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

Car Buying Made Easy: Credit Unions In Killeen, TX

27. September 2014 Administrator (0)

If you have been thinking about buying a car and are worrying about the finances, then credit unions can be the perfect solution for all your concerns. The easy and affordable car loans offered by the credit unions in Killeen, TX have made car buying easy for everybody. Whether you want to buy a new or used car, there are a number of reasons why you should consider getting a car loan from a credit union.

  • Better chance of approval: You are more likely to get an easy approval for car loans at a credit union than from a bank. Credit unions aim at the benefit of their clients and are even ready to make slight modifications in the policy to suit the needs of their clients.
  • Lower rates of interest: A credit union offers affordable car loans at lower rates of interest than any other lending institution. With such low interest, you can make a lot of savings and invest your hard earned money in other profitable ventures.
  • User friendly loan process: With most lending institutions, the applicants have to personally go and submit the papers for the loan. However, with a credit union, you can even apply online for a loan which helps you save time.
  • Personalized services: Since credit union are non-profit organizations and is managed by a group of volunteer board members, they keep their customers’ interests on priority. You can freely talk to them about the loan, repayment options, as well as your financial position. They can suggest some loan options that could be better for your situation.
  • Resource centers: Credit unions have well established resource centers in order to provide information to the customers about the different financing options and help them in making the right decision.
  • Non-sales approach: Credit unions do not work for their own profit and rather their sole purpose is to provide easy car loans to those who cannot afford to pay heavy interests to the banks.

If you are planning to apply for an affordable car loans in Killeen, TX, visit Greater Central Texas Federal Credit Union. We provide hassle free loans at competitive rates of interest. For more information about car loans offered by us, you can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

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GCTFCU Blog | Ways To Pay Off Your Car Loan Faster
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Ways To Pay Off Your Car Loan Faster

17. February 2017 Administrator Car Loan (0)
Applying for a car loan seems like a ‘cake walk’ with credit unions. In addition to low interest rates and less paperwork, these lending institutions offer various benefits to make the deal more profitable for the clients. However, a loan comes along with a huge responsibility of repaying the borrowed amount with added interest.

If you are looking for efficient ways to save some money on interest and pay your loan before time, you may consider the following points.

Round up your payment – To shorten your loan term and save money on interest, you can round up your payments. For example, if your monthly loan payment is $384, consider paying $400. This may look a small amount in the beginning but it can help to reduce your loan period several months than expected. Apart from this, a round payment is easy to calculate and you do not feel overburdened by paying a little extra from your pocket.

Pay after every 2 weeks- You may strike a deal with your credit union to allow biweekly payments, instead of paying at the end of every month. This will offer the following benefits:
  • Since you will pay more often, less interest will be added on your money
  • You will be able to pay extra amount every year
  • Tenure of your loan payment will reduce
Pay extra at least once a year - If you cannot afford to pay biweekly payments, you can pay at least one extra payment every year. This can be done by adding a certain additional amount, say for instance $30, which may become equivalent to one month's payment. This will help you to stay ahead in your repayments and shorten the mortgage period.

Avoid skipping a payment- Option of not paying a payment may seem lucrative at first, but it does not provide any long term benefits. It will eventually extend your loan period for months and increase the rate of interest. Therefore, you must not skip a payment until and unless there is an extreme urgency to do so.

Save extra bucks – In order to pay your loan quickly, you can always save some extra money. If you have a part time job or any other source that gives you money, try to put it towards repaying your loan. Even if you collect $100 every month, you’ll be able to save $1200 every year.

Refinance your loan – A credit union may offer extremely low rates on auto loans, which can lower your repayment amount and decrease the loan period to almost half. Eventually decreasing the overall cost of your car loan.

Pay bill online – Credit unions offer discounts on signing up for paperless statements, as it saves the time of the lender as well as the payer. 

Some of the advantages offered by paperless billing procedure are–
  • There are no checks to write
  • No paper statements filling up your mailbox
  • You get timely payment reminders
  • 24 hours access to your account
  • You can pay from anywhere at any time
  • Security of your data
  • Provision for automatic payments
Paying your auto loan early gives incredible benefits. You can save a lot of money and utilize it to upgrade your home, pay off other debts, save for your retirement etc.

We, at Greater Central Texas Federal Credit Union, offer affordable car loans with minimal rate of interests.  You can either choose from unsecured or secured car loans. Our staff will assist you with the loan application and all the paperwork involved in the process.

For more details, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
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