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

Unsecured Vs. Secured Auto Loans

15. December 2015 Administrator Auto Loans, Car Loan (0)
If you are contemplating on getting an auto loan, there are numerous options available for you. You need to thoroughly research and establish the background of the type of auto loan you want to opt for. Auto loans are basically divided into two categories: secured and unsecured. Before you select an option for yourself, it is better to understand the difference between the two.

Secured Auto Loan:

A secured auto loan is the one in which your asset is used as collateral in case you fail to pay back the mortgage amount along with the interest. In an auto loan, the security is generally your car. This means your lender can sell off your car if you do not return the loan amount.

  • Interest rate: In a secured auto loan, the interest rate does not vary over a period of time. The advantage here is that since secured auto loans are mostly given on a fixed rate and your repayment amounts do not get altered.
  • Loan term: A secured auto loan generally has a shorter repayment term. However, since the risk is minimal in this case, so you are likely to get a lower interest rate.
Unsecured Auto Loan:

If you opt for an unsecured auto loan, you will not be required to give any security from your side. The lender approves the loan on the basis of your current financial resources. Every lending organization has its own criteria to conclude if you are fit for an unsecured loan or not.

  • Interest rate: When it comes to an unsecured auto loan, the rate of interest can either be fixed or variable. This is unlike the secured auto loans where there is only a fixed rate of interest. Although the rate of interest is higher, you can choose between fixed and variable depending on your financial condition. While a variable rate of interest will give you more flexibility, you can also opt for the fixed rate of interest if you have complete control over your finances.
  • Loan term: The loan term for an unsecured auto loan can be short as well as long on the basis of individual assessment.
Both types of loans have their own advantages and you must choose what is best suitable for your individual situation.

We, at Greater Central Texas Federal Credit Union, offer unsecured and secured auto loans in Central Texas. For more information, feel free to call us at (254) 690 – 2274.
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GCTFCU Blog | Credit Unions In Killeen: Membership Benefits
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Credit Unions In Killeen: Membership Benefits

6. May 2016 Administrator Car Loan, Home Loans (0)
Credit unions are non-profit organizations that provide low interest loans and work towards providing maximum benefits to the members. The high quality of services offered to the members is one of the major advantages that draw people towards credit unions in Killeen, TX.

Listed below are some other membership benefits associated with a credit union:

  • Low rates of interest: The home and auto loans offered at a credit union are quite affordable which helps the members in saving a lot of money. Also, credit unions generally put forward higher returns on savings and certificates. A credit union can provide better rates of interest because it gives all the profits directly back to the members. There are no stakeholders who need to be given a share in the profits. Apart from the low rates of interest, credit unions also offer low-rate credit cards to the members. This also adds up to a significant amount of savings.
  • Equal rights: A credit union is basically member-based organization where every member shares an equal right to select the board of directors. The right to vote does not depend on the amount of money you have in your account. 
  • Superior quality of service: The staff at a credit union provides personal attention to each client and work towards achieving maximum client satisfaction. The service representatives are extremely well-informed and help the clients in resolving any issues associated with financial transactions.
  • Well-developed online system and ATM network: A credit union offers various online services for the convenience of their members. You can obtain all the information pertaining to your account with just a click of the mouse. You can even make online bill payments easily. Apart from this, a broad network of ATMs located in thousands of locations across Killeen allows you to withdraw money whenever required.
  • Community Service: There are a large number of credit unions that organize different kinds of activities to make the members aware about effective management of their finances. Therefore, they are extremely helpful as a community service organization.
Be a member of Greater Central Texas Federal Credit Union to have access to low interest loans and various other financial services. For more information about the credit union in Killeen, TX, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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