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

Benefits of Taking Loan From Credit Union




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GCTFCU Blog | Choosing Between Secured And Unsecured Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Choosing Between Secured And Unsecured Loan

Auto loans have come as a savior to many over the decades, with them making cars easily affordable to all and sundry. Even those who have the complete amount required to buy the car usually opt for an auto lveoan, because they believe that they can generate a greater income by investing the capital amount, than the amount they will have to pay as interest over the years. Getting an auto loan can be a tricky process, with the technical jargon and overhead expenses making the situation more complex. Here, we shall discuss one of the major considerations that any car buyer will have to make- a secured loan versus an unsecured loan.

Just like any other personal loan, auto loans can also be of two types- secured and unsecured. The principle difference between these two loans is that, while the former loans require you to give collateral as security to the lender, the latter require no such security. Thus, unsecured loans are riskier for the lender, which is compensated for by an increase in the interest on the loan. These loans rely solely on the promise made by the borrower, and are rarely offered by auto companies, due to the risk involved.

The major advantage of a secured auto loan, is that such a loan involves a lower amount of interest, which is payable over a longer period. This makes it less stressful for the borrower to repay the loan, with the monthly installments being easily payable. Moreover, these loans are easily available, and are rarely turned down. The few disadvantages involved would be the large amount of paper work involved, the need to get an auto insurance, and submission of proof of income, which might be difficult for those who do not wish to project their actual income or does not have appreciable income to get a loan.

Unsecured auto loans, on the other hand, offer the advantage of not having to place collateral. A good credit history is enough to procure such a loan. Secondly, all that such a loan takes is a single-paper application, with no more paperwork required. This makes it less likely for a borrower to be spoofed with unfavorable clauses hidden between volumes of paperwork. Another major advantage is that the buyer does not need to furnish financial statements. This is especially beneficial for borrowers who wish to keep their income discreet. The major disadvantages of an unsecured loan are the greater rates of interest, and shorter periods for repayment.

To obtain cheap and secured auto loans easily and quickly, consider Greater Central Texas Federal Credit Union only. You can visit at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274. 

Cheap Auto Loan - Secured Auto Loan

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GCTFCU Blog | The Perks Of Credit Union Membership
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

The Perks Of Credit Union Membership

Although credit unions may seem to be almost similar to other financial institutions, but the people having its membership can easily see the difference between the two. Being a non-profit organization, credit unions offer a lot of benefits to its members that are usually not provided by the banks.

Given here are some of the perks you can enjoy with a credit union membership:

  • Lower Fees And Better Rates: Credit unions operate with the sole objective of working for the welfare of their members. All profits that they earn are returned in the form of lower rates of interests, better services, and minimum fees.
  • Volunteer Board of Directors: Unlike banks, the functioning of credit unions is administered by a volunteer board of directors. When a member opens an account, he/she is immediately given certain share in the credit union. Every member has an equal say in the governance matters, regardless of the size of their account.
  • Board Elected By Members: Every year, the credit union conducts elections where the members are free to choose who would be serving on the board of directors. The elected members, then, formulate and implement the policies of the credit union.
  • Flexible And Convenient Loans: Members of a credit union can avail convenient home and auto loans with easy repayment options. Also, filing for and getting approved for a loan is a very easy process. It does not involve much paperwork and the application is approved within a few days.
  • Dividend On Savings: The profits earned by a credit union are usually returned by way of attractive dividends on the savings account of the members. The dividend rate may vary from year to year.
  • Members Have Common Interests: Members of the credit union share a common bond of owning a share in the union. To be a credit union member, the individual must fulfill certain eligibility criteria, such as area of employment, place of residency or affiliations with other institutions. This implies that each of them holds something in common.
  • Convenient Access To Your Money: Most credit unions offer online account access so that the members can easily view complete summary of their financial transactions. Thus, you either opt for 24X7 access or personalized services during the office hours. 
Greater Central Texas Federal Credit Union is a leading credit union offering affordable financing services to the people of Killeen, TX.  To know more about our credit union, call us at (254) 690 – 2274.

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