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

Secured Auto Loan In Central Texas

11. April 2014 Administrator (0)

If you are planning to finance your new automobile or car, going in for a credit union is a good option. Obtaining a secured auto loan through a credit union in Central Texas is a far simpler and faster process. It has its own set of advantages that guarantee you peace of mind. Read on to know how credit unions are serving the needs of cheap auto loan of people residing in various communities of Texas.

  • The biggest benefit of getting a secured auto loan through a credit union is the competitive interest rates on offer. These are much lower as compared to conventional sources of raising funds, such as banks. Therefore, with an auto loan from a credit union, you can be assured of lower paybacks in the form of interest.
  • Loan approval is a major factor when it comes to applying for an auto loan. Many financial institutions take a lot of time for the loan approval process. The formalities to be completed along with the documents to be furnished are very time-consuming. But when you go in for an auto loan from a credit union, you can be assured of loan approval to be as quickly as possible. The process is comparatively faster and saves up a lot of your precious time before you lay your hands on your dream automobile.
  • Credit unions are also advantageous when it comes to the convenience factor for consumers. A credit union can offer you an auto loan that suits your specific needs and requirements. With credit unions, customers can apply for loans online while sitting in the comfortable environment of their home. Should you have any queries, you can always call up the customer helpdesk to get them resolved at a time suitable to you.

For a secured auto loan in Central Texas, there is collateral to be offered as a security against the loan. The collateral is kept in a safe place and is returned back to the customer.

Whether it is the quest for buying a new automobile or a second-hand one, customers always want a safe way of making their payments. Consistency is an important factor as nobody wants to have loan repayment structures that keep on changing with time. With a credit union, all these factors are taken care of.

Comments are closed
GCTFCU Blog | Refinancing Your Auto Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Refinancing Your Auto Loan

14. September 2017 Administrator Auto Loans (0)
When you refinance your car, the present auto loan is replaced with a new one having an entirely different set of terms and conditions. You need to repay your loan to the new lender within the stipulated time period while keeping your vehicle as collateral. Refinancing your auto loan is a simple and quick process that has many benefits to offer. You have to pay an almost negligible amount as fees to refinance your auto loan.

In order to speed up the process of refinancing your auto loan from a credit union, ensure that you have the documents ready beforehand. All the application forms must be duly filled and it is essential to keep the car loan account number handy. Also, have all the information pertaining to your vehicle such as the car model, year of manufacturing, VIN etc.

The benefits of refinancing your auto loan are:

  • Reduced loan term: If you are looking to pay off your loan faster in short period of time, refinancing your auto loan is the best option available. This can happen if you have some major positive changes in your financial situation. Although this will lead to an increase in the monthly payment, the overall interest rate will come down. This will eventually lead to financial gains and contribute towards your savings.
  • Lowers the monthly payments: If you are finding it difficult to pay the monthly installments for your auto loan, it is good to opt for a refinance. This can happen if you have suffered a financial setback and need to bring down the monthly payments. A refinance will increase your loan term and provide you more time to repay. This extension in the loan period can help you manage your finances in a better manner.
  • Decreases the interest rate: A lower rate of interest is beneficial as it can reduce your total interest charge and help in repaying the auto loan at a faster pace. Therefore, if you think you did not get a competitive rate of interest in the first time, it is probably good to consider refinancing your auto loan.
  • You can own a car previously on lease: In case your car lease is about to expire, it can be easily purchased by using the option of auto loan refinancing. The loan you get from refinancing can be used to buy out the lease and hand over the payments to the lender. The advantage here is that you can own the car at the end of your loan term.
  • Handle your finances easily: Refinancing an auto loan can help you in managing your finances more efficiently. The amount you get from the refinanced auto loan can be utilized for repaying other smaller personal loans. Therefore, you get to pay only a single EMI instead of multiple EMIs that you were paying previously.
For refinancing options in Killeen, TX, get in touch with Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.
Comments are closed