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

Steps To Buy Secured Loan From A Credit Union

28. May 2021 Administrator Blog (0)
A loan that is protected by collateral such as a car, savings account, etc., is referred to as a secured loan. These loans offer competitive interest rates. Secured loans can be availed from a credit union for added benefits such as great customer support, affordable financial services, a variety of financial products, etc.

Following are the steps involved in buying secured loan from a credit union:

  • Membership: In order to avail a secured loan from a credit union, the first step is to become a member. For this, you will have to fill a membership application form and meet the requirements set up by a credit union. Every credit union has its unique set of requirements for qualifying as a member pertaining to place of employment, local community, school district, church and more. For example, Greater Central Texas Federal Credit Union offers membership to anyone who lives, works or worships within Bell County, TX, west of I-35.
  • Assess Your Financial Position: Start with assessing your financial position to know how much money you need. For this you should list your assets and their worth and do the same for your liabilities; get the difference to know your net worth. This will help you to know how much you can borrow and repay every month.
  • Pursue The Application Process: Once you are a member of the credit union and have assessed your financial position, etc., the next step is to fill the application form for the secured loan. You can fill an online application form on the credit union’s website. You will be required to provide information about your residence, type of loan required, personal information and more.
  • Review The Terms & Conditions: Before signing the loan application, go through the terms and conditions stated therein thoroughly. If there is anything you do not understand, always ask an expert at the credit union by calling or sending an email. It is important to understand the actual cost of the secured loan, annual fees, up-front costs, loan term, etc.
Contact Greater Central Texas Federal Credit Union to buy affordable secured loan in Killeen, TX. For more details on how to apply for secured loans, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
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GCTFCU Blog | Steps To Qualify For An Auto Loan In Killeen
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Steps To Qualify For An Auto Loan In Killeen

20. August 2015 Administrator Auto Loans (0)
When planning to buy a car, the most important thing that you need to consider is about financing it. Auto loans are a great option to meet the expenses of a new or used car. However, you must keep yourself fully prepared so that you do not face any problems in getting the loan. A lot of people end up financing the car from the dealer but this may make you to pay a huge amount of interest. Instead, you should consider getting pre-approved for auto loan from a credit union.

Here are some tips that can help you qualify for an auto loan:

  • Determine The Loan Amount: Firstly, the most important thing is to determine the amount that you need to borrow from the credit union. Depending upon the price of the car, interest rates and monthly installments, you must figure out the funds that you would be able to pay off easily.
  • Decide The Term Of Loan: Ideally, the duration of an auto loan should be around five to six years. Although a longer tenure can help to lower the monthly payments, but you will end up paying more interest in due course. Therefore, you should settle on a loan term that allows you to manage repayments easily while saving on the interest payments.
  • Know Your Credit Score: Your credit rating has a great impact on the interest you will be charged on your auto loan. Hence, before applying for the loan, you must look at your credit score to check if it reflects any unpaid loans, credit card debt, late payments etc. If possible, devote some time to improve your rating by paying off all the debts and making timely payments. This will help you get a better interest on your auto loan.
  • Get Pre-Approved: Getting a pre-approval for an auto loan will help you decide the price range in which you can buy the car. You should also make allowance for other costs associated with car buying such as taxes, insurance, initial down payment and maintenance expenses.
  • Close The Deal: When you have finalized the amount, tenure and negotiated a fair interest rate, you must now submit the loan application. You may need to provide your proof of income, residence, identity, social security number and other important documents along with the application.
We, at Greater Central Texas Federal Credit Union, provide affordable auto loans in Killeen, TX. We offer customized loan plans with low interest rates as well as easy repayment options. For more information, call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

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GCTFCU Blog | Steps To Get Best Deal On A Car Loan In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Steps To Get Best Deal On A Car Loan In Killeen, TX

15. April 2016 Administrator Car Loan (0)
Buying a new car requires a good auto loan deal to make the process smooth and quick. After finalizing the car that you want to buy, it is important to determine the amount of loan that you will require. Be clear about the down payment you will be able to make easily. Also, check out the interest rates being offered by various credit unions to settle for a loan plan that best suits your pocket.

Below are some steps that can help you get the best deal on a car loan:

  • Gather detailed information about your credit history: Get copies of your credit reports to know your eligibility for applying for a car loan. Keep this information handy as you may be required to present the document when applying for the loan. Every credit union has a different eligibility for a car loan, so it is better to inquire beforehand. The interest rates you will be offered will depend a lot on your credit score.
  • Do your homework: It is imperative to shop around in order to look for the best deal on a car loan. Compare the interest rates offered by various credit unions in Killeen and opt for the one that complies with your budget. Do not forget to thoroughly read the terms and conditions of the loan plan you are considering. This will clarify all the rules and regulations of your car loan as well as avert any problems in the future.
  • Choose a shorter loan term: Although a long term loan will reduce your monthly cost, it will significantly add up to the total interest payments. So, it is better to limit your auto loan to the shortest time period that you can afford as this will help you repay your loan faster. Compare the loan terms of various credit unions to make a wise decision.
  • Concentrate on the total cost: It is important to focus not only on the monthly payments but on the total cost of the loan, including the interest payments. In order to cut down on your loan amount, you can consider paying a higher down payment towards your new car purchase.
  • Ask for cash discounts: You can ask for cash discounts from your car loan dealer. These discounts can contribute towards the down payment for the car. It is better to go in for cash discounts rather than asking to lower your monthly EMI.  
We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. We offer a wide range of loan plans with easy repayment options. For more information, you can call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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