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

The Dos and Donts Of Car Financing

26. March 2013 Administrator (0)

Buying a new car is a dream harbored by many, but when it comes to financing a car in the best possible way, not many are well-versed with the process of doing so. Car financing is a major decision, which usually has a bearing on the next few years’ finances of the buyer, which explains why it is important to carefully consider the dos and don’ts of the process before finalizing it. Contrary to common perception, it is possible to get a financially viable auto-financing deal even with a bad credit, and when shopping on a budget.

The following dos and don’ts of car financing guide you through the process, helping you to make a well-informed decision-

  • Do have a clear picture of the complete price that you shall have to pay by the end of the process, including interest rates and any hidden costs.
  • Do calculate your credit score using a credit calculator beforehand, so as to have a clear idea of what to expect. This can also be helpful in making amends to any flaws in your credit that can be corrected in the short-term.
  • Do decide your budget and stick to it. One of the most common mistakes made by car buyers is that of walking into the car dealership without being sure of how much they intend to spend. This results in them financing a car beyond their budget, and hence ending up with monthly payments higher than they can afford, which puts them at a risk of bad credit.
  • Don’t go to a buy here pay here dealer. While these dealers may seem favorable in the beginning, the usual case with them is that they do not report to the credit bureau unless you default on your loan, which means that they do not help in building your credit.
  • Don’t buy a car in poor condition. No matter how small your budget, buying a car that is either too old or too problematic will simply increase your worries, with the high interest rates on such a car making it all the more difficult.

We at Greater Central Texas Federal Credit Union provide you with quick and reliable car financing. Whether you want to purchase a new car or a used one, we have solutions for all your car loan needs. For more details, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

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

Steps To Applying For A Home Loan

17. March 2017 Administrator Home Loans (0)
A credit union is a non-profit cooperative that provides home loans at low interest rates to its members. The organization aims at passing on the profits to the members and therefore adds a lot to their savings. It is important to be clear about the home loan requirements so that you can easily purchase the home of your dreams.

Below are some steps that you need to follow while applying for a home loan:

  • Get pre-approval: In simple terms, pre-approval is a written application that states how much amount the lender will let you borrow. This document is necessary so that you know exactly how much you can borrow and how much money you need to put from your side. This will help you divide your budget according to the monthly expenses. Various factors such as employment history, credit score, down payment etc. are taken into account while pre-approving a home loan.
  • Make the offer: After zeroing down a particular property, you need to prepare an offer in consultation with your real estate agent. Offer contains details such as purchase price, closing date and the time period for which the offer holds good for you. This is given to the seller who can accept or reject it. If your offer is accepted, you need to get home inspection done from a qualified professional. 
  • Complete the loan application: After coming to a conclusion regarding the price, you need to complete the loan application formalities. The lender will determine the terms and conditions of your loan, ask you to complete the loan documents and may also demand additional documents. These can include: pay stubs for the past few months and tax return details etc.
  • Get the interest rate locked: Locking the interest rate with your lender ensures that it does not go up while your loan is still getting processed. This is imperative because home loan interest rates can fluctuate on a daily basis and you would want the lowest interest rates for big financial savings.
  • Go through loan processing: In this step, your home will be evaluated to judge its market value. Apart from this, the lender will review your loan application, cross-check the documents, verify the financial information and also check the title details to ensure that all the legalities are in place.
  • Closing: During the last stage, your home loan documents will be sent to a title company so that you and the seller can duly sign them. A photo identity proof along with the down payment amount is required for closing. Apart from this, many other documents such as loan note and deed etc. need to be reviewed and signed.
We, at Greater Central Texas Federal Credit Union offer affordable financing services in Killeen, TX.  To know more about our credit union, call us at (254) 690 – 2274.
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