GCTFCU Blog | How Car Financing Works

When you are planning to buy a new or used car, the first thing you will probably consider is financing options. Although there are a number of options available, it is always a good idea to shop around to get the best auto loan rates. Credit union is a good option due to the better customer services and loan rates they have to offer as compared to the traditional banks.

Given here some of the reasons why you should choose a credit union for auto loan:

Better Chances Of Loan Approval: If you are worried about getting a loan rejected due to a lower income, a credit union might be a better option for you. They offer affordable and flexible loans to suit the needs of the members. They even offer secured auto loans in which you can borrow money by putting a valuable possession as collateral.
Lower Rates Of Interest: The auto loans offered by a credit union has much lower interest rate than the banks. Thus, the monthly payments are quite low and you can make huge savings in the long run.
Customer Centric Approach: Since credit union is a non-profit organization owned and operated by a voluntarily elected group of people, they have a vested interest in working for the benefit of the members. Any revenue generated by the credit union is returned to the members in the form of lower fees and interest rates.
User-Friendly Loan Process: In order to provide the best possible services to the clients, credit union offers a highly simplified process for loan application. There is minimal paperwork and flexible eligibility requirements for an auto loan. The representatives at the credit union provide complete assistance to the clients throughout the process. They also offer instant approval for auto loans, usually within a few days.
Good For First Time Buyers: If you are buying a vehicle for the first time and are apprehensive about the loan process, the credit unions have dedicated resource centers set up to guide you. They can help you to calculate the monthly payments according to the real value of the car. They will also guide you to choose a suitable loan term according to your income and budget.

We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.

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