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

How To Apply For A Vehicle Loan Through A Credit Union

22. February 2020 Administrator Blog (0)
Getting a vehicle loan from a credit union helps customers to save money in the form of interest and fees. Credit unions are known for offering vehicle loans at lower interest rates and charging minimal fees during the process of loan documentation and loan application. They also offer customer-friendly loan approval policies.

Some important points to keep in mind when applying for a vehicle loan via a credit union are:

  • Membership: In order to be eligible for a vehicle loan from a credit union, you should be a member of the same. Credit unions cater to a specific group of individuals i.e. those who have met the membership requirements. The membership criteria are simple e.g. work in a specific agency/company, members of a specific organization/group, residents of a specific municipality or location, or members of a specific ethnic group. Research on the requirements of the credit union and check how you can fulfill the same to enjoy the benefits of membership.
  • Credit: Credit unions offer affordable interest rates on new and used vehicles to members who exhibit creditworthiness prior to applying for a loan. If as a member of a credit union you can maintain good credit, you can enjoy competitive vehicle loan packages in terms of rate of interest.
  • Other Factors: The interest rates on vehicle loans by credit unions depend on the area, kind of vehicle, down payment, credit score and other eligibility criteria as stated by the loan officers.
  • Loan Application: When applying for a vehicle loan at a credit union, you will have to fill a loan application. The application will require information pertaining to your state of residence, type of application (individual credit, joint credit with spouse or with someone else), amount of loan required, purpose of the loan, whether it is a refinance, preferred method of payment, frequency and number of payments, information about collateral, personal information, etc. After filling the required information, you will be asked to review it before submitting.
  • Loan Processing: After applying, you will have to wait for it to be processed. You may have to pay a nominal processing fees.
Contact the loan officers at Greater Central Texas Federal Credit Union to apply for a vehicle loan. The credit union offers vehicle loans on both new and pre-owned vehicles. Members of the credit union can enjoy low-interest on vehicle loans. For more details on how to apply for a vehicle loan through a credit union, visit at 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.

Comments are closed
GCTFCU Blog | How A Credit Union Helps You Save Money
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How A Credit Union Helps You Save Money

27. February 2018 Administrator Blog (0)
Credit union is a non-profit organization which is owned & controlled by account holders. There’s always a common link between the members of a credit union. They could be working in the same company, going to the same church, living in the same community etc. Profit earned from the union is re-invested into the organization or used to fund its members.

Borrowing from a credit union can help you save money in the following ways:

• Lower Costs
Instead of making profits, credit unions focus on providing better products to their members at low costs. So, they charge nominal fees for their services. The amount charged is just to cover their costs of operation. This is done to ensure that in the long term you end up saving more money by shelling out less in the form of interest rates and service charges.

• Higher Interest Rates On Savings
Credit unions offer high interest rates on savings accounts. The amount of interest that adds up over time is directly a part of your savings. This will increase your savings substantially.

• Lower Interest Rates On Loans
With a low rate of interest, borrowing from credit union becomes a great option for cutting down one’s expenses. It is easy to accommodate interest payments of such loans into one’s monthly budget.

• Convenient Auto Loans
Getting an auto loan via a credit union is a great way of reducing the payouts of monthly installments. They encourage members to make higher down payments which reflect in lower monthly expenses and interest rates. Members can also choose shorter tenure periods for the loans consequently saving on their interest costs.

• Easy Approval
Members of credit unions can easily get pre-approved for the loan. They generally approve the loan application within 24 - 48 hours of document verification. The whole process is quite flexible & hassle free.

• Budgeting Assistance
The welfare of its members is pivotal for any credit union. The loan officers at the credit unions work in tandem with their members and offer assistance in finding a loan that best works for them.

Credit unions are a great option for loans as they follow an easy and stress free process. The staff assists the members in all aspects of loan application process. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274 or log on to https://gctfcu.net/

Comments are closed