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

Ways To Reduce Your Auto Loan Interest Rates

28. July 2018 Administrator Auto Loans (0)


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

Reasons To Get A Loan From A Credit Union

20. August 2017 Administrator (0)
A credit union is a financial co-operative that provides loans at competitive rates. The non-profit lending organization works for the benefit of its members. All you need to do is sign up for the membership of the credit union in order to gain all the benefits. Below is a list of certain reasons why you should get a loan from a credit union:

  • Competitive rates of interest: A credit union offers loans at viable rates of interest that makes it easier for the members to get one. Even the loan terms are favorable due to which they can repay the loan along with the specified interest rates at a very comfortable pace.
  • No hidden charges: Credit unions have a small upfront fee when it comes to lending formalities. Apart from this, there are no hidden charges, security deposits or penalties that you are required to make. Not only this, even the paperwork for a loan is not a lengthy process and can be completed within no time. This makes the overall loan process faster and is beneficial for the borrower.
  • Hassle-free membership requirements: It is easy to become a member of a credit union. Whether you are working in a certain company, business or government organization; you can apply for the membership of a credit union. After becoming a member, you get to enjoy all the advantages associated with the membership of the credit union.
  • Works for the benefit of members: Credit union is member and community-oriented. It is formed to provide loan benefits to the members. Even if you default on a loan payment, a credit union is likely to stand with you and offer other possible options.
  • Reasons To Get A Loan From A Credit Union: Nowadays, credit unions offer user-friendly loan options wherein borrowers can simply go online and apply or call over the phone to discuss the details and formalities. This saves the time of actually visiting the credit union premises and talking face-to-face with the loan officer.
  • Additional bonus for members: The members of credit union can get additional bonus offers which are not open for general consumers. The unique perks are promoted by credit unions and this helps in providing extra benefits for those who are a part of the credit union. This is another important reason why you should become a member and get a loan from the credit union.
We, at Greater Central Texas Federal Credit Union, offer affordable loans to our members in Killeen, TX. To know more about the interest rates, you can call us at (254) 690 – 2274.

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GCTFCU Blog | How To Determine The Value Of Your Car Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How To Determine The Value Of Your Car Loan

14. November 2017 Administrator Car Loan (0)
Car loans on new and used cars are a boon for those who are hesitant to shell out a large chunk of money instantly. Before getting a car, do get an idea of the value of your car loan. This gives you a hint of what your monthly payments would likely be and whether it will be easy for you to comply with them.

Let’s take a look at some strategies to help you determine the value of your car loan well in advance:-

  • Credit Score - Credit score of a person is an important factor in deciding the amount of car loan they will get. Check out your credit score to calculate as to what amount of loan you would be able to qualify for. Also a good credit score can help you save on interests.

  • Down-Payment - The amount you pay for down payment decides the amount of loan you would further need. If you have enough savings in your hand then you can easily pay more amount as down payment initially. Higher the amount, the lesser will be the amount of loan you would need, thus making it easy for you to qualify and get approved for a car loan. You can easily calculate the amount of loan and the interest thereon after considering the amount of down payment.

  • Monthly Instalments -  An important aspect while determining the value of your car loan is the amount of monthly instalments. Plan your budget and calculate what amount of money you can easily pay. You want a loan with monthly instalments that will blend with other expenses you might have. Stick to the rule of not spending more than half of your monthly income on financial obligations towards other parties. Aim for a low budget as you will have an auto insurance to cater to on the purchase of a new car.

  • Tenure - Do the rounds with lenders in your area and tell them your preferences based on where you stand financially. For clients with a good credit score, lenders usually recommend short-term loans. These loans have lower interest rates and higher monthly instalments. If you are looking for lower monthly payments and don’t mind higher rates of interest, then long-term loans are your best bet.

We at Greater Central Texas Federal Credit Union provide car loans. The loans offered by us are flexible and customized to suit the financial interests of our clients. For more information about our services, visit us at 3305 E. Elms Rd., Killeen, TX 76542 or call us at 254-690-2274.

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