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

Auto Loans: Buying Car In Installments

13. March 2012 Administrator (0)

A car is no more just a four-wheeled automobile but has become an owner’s passion and a source of great admiration. Though a majority of Americans own a car today, there are still people, especially the middle-income earners, who are unable to afford one. This is mainly because of two reasons- either their dream car is too expensive or they have less savings. But luckily, with the help of auto loans they can easily realize their dream and can own a brand new or a second hand car.

Auto loans are offered in different terms:

  • On a short-term basis: In this case, a borrower is required to pay within a set amount of time, depending on the loan providing institution. This time period usually ranges from 2 to 5 years. The borrower will be paying the monthly installments along with the pre-decided rate of interest.
  • On a long-term basis: In this case, the borrower usually pays a smaller amount of monthly payment as compared to short-term basis. But this proves to be much costlier in the overall amount. You end up paying more interests in the long-term loans.

Also important is to decide whether to opt for a secured or unsecured car loan. If you are willing to provide some security/collateral to obtain the car loan, then you can go for the secured car loans. The collateral may be anything of equal or greater value than the loan amount, for instance, your car, home or any other valuable.  And if you do not wish to keep collateral, you can opt for unsecured car loans.

We at Greater Central Texas Federal Credit Union provide you quick and cheapest car loans in Central Texas. Unlike banks and other financial institutions, we neither harass you by asking unnecessary questions nor make you wait for several days to sanction your auto loan. No matter which vehicle you want to buy - a car, truck, van etc, we provide cheapest auto loans for all vehicles (both new and used). All you need to do is fill in your details in the used auto loans application form. We will get back to you in 24 hours and provide you cheap auto loans.

To know more about auto loans or for any other related query, kindly visit us at Greater Central Texas Federal Credit Union 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing - Lowest Used Car Loan

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

Ways To Increase Your Eligibility For Home Loan

7. May 2015 Administrator Home Loans (0)
Purchasing a home is usually the biggest investment that one makes in a lifetime. Being approved for a home loan can make the process of owning a home quicker and easier. However, there are various criteria and conditions that you must fulfill to qualify for a loan. A credit union is a good option to apply for a home loan as you can be provided instant loan approvals at very low interest rates. By following certain tips you can increase your eligibility for being approved for a home loan.  

Here are some points that you must consider:

Relaxing the loan repayment tenure

Relaxed loan repayment tenure increases the home loan eligibility of the borrower. This is due to the reasonable interest rate and lower EMI, which makes the lender more confident about the loan repayment.

Paying off outstanding loans

Before applying for a home loan, it is advisable to pay off any other outstanding loans. Borrowers with negligible outstanding loans and good payback history are given priority. However if it is not feasible to pay back the whole outstanding loan amount you can consider providing information about the remaining loan amount. A strong financial background assists in getting approved for a loan.

Clubbing of income

A higher income improves the eligibility of getting approved for a home loan. A family can consider clubbing of income of two or three members to improve eligibility.

Considering step up loans

Step up loans give the option of paying back the total amount in two ways. The first half of the amount is payable at a lower interest rate while the remaining amount can be paid over a period of time at a higher interest rate. Due to the easier payback terms in the first repayment period, eligibility for the home loan also increases. Borrowers applying for home loan can consider these loans for better home loan eligibility.

Consider perks in addition to salary

When applying for a home loan, you can improve your eligibility by providing proof of perks in addition to your salary. It can be income from a part time job, rental income, performance appraisals and bonuses etc.

By following these tips you can increase your home loan eligibility and the chance to own a home. We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
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