-Value: Assess the loan-to-value in order to know your borrowing capacity and the interest rate that will suit your financial circumstances. A lower loan-to-value translates into a better interest rate.
The Interest Rate: Inquire about the interest rates offered when looking for a secured loan. Ask the loan officers about suitable options and ways to secure a better rate.
The Term Of The Loan: The period over which you have to repay the loan also impacts the cost of the loan. A shorter period of repayment may lead to higher interest rate and vice versa.
Fees And Monthly Payment: When obtaining a secured loan, keep in mind that it involves various payments such as application fee, loan origination fee and cost of appraisal.
The Application Process: Credit Unions offer borrowers the choice of applying online. During the process, applicant is required to provide details such as the name, address, date of birth, income and employment status, etc.

Visit Greater Central Texas Federal Credit Union to apply for secured loans. The credit union offers secured loans on low interest rates to its members. For more information on how to apply for secured loans, visit: 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact: (254) 690 – 2274.

How Does Secured Loan Affect Credit Score

31. August 2019 Administrator Blog (0)

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Reasons To Get A Car Loan From A Credit Union

21. August 2019 Administrator Blog (0)

A credit union is a not-for-profit financial cooperative that provides traditional banking services such as opening accounts and offering loans. It poses as a great option for financing a new or used car because credit union members enjoy benefits such as low interest rates, minimum loan requirements, financial advice, etc.

Listed below are reasons due to which it is highly recommended to borrow a car loan from a credit union:< GCTFCU Blog | Blog

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

Guide To Understanding Your Credit Report

13. June 2018 Administrator Blog (0)

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Facts About Credit Union

30. May 2018 Administrator Blog (0)

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Reasons Why Youngsters Should Join A Credit Union

26. May 2018 Administrator Blog (0)

Credit unions are a great option for youngsters in search of financing options with low rates of interest and individualized services. They are non-profit, trustworthy financial institutions that are being sought after by many people. Here are some reasons due to which joining a credit union is highly recommended for youngsters

Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.

Conclusion: Credit unions are an ideal choice for youngsters as they are member centric, guide in making the best financial decisions, have /div>

Membership Process: The prerequisite for applying for a car loan from a credit union is that the borrower should be its member. The membership eligibility requirements are based on where a prospective member lives, works or worships. Once you find a credit union that you are eligible for, all you need to do is submit a duly filled application form with required documents and make a small deposit to open an account. Being a member of a credit union, you are eligible to apply for a loan from that credit union.
Low Interest Rate: Credit unions offer highly competitive interest rates on car loans. The underlying reason is that credit unions are non-profit organizations which reinvest their profits to benefit their members.
Quality Customer Service: Members of credit unions enjoy personalized services. They are encouraged to discuss any concerns they may have about the loan, inquire about flexible repayment options and review their financial situation with professionals.
Non-Sales Approach: Credit union’s aim is to offer members high quality financial products and services without focusing on profits. Instead of trying to sell a service, credit unions try to help members make the best financial decision as per their individual requirements and financial status.

Greater Central Texas Federal Credit Union offers car loans to its members. The members can apply for loans online or visit the credit union. The credit union offers other services including a variety of savings account, MasterCard, checking account, etc. Members can choose the services that match their requirements and contact the officers for understanding the terms. For more details on reasons to buy car loans from a credit union visit, 3305 E. Elms Rd., Killeen, TX – 76542.

What Is A Credit Union?

25. July 2019 Administrator Blog (0)

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Benefits Of Banking With Credit Unions

19. July 2019 Administrator Blog (0)

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Products & Services Offered By Greater Central Texas Federal Credit Union

15. July 2019 Administrator Blog (0)

The Greater Central Texas Federal Credit Union is a member-owned cooperative that was formed in 1957 with the goal of providing financial assistance at affordable rates to its members. The profits of the credit union are exclusively used to provide quality services and lending solutions to its members.

