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

Benefits Of Getting A Car Loan From A Credit Union

If you need financing for your new car, an option that you can explore is credit union. Getting loan from a credit union is a great idea because of the various benefits that it offers over other financial institutions. Owned and operated by the members, credit union provides a number of financial services, including loans, free ATM, savings accounts, online banking, etc.

Here are some benefits of applying a car loan from a credit union:

  • Lower interest rates: Credit unions, being non-profit organizations are not liable to pay any taxes to the state or federal government. As a result, they offer considerably lower interest rates on car loans. This means that your monthly payments will be low and you can save more.
  • Flexible terms and conditions: The terms and conditions of car loans are usually flexible at a credit union. Working with a client centered approach, the credit unions are more considerate towards the financial needs of the members. Their policies are flexible enough to adjust the repayment options and loan duration according to the convenience of the clients.
  • Better customer services: The credit union is easy to approach and there are lesser formalities involved in the car loan application process. Their staff provides complete assistance to the clients in filling out the application form and getting the paperwork ready.
  • Convenient loan process: The process of getting loan is more relaxed at credit unions. The clients can even apply for a car loan through the credit union’s website. This eliminates the need to be physically present at their office.
  • Membership benefits: The credit unions also offer various other banking and financial services to their members. This includes wire transfer, payroll deduction, notary service, savings accounts, direct deposit, ATM, ACH origination, MasterCard Gift Cards etc.
  • Members have a say: All the members are stakeholders and part owners of the credit union. Therefore, they are given the right to choose the board of directors and vote on the important matters concerning loan rates, terms and working of the credit union.
We, at Greater Central Texas Federal Credit Union, provide low interest loans for both new and used cars. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

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.

Reasons To Shop At A Credit Union For Auto Loans

When looking around in the market to buy a new or used car, the first and foremost thing that needs to be decided is an appropriate source of finance. It is essential to research the different loan options and choose one accordingly. However, it is recommended that you consider a credit union in order to get the best possible deal on your auto loan.

Given here are some of the reasons why you should consider taking auto loan from a credit union:

  • Better Chances Of Loan Approval: A credit union does not have stringent income requirements like a bank. It provides flexible and affordable loan options to suit the need of all clients. Moreover, the staff at a credit union is more receptive to the clients’ requirements and is often willing to make reasonable changes in the terms of the loan.
  • Lower Rates Of Interest: This is the biggest reason why most people choose credit union for an auto loan. A credit union offers much lower interest rates than banks or any other financial institution. Whether you are going to purchase a new or used car, the approximate cost of loan from a credit union would be almost half of that at a bank. Subsequently, the monthly or annual payments are also quite low and easy-to-pay. 
  • Simpler Loan Process: The process of applying for an auto loan is also much simpler and convenient at a credit union. There are no complex forms to be filled or documents that need to be submitted. The staff at the credit union also provides complete assistance to clients about the process in a smooth manner. Usually, the loans are approved within a few days after all the documents have been verified. 
  • Non-Sales Approach: Unlike most traditional banks, the staff a credit union does not work towards making a sale or earn any sort of bonuses. They work solely for the benefit of their clients and easing their financial difficulties. All the profits earned by the credit union are returned in the form of low interest rates, dividends or other services to the clients. The representatives will understand your requirements and put forward the most suitable loan option.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient auto loans in Killeen. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Secured Loans In Killeen, TX

A secured loan is the most convenient and easy loan method among the different types of personal loans available. The basic concept is that the borrower needs to put up any of his personal belongings with the lender in exchange for the money. In case the borrower fails to repay the loan, the lender has the legal right to claim the collateral and get his money back.

One of the biggest reasons why a secured loan is preferred is the lower rate of interest that it entails. The collateral set forth by the borrower provides security to the lender against his money. However, many other factors may influence the interest rate on your secured loan.

Here are a few tips that can help you get the best possible rates on your secured loan:

  • Improve Your Credit Score: Before you apply for a secured loan it is essential that you have an accurate knowledge of your credit rating. If it shows any loan defaults or late payments, you are likely to be quoted a higher interest rate. Hence, you must contact a reliable financial institution and ask for ways in which your credit score can be improved.
  • Offer Valuable Collateral: Another important factor that can help you get a better rate is to offer a valuable collateral against the loan. The collateral's market value should be at least equal to or more than the amount of money that you intend to borrow. This will make the lender comfortable and sure about your trustworthiness and solemnity in repaying the loan.
  • Analyze Your Needs: You should carefully analyze your financial needs before applying for a secured loan. Make sure that you borrow only the amount of money that you actually require. A higher loan amount is most likely to correspond to a higher interest rate. You should also try to opt for a smaller duration to repay the loan to avoid more interest payments in the end.
  • Compare Different Policies: Lastly, it is equally important that you compare the rates of policies and the insurance premiums. A credit union is likely to offer much lower interest rates than banks and other financial institutions. However, you must do thorough research about the policies and terms offered by them.
We, at Greater Central Texas Federal Credit Union, offer affordable secured loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274.

