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

Low Income Auto Loan In Central Texas

14. November 2015 Administrator Auto Loans (0)
Having a low monthly income can make it challenging for you to secure an auto loan. You need a loan plan that suits your budget requirements. A number of credit unions in Central Texas provide auto loans and refinancing options to people in the lower income group. Do a thorough research and compare the interest rates offered by these institutions to choose the one suiting your requirements.

Here are the factors that you need to consider while applying for an auto loan in Central Texas:

  • Period of job: In order to get a quick approval for the loan, you must have spent at least one year in your present job. However, if you did not stick to a job for a year, a credit union may check for at least three years of uninterrupted employment. At the most, you should have changed only 2-3 employers within this period.
  • Down payment: If you are applying for a low income auto loan, you will be required to pay some form of down payment to the lender. In case you don’t have any money at your disposal, you may inquire from your lending organization about the alternatives they can offer.
  • Credit profile: If you have a higher credit score or a longer credit profile, you can get a better rate of interest for a low income car finance program.
  • Duration of the loan: You can get your loan approved at a faster pace if you choose to repay within a shorter period of time. However, loans with shorter durations usually entail higher monthly premiums.
  • Debt to income ratio (DTI): Most of the lenders prefer a maximum DTI ratio between 40 to 50 percent. To calculate your DTI ratio, add up all your bills and divide the total amount by your monthly pre-tax income.
  • Payment to income ratio (PTI): For approving a low income auto loan, most lenders prefer a PTI ratio between 15 and 20 percent. In order to compute the PTI ratio, divide your new car payment by your pre-tax income.
  • Co-signer: There are a few lenders who approve convenient interest rates for low income auto loans in case you get a co-signer and have a good credit rating.
We, at Greater Central Texas Federal Credit Union, offer low interest auto loans in Central Texas. For more information, you can call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Why Auto Loan From Credit Union is a Better Choice
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Why Auto Loan From Credit Union is a Better Choice

15. March 2022 Administrator Blog (0)
Getting great deal while buying a car helps in making the financial decision easy. A lot would depend on the financial institution you are availing an auto loan from. While there are many providers, Credit Unions helps in availing one of the best deals on auto loan. Let us dig deeper into the benefits of taking an auto loan from a credit union.

Lower Rates of Interest

Credit Unions are community based, non - profit financial institutions, which provide products and services to promote financial wellbeing of the members. Since, credit unions does not seek huge profits, they are able to offer their members lower interest rates on auto loans and other lending services.

User Friendly Loan Process

Credit Unions provide a user friendly loan process with minimum hassle. You are likely to complete the loan applying procedure in lesser amount of time while getting the best possible deal. Credit union generally provide online access to their services.

Credit unions often provide financial counselling led by local experts to guide you through the process.

Financing

Being the member centric cooperatives, credit unions are quite flexible and try to find ways to help their members. It is relatively convenient to apply for a loan from a credit union as they have minimum-loan requirements and a better insight into your financial situation.

Community Ties

Credit Unions hold strong community ties which offer a better understanding of each other’s financial needs and requirements. They provide personalized services backed with community support. Volunteerism & community involvement makes a credit union more accessible and participative.

From providing auto loans to many other convenient services, Greater Central Texas Federal Credit Union, Killeen is committed to help its members reach their financial goals.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen is member own cooperative which has been helping people with their financial needs since 1957. With multifarious savings and investment options, one can seek financial assistance for to build your dream home, saving for retirement etc. The lending services include New and Pre-Owned Vehicle Loans, Pre-Approval on vehicle loans and various Secured & Unsecured loans at feasible interest rates. Greater Central Texas Federal Credit Union works within the area of Bell County, Texas, west of Interstate 35.

Visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX 76542, United States. You can also contact the credit union by filling up the contact form available at the website.
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