Following are the products and services offered by Greater Central Texas Federal Credit Union:

Checking Account: Members can open checking accounts with the credit union to avail facilities like free and unlimited check writing, ATM transactions, VISA Debit transactions and the convenience of E-Statements. Members above 55 years of age can open a Golden Apple Checking Account that offers benefits like no minimal daily balance requirement.
Low Interest Loans: The credit union offers secured loans for new & pre-owned vehicles at competitive rates to its members. Also, members can apply for unsecured loans at a low Annual Percentage Rate (APR).
MasterCard: Members of the credit union are also entitled for regular MasterCard, Gold MasterCard and Platinum MasterCard. The cards are offered at fixed rates and no annual fee is charged.
Savings Accounts: Greater Central Texas Federal Credit Union offers a variety of savings accounts to its members. Some of these include Tiered Money Market accounts, Vacation and Christmas Club, Certificates of Deposit and Variable Rate IRA’s.
Electronic Services: Members can sign up for online access to their accounts. This allows them to monitor their accounts and make transactions anytime for convenient banking experience. By signing up for electronic services, they can pay their bills online with Bill Pay + at a minimal monthly cost. The electronic services are offered free of cost to members above 55 years of age. These services equip members to make MasterCard payments using their phone or computer through internet. To initiate the service, members can call the Card Services at the number provided on the credit union’s website.
Other Services: In addition to the above-mentioned products and services; the credit union also provides services like check reordering, an online loan calculator, payroll deduction, direct deposit, wire transfer, ACH origination, ATM services, MasterCard cash advance, MasterCard gift cards, notary service and more.

Every account in the credit union is insured by the National Credit Union Administration (NCUA) up to a set limit.

Greater Central Texas Federal Credit Union offers an array of financial solutions such as savings accounts, secured loans, etc. to assist its members. To know more about the products and services offered by the credit union in Killeen, call at (254) 690 – 2274. You can also visit the credit union at 3305 E. Elms Rd., Killeen, TX - 76542.

Common Advantages Of Credit Unions

29. June 2019 Administrator Blog (0)

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Services Offered By A Credit Union

24. June 2019 Administrator Blog (0)

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Why Credit Unions Are Important For The Community

17. June 2019 Administrator Blog (0)

The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.

Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

Why Good Credit Matters

27. May 2019 Administrator Blog (0)

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Advantages Of A Credit Union

22. March 2017 Administrator Auto Loans, Blog, Home Loans (0)

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Credit Union: Benefits Of Membership

27. December 2016 Administrator Blog (0)

Since many years, credit unions have become a preferred choice of people who are looking for affordable and reliable financial services. Though they seem similar to other organizations, membership at a credit union comes along with many additional benefits to maximize benefit for the clients. Whether you are looking for an affordable home/auto loan or looking for beneficial savings and investment options, credit unions can offer you the most liable solution.

Given below are some of the benefits of becoming a member of a credit union in Killeen, TX:

Low interest financing options

The most significant benefit of joining a credit union is that you can avail home and auto loans at low interest rates. Being a non-profit organization, credit unions are exempted from paying the state and federal taxes which allows them to offer affordable financing options. Also, there are no stakeholders to share the returns and all the profits are directly returned back to the members.

Easy application process

The process of applying a loan at a credit union is quite simple and straightforward. It does not involve extensive paperwork and the staff provides complete assistance through the entire process. You just need to fill out the form and submit the necessary documents. The processing charges and other fees are also minimal.

Quick loan approval

When you apply for a loan at a credit union, you can expect to get approval within a few days. In case of a secured auto loan, there are no rigorous background checks to be performed. The collateral provided by the borrower serves as a security against the loan amount. Therefore, such loans are usually approved within 48 to 72 hours.

Quality customer service

The staff at the credit union works with the sole purpose of providing convenient and superior services to the members. They provide personal attention to each client and help in resolving their queries regarding financial transactions. The customer service representatives are very knowledgeable and responsive to the clients’ concerns as well as feedback.

Volunteer board of directors

Unlike banks, credit unions are member owned and operated organizations. The board of directors are elected and nominated by the members every year. The board then formulates the policies and monitors the working of the credit union.
Equal rights

Being a member of a credit union makes you a part-owner along with the right to say in the governance matters. All members can share their opinion and provide suggestions regarding new policy, irrespective of the amount of money in their account.

No stringent rules on minimum account balance

Credit union members are not liable to maintain a minimum balance in their account. They have complete freedom to withdraw as much money they want from their account any time. Also, the checking and savings accounts are federally insured by the National Credit Union Administration (NCUA) to provide complete security for your deposits.

Dividend on savings

At the end of every year, credit union members are entitled to attractive dividends on their savings account. All the profits earned by the organization are returned to the members in the form of dividends and attractive loan rates.

Hassle free account access

Credit unions in Killeen have a well-developed ATM network that allows you to withdraw money anytime and anywhere. You can even avail personalized services during the office hours or opt for online account access to view your loan summary and the financial transactions related to your account.

Lifetime benefits

Credit union membership offers lifetime benefits. You can continue availing the financial services even if you change your job, or place of residence. Some credit unions even allow you to nominate your immediate family members to become a member and avail the same benefits.

