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

Secured Auto Loan Texas: The Requirements

17. October 2013 Administrator (0)

A secured loan is one in which the borrower puts up a personal asset as collateral, based on which the value of the loan is determined. In most cases, the collateral is the same item for which the loan is being borrowed, which in the case of an auto loan is the car. This means that the lender can repossess the vehicle if the borrower fails to make the agreed-upon payments.

In some cases, the lender might also ask for additional security on top of vehicle for which the loan is being taken. This could be in the form of the borrower’s home, boat, or other property, which the lender holds against the loan. The legal document possessed by the lender in case of a secured loan is known as a lien, which the lender releases upon repayment of the loan. In case the borrower fails to repay the loan, the borrower can legally exercise the lien to take possession of the collateral.

The requirements for getting a secured auto loan in Texas are:

  • Verifiable income: The primary requirement by most lenders for secured auto loans is a verifiable source of income. This could be in the form of paycheck stubs from several previous pay periods, bank statements showing regular monthly deposits from a certain source, or federal tax returns in case you are self-employed.
  • Residency: The lender will usually want to know that you have been occupying your current residence for a sufficient period of time- usually 12 months. If you have recently moved into your present home, you might need to show that you have resided at a single address for a period of at least 12 months in the past ten years.
  • Steady employment: The lender wants to ensure that you shall be able to make payments against your loan regularly, which usually comes with steady employment. You should be able to prove that you have been steadily employed for the past 12 months or more. Self-employed individuals or those with alternate sources of income need to prove that they have a steady source of income.

If you fulfill all the above requirements, you should be eligible to get a secured auto loan in Killeen, TX. Be sure to shop around and compare interest rates, penalties, and benefits offered by different lenders, before settling for a secured auto loan.

Comments are closed
GCTFCU Blog | For A Cheaper Home Loan, Try A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

For A Cheaper Home Loan, Try A Credit Union

19. March 2015 Administrator Home Loans (0)
Credit unions are a reliable and credible source of cheaper home loans as compared to banks and other financial institutions. These are member owned and operated organizations working with the sole purpose of benefiting their affiliates.

Given here are some of the attractive features that make credit unions the best choice for home loans in Killeen, TX:

Customers Are The Topmost Priority

In contrast to corporate banks, credit unions work to serve their members. Thus they offer better customer services and spare no single effort to make sure that the depositors are satisfied. They are less focused on making a sale or profit and more on providing affordable home loans at competitive rates of interest. The members of the credit union are given personal attention and customized plans.

Lower Rates Of Interests

Due to being non-profit entities, credit unions are exempted from paying most of the taxes. This makes them able to offer home loans at significantly lower interest rates as compared to banks. Hence, you can make a lot of savings without having the burden of paying a huge home loan interest amount.

Less Restrictive Eligibility Requirements

Banks usually require higher annual income for a person to be suitable to apply for a home loan. Credit unions, on the other hand, do not have such strict eligibility requirements. Even if you have been denied approval from a bank, there are higher chances that you qualify for a home loan from a credit union.

Easy Repayment Options

In case you are facing a financial constraint any particular month, the credit unions also offer a ‘skip-a-payment’ feature for your convenience. Using this, you can easily choose to avoid making the repayment, with the condition that your loan term would be extended for that time period.

Customized Services

A credit union is much more flexible in terms of their loans policies and terms or conditions. It can also offer exceptions for credible members in case any unanticipated issues come up with your home loan application. As the credit union is member focused, it has the right to vote on any matters that can have a potential effect on the rates of interests.

We, at Greater Central Texas Federal Credit Union offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
Tags :
Comments are closed