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

Taking A Secured Loan From Greater Central Texas Federal Credit Union

Meaning of Secured Loan

When a borrower pledges an asset as collateral for a loan, such a loan is called a Secured Loan. The debt/loan is secured against the collateral. If the borrower fails to repay the loan amount, the creditor can sell the asset to get back a part of the money that was lent.

Secured Loans offer benefits such as lower rates of interest, high borrowing limits and long repayment terms.

Greater Central Texas Federal Credit Union offers Secured Loans to its members at competitive rates. The loans provide members with a financial boost when sudden expenses crop up; for a vacation, home improvement, purchasing a new car or a pre-owned vehicle, etc.

A Secured Loan is granted against collateral that is either equal in value of the loan amount or greater (at least 20 percent greater).

For a shared Secured Loan, the loan is backed by a share account that is held with Greater Central Texas Federal Credit Union. This excludes an IRA. It is necessary for the balance in the share account to be equal to or more than the loans balance (through its life).

Benefits of taking Secured Loans from Greater Central Texas Federal Credit Union:

  • Fast approvals: Loans are approved within 24-48 hours of receiving a completed application form and verification of income.
  • Convenience of payment: Services like direct deposit, payroll deduction and automatic transfer are offered to members to facilitate repayment of the loan.
  • Lower interest rates.
  • Promote savings.
  • Skip-a-payment option.
  • Higher borrowing limits.
  • Easy application process.
  • Flexibility: There is an option of converting fixed-rate loans to variable-rate loans. Even the amount of premium can be varied as per the convenience of the borrower.
  • Helpful and friendly staff.
  • Involvement of members to vote on new policies.
  • No minimum balance restraint.
  • Programs to help members manage their budget and unexpected expenses.
  • It is locally run.
  • Insured by the National Credit Union Share Insurance Fund (NCUSIF) – A Federal government agency.

GCTFCU is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. Its members consist of people from the local community’s churches, schools and also employers. All members are equal owners. For more information on availing Secured Loan from Greater Central Texas Federal Credit Union, call at - (254) 690 - 2274

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GCTFCU Blog | Eligibility For Home Loan In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Eligibility For Home Loan In Killeen, TX

A home loan is a perfect way to purchase your dream house in Killeen, TX. However, before applying for a loan from a credit union or any other financial institution, it is important to know whether you are eligible for the same or not. It will help you save time and simplify the home loan process.

Listed below are some eligibility criterion set by most financial institutions in order to apply for a home loan in Killeen:

  • Age:  Age is an important consideration for home loan approval. Younger people are more likely to get a loan as compared to those who are nearing retirement.
  • Source of income: Your source of income along with its stability is an important factor taken into account by a credit union. For instance, having a salaried job can fetch you a higher loan amount because of your job stability.
  • Additional debts: If you have an existing loan repayment, it can affect your chances of getting a home loan from credit union. It is better to pay off all your smaller loans (if any) before applying for a home loan. Additionally, having a good repayment history may also increase your chances of getting a home loan.
  • Proof of income: You will be required to show at least three of your recent pay slips to your lender. If not, you may be asked to submit a letter from your employer which states your annual salary. In case you are self-employed, you may be asked to provide the financial accounts for the past two years.
  • Debt to income ratio (DTI): Your debt to income ratio is another factor considered by a credit union before approving a home loan. It is basically a measure of your ability to manage monthly payments and repay debts as well. DTI is calculated by dividing total recurring monthly debt by gross monthly income. You should calculate it prior to deciding how much loan you want.
  • Credit score: Having a good credit score increases your chances of getting a home loan approved easily. Therefore, it will be beneficial if you maintain a decent credit score by paying all your installments and loans on time.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to our members in Killeen, TX. To know more about our services, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Instant Car Loans At Greater Central Texas Federal Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Instant Car Loans At Greater Central Texas Federal Credit Union

Shopping for new or used car loans from credit unions is a great idea to get a cheap auto loan, as these financial institutions offer attractive loan terms and significantly lower interest rates than banks. The Established in 1957, Greater Central Texas Federal Credit Union is one of the 7700 credit unions across America, which has been serving people across Central Texas to procure low interest loans. Here are some of the top reasons that make getting a credit union car loan a great idea:

  • Greater flexibility: When you walk into our credit union, you are not just another number, but are a valuable member whom we shall make every effort to help. You are much more likely to have your case heard out and considered at our credit union than at a bank. This could mean getting approved for a car loan even if you do not fulfill all the requirements of such a loan. 
  • Lower interest rates: This is probably the major reason why a vast majority of people looking for an auto loan in Killeen, TX and other cities across America opt for credit union auto loans. While the interest rates for bank auto loans average at around 4%, those at credit unions are as low as 2%, amounting to a significant saving over the life of the loan.
  • Non-profit approach: Our credit union follows a “for the members” and “by the members” approach. All the proceedings gained through interest are put back into the credit union for the benefit of its members. This is usually in the form of low interest rates, savings accounts, and increased flexibility in loan terms.
  • Financial education and resources: The Greater Central Texas Federal Credit Union has a dedicated resource center for its members, where you can get valuable advice regarding your loan, repayment options, your financial situation, the real value of the car being considered, saving options, etc. At our credit union, you can always be sure of the lenders working in your best interest.
  • Personalized service: You can be sure of getting the best customer service at our credit union, with a group of board members volunteering to make decisions regarding operation. This gives you a chance to openly discuss any issues you might be facing with your loan before or during the loan term, being sure of getting helped with the best solution for your problem.

For more information, visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call (254) 690-2274.

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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

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.
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