Additional services

Apart from loans, credit unions also offer a wide range of other financial services to the members. Some of these include low rate credit cards, payroll deduction, ACH origination, direct deposit, notary service, MasterCard gift cards, wire transfer etc.

Be a member of Greater Central Texas Federal Credit Union to avail a wide range of financial services. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

Benefits Of Using A Credit Union

26. October 2016 Administrator Blog (0)

Over the years, credit unions have emerged as a safety refuge for people who wish to save money as well as earn interest out of their savings. These are not-for-profit institutions that aim at keeping the members first. They offer a wide range of financial services, membership benefits and attractive policies which sets them apart from other financial institutions.

Discuss below are some benefits of using a credit union:

Superior service that keeps members first
Credit unions are financial cooperatives that are owned by the members. Their aim is not to make big profits for stockholders, but to provide financial assistance and customer service to the shareholders. The credit unions take an extra step where they involve the members to vote on the new policies and take account of the suggestions.

Credit unions offer lower interest rates
Owing to their not-for-profit status, credit unions offer high rates on savings account and lower rates on loans as well as credit cards. These rates are competitive and promote savings. Thus, you can enjoy lower rates on your credit cards, house loans and auto loans while you can earn a higher rate of interest on savings and cash deposits.

No minimum balance constraint
Unlike other financial institutions, a credit union does not have to maintain a minimum balance or cash reserve ratio. Thus, it is not mandatory for the account holders to maintain a minimum balance in their financial account. This feature allows customers to withdraw all or keep no money in their account.

Flexible fees
Credit unions are very flexible when it comes to charging fees. They usually aim at charging less and keeping the costs low for the members. They prefer to eliminate a few products and services in order to cut costs, rather than piling up on the fees.

Easier access to cash
Credit unions have come up with the CO-OP ATM network and a shared branch alliance. This includes surcharge-free cash machines and shared branching that gives members the ability to conduct in-person transactions at a larger number of branches across the state. Also, these CO-OP ATMs do not charge any transaction fee.

Friendly and cooperative staff
The staff at credit unions is friendlier and more cooperative as compared to other financial institutions. They are also easily accessible to address your queries and concerns regarding any financial matter. They only invite members who are local and thus are comparatively smaller. This allows them to be well connected with their surroundings and better at giving feedback.

Provides loan regardless of credit history
This is another major benefit of being a member at a credit union. These institutions are willing to provide quick loan approval to people regardless of their credit history. They also offer programs that help you manage your budget and unexpected expenses.

The Add-Ons
A more attractive feature of opting for a credit union is the additional products and services they offer, besides financial services. You may come across some credit unions that have provisions like individual health insurance and financial advisory services. They aim at community service and providing financial education.

All in all, credit unions prove to be community friendly and more welcoming when it comes to providing financial services to the local people. They offer a lower interest rates, and fee -free ATM transactions. Thus they work on a different and more welcoming business model, which makes them customer friendly.

Benefits Of Refinancing Your Car Loan: Credit Union Killeen

5. August 2016 Administrator Blog, Car Loan (0)

In simple terms, refinancing your car loan corresponds to replacing your present loan with a new one with a completely different set of terms and conditions. The eligibility criterion for getting a new auto loan is not very difficult to fulfill. You only need to be regular with your previous payments to make the refinancing process extremely simple. Considering the benefits of getting your car loan refinanced from a credit union in Killeen, TX, it is definitely an option worth considering.

Listed below are some of the advantages of refinancing your car loan:

Reduces the monthly installments: Refinancing can significantly bring down the monthly payments towards your car loan. Having low monthly payments allows you to manage your household finances more efficiently and make savings at the same time. You can even invest your money to receive significant monetary returns in the long run.

Can decrease the interest rate: Apart from low monthly payments, car loan refinancing can also help in decreasing your interest rate. You can get the new loan at a lower rate of interest from another lender. The lower rate of interest brings down your overall repayment amount you owe to the lender.

You can alter the length of loan: Though long term loans equate to lower monthly payments, you end up paying more interest to the lender. However, if you opt for refinancing your car loan, you can change the loan term and the monthly payments that go with it.

You can own a car previously on lease: If there is an instance where the lease on your car is about to finish, you can purchase it by choosing the option of auto refinancing. The loan obtained from refinancing can be utilized to buy out the lease and give the payments to the lender. You will be the owner of the car when the loan term ends.

If you are looking to refinance your car loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. For more details, you can call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.

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.