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

Savings Tips For Youngsters

23. July 2021 Administrator Blog (0)
Youngsters are known to be strong believers of living in the moment! However, when it comes to finances, it is advisable to encourage them to plan ahead and keep a portion of their earnings as savings. This helps in securing their future and opens up opportunities for making investments early in life.

Here are some pro-saving tips for youngsters:

  • Make A Budget: The first step towards saving is to create a budget and stick to it. The purpose of creating a budget is to be watchful of income and expenses. It helps create a limit on the amount spent and to create savings for bill payments, entertainment, etc.
  • Practice Delayed Gratification: Youngsters need to work on self-control as far as expenses are concerned in order to save. Encourage them to save for a commodity or service instead of buying it on credit.
  • Keep A Tab On Expenses: Educate youngsters on financial management through personal finance books, online mediums and financial experts. This will help them understand how daily expenses can add up into huge amounts and their impact on savings goals. It will also help to minimize recurring monthly expenses.
  • Prepare An Emergency Fund: Teach them the importance of starting an emergency fund. Irrespective of how much they earn (from pocket money, summer jobs, part time jobs, etc.), encourage them to put away a certain amount as an emergency fund. They can make use of a money market account, certificates of deposit or a high-interest savings account for doing so.
  • Adopt Frugal Habits: Set an example for them by spending wisely by limiting expenses on housing, food, transportation, shopping and entertainment. Look for cheaper options wherever possible and tell them the amount you end up saving.
  • Avoid Lifestyle Inflation: Help them avoid falling into the trap of getting the latest gadgets and devices, cars, expensive designer wear and so on. Teach them to hang onto what they have for as long as they can, provided there is no depreciation in quality and utility.
  • Open A Savings Account: Encourage them to deposit a portion of what they earn into their savings account. It instills a sense of discipline every month and lays the foundation for healthy saving habits.
It is easier to develop a habit at a younger age, so encourage youngsters to start saving. Greater Central Texas Federal Credit Union offers an array of savings accounts to assist savings. To know more about savings accounts in Killeen, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.
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GCTFCU Blog | Choosing Between Secured And Unsecured Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Choosing Between Secured And Unsecured Loan

27. March 2012 Administrator (0)

Auto loans have come as a savior to many over the decades, with them making cars easily affordable to all and sundry. Even those who have the complete amount required to buy the car usually opt for an auto lveoan, because they believe that they can generate a greater income by investing the capital amount, than the amount they will have to pay as interest over the years. Getting an auto loan can be a tricky process, with the technical jargon and overhead expenses making the situation more complex. Here, we shall discuss one of the major considerations that any car buyer will have to make- a secured loan versus an unsecured loan.

Just like any other personal loan, auto loans can also be of two types- secured and unsecured. The principle difference between these two loans is that, while the former loans require you to give collateral as security to the lender, the latter require no such security. Thus, unsecured loans are riskier for the lender, which is compensated for by an increase in the interest on the loan. These loans rely solely on the promise made by the borrower, and are rarely offered by auto companies, due to the risk involved.

The major advantage of a secured auto loan, is that such a loan involves a lower amount of interest, which is payable over a longer period. This makes it less stressful for the borrower to repay the loan, with the monthly installments being easily payable. Moreover, these loans are easily available, and are rarely turned down. The few disadvantages involved would be the large amount of paper work involved, the need to get an auto insurance, and submission of proof of income, which might be difficult for those who do not wish to project their actual income or does not have appreciable income to get a loan.

Unsecured auto loans, on the other hand, offer the advantage of not having to place collateral. A good credit history is enough to procure such a loan. Secondly, all that such a loan takes is a single-paper application, with no more paperwork required. This makes it less likely for a borrower to be spoofed with unfavorable clauses hidden between volumes of paperwork. Another major advantage is that the buyer does not need to furnish financial statements. This is especially beneficial for borrowers who wish to keep their income discreet. The major disadvantages of an unsecured loan are the greater rates of interest, and shorter periods for repayment.

To obtain cheap and secured auto loans easily and quickly, consider Greater Central Texas Federal Credit Union only. You can visit at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274. 

Cheap Auto Loan - Secured Auto Loan

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GCTFCU Blog | How Do Auto Loans Work From Credit Unions?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Do Auto Loans Work From Credit Unions?

23. April 2020 Administrator Auto Loans (0)
Auto loans from credit unions are preferred by most people due to their affordability and streamlined qualification procedures. The process of getting an auto loan from a credit union is relatively convenient and personalized. Credit union auto loans offer flexibility as far as interest rates and loan options are concerned.

If you are considering getting an auto loan from a credit union, following are some points as to how these loans work:

  • Members Are Shareholders: Once you are a member of a credit union, you are deemed to be a shareholder and not a customer. This is because credit unions are meant to serve their members (shareholders) with financial services at reasonable rates.
  • Individualized Attention: Credit unions aim to make it convenient for members to avail financial services. Due to this, they offer individualized attention as far as meeting loan requirements is concerned. A credit union member, who is interested in an auto loan, can get information as per his unique requirements either online, by visiting the branch.
  • Types Of Auto Loans: You can get a secured loan for new autos and used autos with variable APR rates and terms. You can get secured auto loans and Share Secured Loans. Unsecured auto loans are also available with variable APR rates.
  • Interest Rates: Members of a credit union looking for auto loans are provided with a variety of options to compare and assess. In most cases, credit unions offer auto loans at affordable rates of interest as compared to other financial institutions.
  • Other Services: In addition to auto loans, credit unions offer a variety of other services. These services include Savings Account, Payroll Deduction, ATM, Bill Pay, Wire Transfer, ACH Origination, MasterCard Gift Cards, MasterCard Cash Advance, Direct Deposit, Regular Share Savings Account, Share Certificates of Deposit, IRAs and Club Accounts.

Greater Central Texas Federal Credit Union offers auto loans to its members. Members can seek assistance from the loan officers to understand the working and requirements of auto loans. The credit union also educates its members on ways to improve their financial health. For further details on the working of auto loans, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274. 

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