Auto Loan In Killeen, TX

Whether you are planning to buy a new car or a used one, you need to have a reliable financing program. It is a substantial financial investment and you should consider various factors before making a decision. You can consider a credit union for applying for an auto loan. A credit union is a non-profit organization that offers reasonable loans to the registered members.

Here are some reasons why you should consider a credit union for auto loan:

  • Quick loan approval: A credit union considers the loan application of the members irrespective of their credit history. It offers quicker approval and is flexible in the loan terms as well.
  • Competitive and reliable: Being non-profit organization, the credit union is member owned and operated. Thus it offers lower interest rates that make the loan more affordable and at flexible terms. The union uses the generated revenue to offer lower fees and lower rates.
  • Personalized service: The credit union offers customized services to the members. You can discuss your loan needs with the staff and they can offer personalized loan solutions. You can also opt for flexible repayment options and gain from the professional support of the staff. They not only offer you repayment solutions according to your needs but also guide you on buying a suitable car. 
  • Guidance available: The credit union offers guidance about taking the right decisions while assessing the value of cars. The staff helps you calculate the real value of your car, if you are a new buyer. They also help you better understand your financing options. 
  • Not sales focused: Unlike banks, the credit union is non-sales oriented, so it do not offer bonus or other compensation to the lenders. The union returns whatever profit they earn to the members in the form of low interest rates on savings accounts, financial products and loans. 
  • Easy loan process: It is quite easy to apply for auto loan as members can go to the credit union office and discuss the needs face-to-face with a loan office. The members can apply for the loan at particular dealership, over the phone or online. The staff is very friendly, courteous and assists the members in applying for a loan.

We, at Greater Central Texas Federal Credit Union, provide secured and unsecured auto loans to all our members. For more information, call at (254) 690 – 2274.


Member Services At Greater Central Texas Federal Credit Union

Greater Central Texas Federal Credit Union is a leading organization serving the financial needs of our clients in Killeen, TX. We, being a non-profit entity, work solely for the benefit of our members. All the services offered at our credit union are designed keeping in mind our members’ needs and economic requirements. We understand how important it is to make our clients banking tasks convenient and simplified.

Some of the member services offered at Greater Central Texas Federal Credit Union are:

  • Payroll Deduction: We provide our members with the most convenient way to make loan payments, save money, deposit money into children’s account etc. We will automatically deduct a specified amount every month from your paycheck without you having to visit the branch personally.
  • Direct Deposit: When you sign up for our direct deposit service, you can get your payroll, pension, social security, tax refunds or retirement benefits check deposited directly into your credit union account. You need to fill up a form to avail direct deposit and specify the account details where payments need to be sent.
  • Notary Service: This is a service provided to all our members to easily get their documents attested and certified. We provide notary services for all types of affidavits, title transfers, power of attorneys, deeds etc. 
  • MasterCard Cash Advance: At the credit union, we aim to make it easier for you to obtain cash, whenever you need. Hence, we offer Cash Advance service at minimal interest rates on your MasterCard credit card. You can avail the service at any of our ATMs or at the branch itself. 
  • On-Line Access: We offer several options to our members to manage their finances and access their account online, at any time of the day. You just have to log in with your username and password to avail a host of banking services. 
  • MasterCard Gift Cards: Our MasterCard Gift Cards are a wonderful option to make your loved ones celebrate their special day the way they want. 
  • Wire Transfer: Transferring funds from one financial institution to another is safer and convenient with our wire transfer service.
For more details about the member services offered at Greater Central Texas Federal Credit Union, you can call at (254) 690 – 2274.

Credit Union For Affordable Home Loans

Getting a home loan is a big financial decision, which requires one to consider many important factors. It is advisable to consider credit union for a home loan, as it is a not-for-profit organization. A credit union provides home loans to its members at low interest rates. It also offers various others benefits for people trying to purchase a home.

