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

Member Services At GCTFCU

24. March 2023 Administrator Blog (0)


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

Taking A Secured Loan From Greater Central Texas Federal Credit Union

28. November 2018 Administrator Blog (0)
Meaning of Secured Loan

When a borrower pledges an asset as collateral for a loan, such a loan is called a Secured Loan. The debt/loan is secured against the collateral. If the borrower fails to repay the loan amount, the creditor can sell the asset to get back a part of the money that was lent.

Secured Loans offer benefits such as lower rates of interest, high borrowing limits and long repayment terms.

Greater Central Texas Federal Credit Union offers Secured Loans to its members at competitive rates. The loans provide members with a financial boost when sudden expenses crop up; for a vacation, home improvement, purchasing a new car or a pre-owned vehicle, etc.

A Secured Loan is granted against collateral that is either equal in value of the loan amount or greater (at least 20 percent greater).

For a shared Secured Loan, the loan is backed by a share account that is held with Greater Central Texas Federal Credit Union. This excludes an IRA. It is necessary for the balance in the share account to be equal to or more than the loans balance (through its life).

Benefits of taking Secured Loans from Greater Central Texas Federal Credit Union:

  • Fast approvals: Loans are approved within 24-48 hours of receiving a completed application form and verification of income.
  • Convenience of payment: Services like direct deposit, payroll deduction and automatic transfer are offered to members to facilitate repayment of the loan.
  • Lower interest rates.
  • Promote savings.
  • Skip-a-payment option.
  • Higher borrowing limits.
  • Easy application process.
  • Flexibility: There is an option of converting fixed-rate loans to variable-rate loans. Even the amount of premium can be varied as per the convenience of the borrower.
  • Helpful and friendly staff.
  • Involvement of members to vote on new policies.
  • No minimum balance restraint.
  • Programs to help members manage their budget and unexpected expenses.
  • It is locally run.
  • Insured by the National Credit Union Share Insurance Fund (NCUSIF) – A Federal government agency.

GCTFCU is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. Its members consist of people from the local community’s churches, schools and also employers. All members are equal owners. For more information on availing Secured Loan from Greater Central Texas Federal Credit Union, call at - (254) 690 - 2274

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

Secured Loan: Eligibility & Benefits

14. July 2021 Administrator Blog (0)


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GCTFCU Blog | Buying Your New Car With Auto Loan From GCTFCU
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Buying Your New Car With Auto Loan From GCTFCU

24. December 2024 sadmin Auto Loans (0)
Purchasing a new vehicle is an important decision, and obtaining an auto loan from a credit union can offer significant advantages. Credit unions provide competitive interest rates and flexible loan terms, making vehicle financing more accessible and affordable. By choosing a credit union for an auto loan, buyers can benefit from personalized service and potential cost savings compared to traditional financial institutions.

When considering an auto loan, choosing the right lender can make a significant difference in your financial journey. Opting for GCTFCU as your credit union for an auto loan comes with a host of advantages. The following are some key advantages of choosing GCTFCU for your auto loan:

Competitive Interest Rates

Credit unions are recognized for providing competitive interest rates on auto loans. This can result in substantial savings over the loan's duration, making monthly payments more manageable. Lower interest rates guarantee that you will not end up overpaying in the long term, which is crucial when evaluating loan options for a significant purchase such as a car.

Flexible Loan Terms

One of the advantages of getting an auto loan from a credit union is the flexibility in loan terms. Whether you want to pay off the loan quickly or extend the payments over a longer period, credit unions provide options that can accommodate your financial preferences. This flexibility enables you to customize the repayment schedule to align with your budget and long-term financial objectives.

Personalized Service

As member-focused institutions, credit unions prioritize meeting the specific needs of their members and providing guidance that fits individual financial situations. This high level of customer service ensures that your questions are answered and that you receive the support needed throughout the loan process.

Streamlined Application Process

From applying online to appreciable decision times, the process is designed to be efficient and seamless. This lets you focus on selecting the right vehicle rather than worrying about complex financing procedures, giving you peace of mind during your purchase.

Potential Discounts

Credit union members may qualify for special discounts or offers that can reduce the overall cost of the loan. Whether through loyalty programs or other benefits, these discounts provide additional savings, making auto loans more affordable. These incentives can be an added advantage for long-term credit union members.

Local Expertise

Credit unions have deep roots in the local community, giving them a unique understanding of the financial needs of members. This local expertise means that the credit unions are well-positioned to offer loan options tailored to your circumstances.

For more information about getting an auto loan from a credit union, visit the Greater Central Texas Federal Credit Union, 3305 E. Elms Rd., Killeen, TX 76542, or call (254) 690 - 2274. You can also browse www.gctfcu.net and connect on Facebook and Instagram.


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GCTFCU Blog | Eligibility For Home Loan In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Eligibility For Home Loan In Killeen, TX

21. December 2015 Administrator Home Loans (0)
A home loan is a perfect way to purchase your dream house in Killeen, TX. However, before applying for a loan from a credit union or any other financial institution, it is important to know whether you are eligible for the same or not. It will help you save time and simplify the home loan process.

Listed below are some eligibility criterion set by most financial institutions in order to apply for a home loan in Killeen:

  • Age:  Age is an important consideration for home loan approval. Younger people are more likely to get a loan as compared to those who are nearing retirement.
  • Source of income: Your source of income along with its stability is an important factor taken into account by a credit union. For instance, having a salaried job can fetch you a higher loan amount because of your job stability.
  • Additional debts: If you have an existing loan repayment, it can affect your chances of getting a home loan from credit union. It is better to pay off all your smaller loans (if any) before applying for a home loan. Additionally, having a good repayment history may also increase your chances of getting a home loan.
  • Proof of income: You will be required to show at least three of your recent pay slips to your lender. If not, you may be asked to submit a letter from your employer which states your annual salary. In case you are self-employed, you may be asked to provide the financial accounts for the past two years.
  • Debt to income ratio (DTI): Your debt to income ratio is another factor considered by a credit union before approving a home loan. It is basically a measure of your ability to manage monthly payments and repay debts as well. DTI is calculated by dividing total recurring monthly debt by gross monthly income. You should calculate it prior to deciding how much loan you want.
  • Credit score: Having a good credit score increases your chances of getting a home loan approved easily. Therefore, it will be beneficial if you maintain a decent credit score by paying all your installments and loans on time.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to our members in Killeen, TX. To know more about our services, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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