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

Things To Avoid While Applying For An Auto Loan

26. March 2018 Administrator Auto Loans (0)



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Try A Credit Union For Cheaper Auto Loan

24. February 2018 Administrator Auto Loans (0)



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Step-By-Step Guide To Auto Loan Pre-Approval

21. February 2018 Administrator Auto Loans (0)


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Ways To Manage Auto Loan

8. November 2017 Administrator Auto Loans (0)



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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)

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Benefits Of A Secured Loan

21. July 2017 Administrator Auto Loans (0)

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Types Of Auto Loans

24. May 2017 Administrator Auto Loans (0)


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Advantages Of Credit Union Auto Loans

18. May 2017 Administrator Auto Loans (0)
Buying the car of your dreams is a great achievement that can only be fulfilled if you get a good car loan from a trusted lender at a decent rate of interest. One of the best options is to apply for a car loan from a credit union.

Although there are numerous lending options available in the market, getting an auto loan from a credit union is easier. Credit unions have the funds as well as amicable relationships with car dealers. This makes them one of the most trusted lending organizations when it comes to providing car loans.

Below is a list of advantages associated with getting a car loan from a credit union:

  • Favorable rate of interest: Credit unions are non-profit organizations that work for the benefit of their members. Therefore, you will get a lower rate of interest on your car loan from the credit union. A favorable rate of interest can significantly affect loan repayment amount and contribute towards great savings for you.
  • Fewer formalities: When you apply for an auto loan from a credit union, there are fewer formalities and lesser paperwork involved during the whole process. All you need to do is become a member of the credit union and then work towards the loan application process. There are also no hidden charges or fees involved.
  • Better customer service: Credit unions offer an impressive standard of customer service and their only motive is to pass on the profits to their members. When you apply for an auto loan, all the financial information will be provided to you in a simple manner. The final approval also does not take much time and you can expect to get a loan without much delay.
  • Shorter loans: Credit unions provide their members with an option of choosing their loan term. A longer loan term is equivalent to more interest and can put a financial burden on you. But when you opt for a shorter loan term, the monthly installment might be high but you will have to shell out lesser rate of interest.
  • Relaxed membership requirements: It is very easy to become a member of a credit union. The membership requirements are not stringent and almost anyone can join. Another advantage is that credit unions are more in sync with the local communities and can make the auto loan process much easier for you.
  • Beneficial for members: The credit unions are always working towards providing incentives to their members in the form of lower interest rates on the loan and saving amounts. Since profit is not on their agenda, they take utmost care of their customers and provide optimum services.
For auto loans in Killeen, TX, look no further than Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.

Car Loan Tips

29. April 2017 Administrator Auto Loans (0)



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

Improving Your Credit Score

30. March 2019 Administrator Blog (0)
Good credit score helps in qualifying for loans, better deals on car insurance, getting credit cards at favorable terms and more. Many factors like payment history of loans and credit cards, amount of revolving credit used, balances in one’s bank accounts, frequency of applying for credit, types of accounts, etc. affect the credit score.

Following are some tips for improving credit scores:

  • Use Online Tools To Keep A Tab On Your Credit Score: The first step towards improving your credit score is to check your status. You may use free online tools as they can help you in checking your current score and also provide insights about the factors affecting credit score. This information will help in formulating a plan for credit score improvement.
  • Create A Plan: After studying your credit report thoroughly, formulate an action plan to make possible improvements. You should aim to keep your credit card balance and revolving credit low.
  • Set Up Payment Reminders And Automatic Payments: Avoid late payments by setting up due date alerts. Also, you can set up automatic payments as per the schedule of your pay check.
  • Maintain A Low Credit Utilization Ratio: Credit utilization ratio is calculated by adding all credit card balances and dividing the amount by the total credit limit. A low credit utilization ratio is indicative of a good credit score and implies that you are managing your credit well.
  • Avoid Unnecessary Credit Accounts: It is advisable to avoid opening new credit accounts as unnecessary credit may lead to overspending & accumulated debt. This may negatively affect your credit score. You should open new credit accounts in unavoidable circumstances only. Applying for new credit may harm your credit score as it results into multiple inquiries on your credit report.
  • Keep Unused Credit Cards Open: Closing credit cards increase credit utilization ratio which has a negative impact on your credit score. 
  • Create An Emergency Fund: Build an emergency fund to ensure that you meet your debt obligations on time even during dry financial periods. You may utilize this fund, if needed instead of applying for a credit.
Improving credit score requires diligent planning and dedication over time but eventually brings about many financial benefits & provides more opportunities to achieve bigger financial goals.

Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit of its member and offers an array of services. For more information, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690-2274.

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GCTFCU Blog | How Do Credit Unions Work
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Do Credit Unions Work

30. October 2018 Administrator Blog (0)
Credit unions are financial cooperatives comprising of members who pool their money which is further used to provide loans, financial products and services, and demand deposits to one another. The income generated by a credit union is used for various projects and services that are in interest of community and members of the union.
On the surface, credit unions have many similarities with other financial institutions, but they greatly differ in their working. To understand the working of credit unions, let’s look at the following points:
  • They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this:
    • You should live, work or worship in a particular city or area,
    • Be a member of a certain group e.g. the same college, armed forces, a church, etc.
  • You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.
  • Thereafter you will have to choose the financial services you are interested in.
  • Once you are eligible for being a member of the credit union, the next requirement is to open an account with it.
  • Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF).
  • They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.
  • Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products.
  • Most credit unions offer savings and loan accounts to their members along with other additional products and services.
  • Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.
You can become a member of Greater Central Texas Federal Credit Union to avail the services offered. For more information, visit at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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GCTFCU Blog | Checklist Before Getting A Secured Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Checklist Before Getting A Secured Loan

12. March 2015 Administrator Blog (0)
Secured loans are a type of loan, which require the borrower to mortgage a valuable asset as a security for the loan. People prefer secured loans, as they are easier to obtain as compared to the unsecured loans. The secured loans often come with lower interest rates and allow the borrower to get tax deductions. However, it is crucial to do your homework before applying for secured loans with a credit union.

Here is the checklist that you must consider before getting a secured loan:

Check your credit file before applying

Your credit score is a major deciding factor when you apply for secured loan. It will decide the amount that you can borrow and the amount of interest rate that you will pay. Therefore, it is crucial that you check your credit file before applying for a secured loan. This will help you know whether you stand any chance to be approved or not.

Ensure that you can repay

Before applying for a secured loan, it is advised that you should assess your ability to repay the loan amount. Failing to repay the amount can lead to heavy penalty charges.  It will also have adverse effect on your credit file. By not repaying your loan amount on time, you also put your asset, which you have used as security, at risk. You should calculate your monthly repayment amount by using loan comparison tables to know whether you will be able to afford the repayment amount or not.

Decide the loan period

It is important that you choose the right loan period depending upon your budget. A longer repayment time will reduce the monthly payments but increase the interest amount. Similarly, having a shorter repayment time will involve less interest rate but increase the monthly installment manifolds. Thus you should determine the loan period carefully.

Compare the price

When applying for a loan you need to pay certain costs such as initial valuation and legal fee that are included in your interest rate (APR). You must confirm the costs and compare the prices to get the best deal.

Documentation

Depending upon your credit union and the type of secured loan you are applying for, you may be required to submit some financial and legal documents such as lease agreements, articles of incorporation and your financial reports. You should make sure that you have all the documents required to be eligible for applying.
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