Here are some of the benefits of taking home loans from a credit union:

  • Low interest rates: Being a non- profit organization, a credit union is not liable to pay taxes to the federal or state government. Therefore, these are capable to lend loans at a low interest rate. Thus, borrowers are able to lower their monthly home mortgage payments.
  • Low fees: The loan processing fees charged by a credit union is affordable. Where on one hand initial loan fee charged is less, on the other hand, checks and electronic transactions are usually offered free of cost.
  • Control of account holders: Members of a credit union are also its part owners, thus, having complete control over its operations. They have a right to vote on important matters that may affect their financial obligations such as terms of home loan rates and other related activities.
  • Increased flexibility: Credit unions are willing to lend financial aid to its members even if they do not have a higher income. The loan policies are also flexible enough to accommodate the specific needs of an applicant or if they are facing temporary financial issues.
  • Benefits to lower income groups: Borrowers in lower income groups can also be granted membership in credit unions. One can look for the packages that suit them best by reviewing its rates, cost of the loan, adjustability of its cost and its mortgage term.
  • Fewer complications: The procedure of getting a home loan from credit unions is simple and involves fewer complications. There are barely any rules or provisions to be followed, thus making the whole procedure convenient for its members. Usually, the loan application gets approval within a few days, after the documents are verified.
  • Courteous staff: The staff at a credit union is friendly and assists the members in their tasks. They are also more approachable and pay personal attention of the needs to the members.
Thus, credit unions are highly consumer oriented and provide more flexible and affordable home loans to its members.

Secured Car Loan In Killeen, TX

Secured loans require the borrower to mortgage a valuable asset as a security for the loan. It has various benefits over unsecured loans and if you are planning to purchase a car it is beneficial to opt for a secured loan from a credit union.

Here are some of the advantages of getting a secured car loan from a credit union:

  • Less Income Requirements: You need not have a significantly high income to get approval for a secured car loan. The collateral that you put forward offers a security that in case you default on your repayment, the item can be confiscated by the credit union. Thus the chances of being approved are based upon the price of the collateral. 
  • No rigorous background checks:  As you put up a collateral, a secured loan procedure does not involve major background checks. You are approved quickly based on the value of the collateral.
  • Lower Interest Rates: You can get a secured car loan at much lower interest rates than that for an unsecured one. The lower interest rates also make it easier to make monthly payments, thus, improving your credit rating.
  • Quick Approval: It is much easier to get a secured loan as compared to other traditional loans. As the risk is minimized with a secured car loan, there are no rigorous income checks required to approve the loan application. The staff is helpful and aims to clear your application as soon as possible.
  • Flexible repayment: They give the member the flexibility to pay back over a long time or in big short payments. A longer repayment time makes it easier to pay the loan back.
  • Focus On Customer Service: Credit unions are non-profit organizations that hold customer service as their top priority. Credit unions have well-established resource centers to provide complete assistance to the clients with regard to the loan process, calculating monthly payments, filling application form etc.

We, at Greater Central Texas Federal Credit Union, provide quick and convenient secured car loans in Killeen, TX. We are a member owned and operated financial institution working solely for the benefit of our clients. For more information about our loan products, feel free to call at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542

Things To Consider When Shopping For An Auto Loan

When planning to purchase a new car the most important factor to consider is financing option. Although auto loans have made it easier to buy a car, there are various factors that one must keep in mind to ensure that you get the best deal.

Here are some points to consider when applying for an auto loan:
  • Check Your Credit Score: This is an extremely important criterion to get approval for an auto loan. Make sure you have a good credit score, as it affects the interest rate that you will be charged for your loan.
  • Budget: Get a clear estimate of how much you can afford for the initial down payment as well as the monthly repayments. Calculate your monthly income from all sources and the indispensable expenses to know the money you can spare for the car loan.
  • Check The Interest Rates: Before deciding on your loan policy, compare the rates of interest quoted. Even a slight change in the interest rate could make a huge difference in your monthly payments. You must also decide between fixed and floating interest rates.
  • Select Loan Repayment Period Wisely: When you are shopping for a car loan, make sure you take the loan repayment period into consideration. Although long tenured loans may seem attractive in the first place, you may end up paying a lot more as part of the interest rate. Hence, it is always advisable to choose a short-term loan with 3 to 5 year repayment duration.
  • Skip a payment: You should confirm with the agent if you would be offered the option of ‘ skipping a payment’. You may be offered to skip one payment a year but it is helpful in times of a financial crunch. 
  • Secured Or Unsecured Loan: You also have the option to choose between secured or unsecured auto loans. In the former one, you have to put up collateral equivalent to the loan amount which, in most cases, is the car itself. The interest rates and monthly payments are quite low in these types of loans.
We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. Our application process is simple and the loan is approved usually within a few days. For more details about our auto loan products, you can call at (254) 690 - 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Ways To Increase Your Eligibility For Home Loan

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.