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

Why Opt For A Killeen Credit Union For Auto Loans?

Auto financing has become quite common these days, both for new and used vehicles. In an attempt to find an affordable loan plan, many people are turning to the credit unions in Killeen, TX. These financial institutions provide loans at competitive interest rates and also offer personalized services to the clients. With this, you not only end up saving a lot of money, but the low monthly payments will reduce the financial burden on your pocket.

If you are also looking or an auto loan in Killeen, given below are some reasons you should get in touch with a credit union:  

  • Relaxed eligibility requirements: Applying for an auto loan at a credit union does not require you to have a considerably high income. The loans offered by these institutions have quite flexible terms and conditions. The staff is also willing to make slight adjustments to the loan terms according to the financial situation of each client. Thus, it is recommended that you discuss your requirements with the lender to get the best loan plan.
  • Quick approval: The time frame in which you can get an auto loan approved from a credit union is quite less. Moreover, if you are getting a secured auto loan, you may get it approved within 48 to 72 hours. This is because the collateral decreases the risk for non-payment of the loan, eliminating the need for rigorous background checks and income verification. The credit union may approve your loan according to the value of the collateral.
  • Lower rates of interest: Being a non-profit organization the credit union is not liable to pay state or federal taxes. Therefore, they are able to offer auto loan at a lower rate of interest than other financial institutions in Killeen. The interest rate for auto loans may start from 1.99% APR (for a new car) and 2.99% APR (for a used car).
  • User-friendly loan process: The loan application process at a credit union is quite simple and user-friendly. You can either fill the application online or by visiting the credit union’s office. The staff is quite friendly and will provide you with complete assistance in submitting the application form as well as preparing the documents required for the loan.
  • Member benefits: Besides auto loans, membership at a credit union comes along with a host of other services such as payroll deduction, notary service, MasterCard cash advance, ACH origination, ATM etc.
For hassle free auto loans in Killeen, consider Greater Central Texas Federal Credit Union. For more information about the loan plans, you can call at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.
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GCTFCU Blog | Things To Consider Before Applying For Home Loan
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Things To Consider Before Applying For Home Loan

Filling for a home loan is a time consuming process requiring research and paperwork. You need to ensure that the loan suits your requirements and is the best deal in the market. Getting a loan from a credit union offers various benefits but you should consider certain important factors before applying for the loan.

Given here are a few points that you must consider:

  • Know The Jargons: It is essential to have a clear understanding of the terminologies involved in the home loan process to avoid misunderstandings. Some of these are annual percentage rate (APR), refinance, loan to value ratio, fixed rate, floating rate etc.
  • Determine Your Budget: You must set some time aside to determine your financial position taking into consideration the insurance and taxes. If possible, you should consider making a higher down payment against the loan. This will reduce the overall interest rate and subsequently lower your monthly payments.
  • Know Your Eligibility: The loan amount that you are eligible to borrow from a credit union depends on factors such as your annual income, previous loan payment records, credit card dues etc. In case you have any other liabilities, like a personal or auto loan, your eligibility may drop.
  • Tenure Of The Loan: Your monthly payment will be inversely proportionate to the tenure of the home loan. If you choose a longer tenure, the EMI will be less and if the duration is shorter, the installments will be high. However, longer duration loans also increases the total amount of interest paid. Therefore, you should carefully weigh all the alternatives to choose the appropriate loan tenure.
  • Type Of Interest Rate: In a fixed rate loan, the EMI does not change throughout the repayment tenure. On the other hand, in a variable rate loan, the EMI keeps on changing according to prevailing base rates in the market.
Greater Central Texas Federal Credit Union is a leading credit union offering affordable homes loans to the clients in Killeen, TX. We have an easy application process and provide instant approval for most home loan applications. The staff can assist in the application process and solve any queries pertaining to the loan application. For more information, you can call us at (254) 690 – 2274.
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