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

Tips To Reduce Your Monthly Auto Loan Payment

If you are planning to finance your next vehicle, it’s a smart idea to consider various options to lower your repayment options. Factors such as the make of the vehicle, total loan amount, existing interest rates, your credit rating etc. play a major role in determining the loan repayment you may have to pay to your credit union. It is also important to note that interest rates for used cars are usually higher as opposed to a new one.

The following tips can help to reduce your monthly auto loan payments:

  • Refinance your loan: The term ‘refinancing’ means to repay your current loan by taking another loan which has lower interest rates. It helps to bring down your monthly payments and allow you to pay off the loan amount in a less period of time, thus making the whole procedure convenient.
  • Extend loan payment term: The longer your loan payment period, the lesser monthly installment amount you will have to pay. Carefully assess your existing loan repayment ability and see if you need to extend the term.
  • Save for down payment: When you think about making an auto purchase, make sure you plan much in advance so you can save up for the down payment. The higher the down payment, lower will be the monthly payouts.
  • Strengthen your credit rating: If your credit rating is strong, it is highly possible that you will get the lowest possible interest rates. This is because a good credit rating assures that the lender will receive timely repayments. Hence, it minimizes the risk for the lender which, in turn, lowers your overall monthly auto loan payment.
  • Shop around: Just as you shop around for your car, make sure you request quotes from at least three credit unions to compare their terms and conditions. Evaluate the interest rates and flexibility in repayments offered by them. Only after careful comparison must you finalize a lender that offers the most affordable auto loan plan.
We, at Greater Central Texas Federal Credit Union, offer low interest auto loan to the clients in Killeen, TX. Our staff will guide you through the different options available as well as assist in the submission of loan application. For more information about the auto loans offered, you can call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.
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GCTFCU Blog | Importance Of Credit Unions
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Importance Of Credit Unions




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

Credit Union: How To Be A Member

A credit union is a non-profit cooperative financial institution owned by its members. The institution offers affordable financial services to its members in the form of reasonable interest rates and financial benefits. Membership requirements of credit unions are usually based on factors like place of work, worship, residence and more. Most credit unions charge a one-time membership fee and require members to open an account with them.

If you are interested in joining a credit union, here are some helpful pointers to do so:

  • Choice of A Credit Union: The first step is to choose a credit union that offers products and services that suit your financial and personal requirements. Also consider factors such as rates offered, online services, access to ATMs, safety (in terms of federal insurance), etc. A safe credit union is one that is insured by the NCUSIF (National Credit Union Share Insurance Fund), a Federal government agency. You can choose from locally run credit unions such as Greater Central Texas Federal Credit Union.
  • Membership Eligibility: To be eligible for credit union membership, a person should be living, working or worshipping within the location stated by the credit union. In case of Greater Central Texas Federal Credit Union, any person who lives, works or worships within the portion of Bell County, Texas, west of Interstate 35, can be a member.
  • Application: Most credit unions require two forms of identification such as a driver’s license, State-issued ID card (with a photo), military ID and passport, Social Security Card, etc. Fill the application form and submit it as states by the credit union
  • Initial Deposit: To complete the application process, members are required to pay an initial amount. This includes a processing fee and initial deposit.
  • Membership Benefits: Credit union members enjoy a number of benefits such as excellent customer services, high interest rates, community support, secure deposits, financial literacy, easy qualification, low fees and more.
  • Member Services: Wire Transfer, Notary Service, MasterCard Gift Cards, CH origination, Bill Pay, Notary Service, safe deposit boxes, Direct Deposit, Traditional and Roth IRAs, Christmas and Vacation club accounts, savings and investments, Overdraft protection and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. For more details on how to be a member of the credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

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