Credit unions refer to the member owned cooperatives that provide financial assistance to a specific group of individuals. They are the best choice for those who want to purchase a new or used car as they help you save on a lot of money. The credit union members enjoy added benefits of reduced fees or costs related to the loan application or documentation. It is essential to be a member of the credit union to avail its services and for this you will have to fulfill the requirements of the specific credit union you wish to be a part of.

Financing your new or used car through a credit union could be beneficial in the following ways:

• Availability of money in spite of the prevalent economic condition: Credit unions are extremely reliable for monetary assistance to their members as they always have money, even in times of an economic crisis. During such times, most of the financial institutions make their policies very stringent while giving funds and offer as few loans as possible. On the other hand, credit unions never face such a crunch situation and have healthy relations with most of the car dealers. Lending money is never an issue with the unions. 
• Member oriented: Being member oriented is one such attribute, courtesy which, credit unions score an edge over other financial institutions. If at any point, their member faces any difficulties in repaying the loan, the credit union offers to assist in finding a way of dealing with the problem.
• Competitive rates of interest and terms: Credit unions offer very competitive rates of interest to its members, which help in saving on a substantial amount of money in the long run. Their interest rates are comparatively lower because their main aim is to serve the members as against making profits. The terms and conditions of offering the loans are such that offer maximum convenience to the borrower. The service provided is instant as there is no requirement for approval from unending organizational levels as is in the case of other financial institutions.
• Prompt loans: As soon as you complete the formalities of becoming a member, you are entitled to get a loan from a credit union. This is not the case with other financial institutions, in which there is a waiting period between becoming a member and being able to avail the benefits of membership.

We at Greater Central Texas Federal Credit Union provide you quick and cheap car loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

• Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
• A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
• Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
• Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
• Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
• Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.