• Account Agreement: The agreement that determines membership eligibility, conditions for share accounts and other banking operations.
• Accrued Interest: Interest that is due but has not yet been paid to an account holder of a share account. It can also be due interest that has not yet been paid to the credit union by borrower of a loan.
• Adjustable-Rate Mortgage: A mortgage without a fixed interest rate. The rate fluctuates on the basis of market conditions such as index rate.
• Annual Percentage Rate: Percentage indicating the cost of credit on a yearly basis.
• Annual Percentage Yield: A percentage indicating the total amount of interest paid on a share account. The amount is based on the interest rate and frequency of compounding for the year.
• Annuity: Life insurance contract sold by brokers, insurance companies and other institutions as retirement investment.
• Automatic Bill Payment:  An automated system for an account holder to pay recurring bills.
• Available Credit: The remaining amount of funds in a line of credit or account that a member can borrow.
• Closing Costs: Expenses incurred by sellers and buyers when transferring the ownership of property.
• Collateral: Assets offered by a borrower for securing a loan or some other form of credit.
• Drawer: A person/entity who writes a check or draft asking the drawee to pay another.
• Drawee: The credit union or financial institution expected to pay a check or draft that is presented for payment.
• Escrow: The act of holding money or documents by a neutral third party prior to closing the property.
• Foreclosure: Legal process of selling property and using the proceeds for covering a mortgage debt.
• Open-End Credit: A credit agreement allowing members to borrow against pre-approved credit line for purchasing goods and services.
• Overdraft: When the amount in an account falls short of the amount being withdrawn from a checking account or share draft account.
• Payee: A person or organization to whom a check, draft or note is made payable.
• Payoff: Complete repayment of a loan.
• Share Draft Account: Checking accounts are called share draft accounts by credit unions. They are transaction accounts.
• Uncollected Funds: A part of a deposit balance that is due to be collected by the depository financial institution.

• Borrow Wisely: A thumb rule is to borrow what you can pay back easily. Create a budget based on your monthly income and expenditures to have a clear picture of how much you should spend with your credit card.
• Check The Interest Rate: While applying for a credit card do make sure that you research the market and get a card which offers lowest rate of interest. Do pay attention to the annual fee and reward system offered by the lender. You may consider getting a credit card from a credit union for a competitive rate of interest.
• Pay Off Debts On A Monthly Basis: Restrict your interest charges from growing exponentially by paying off your balance every month. Avoid skipping a payment, as this will lead to higher expenses due to late fee and will negatively impact your credit score.
• Maintain A Low Credit Utilization Ratio: Use less than the credit utilization ratio i.e. borrow less than what you are authorized to borrow. Experts recommend keeping this ratio under 30 percent.
• Keep Checking Your Credit Reports: Keep a tab on your credit reports by asking for a copy from a credit reporting company annually. The report will provide you an insight into your credit history and also throw light on fraudulent accounts, incorrect information, if any and more.
• Beware Of Hidden Fees: Ask the lender for any hidden fees such as late payment fees, processing fees, balance transfer fees, credit limit fees etc. before applying for the credit card.
• Limit The Number Of Cards: Limiting the number of credit cards you own, makes it easier to manage them. Having more cards may translate into higher debts which can affect your credit score. Once you have decided the cards that you want to keep, hold onto them. Sticking to your credit card, keeping the account active and maintaining a good payment history can build your credit score.
• Use Technology: It is much easier to manage accounts now as most financial institutions offer free online tools to enable clients to keep a tab on their accounts.

• Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
• Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
• Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
• More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
• Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
• Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
• Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
• Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
• Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.

Choosing the perfect car for yourself can be one of the most exciting things to do. The car you ultimately buy has to be in sync with your taste and requirements. But before buying a car you need to take care of certain parameters so that things go exactly the way you want. Considering certain factors well in time can help you get your hands on the best car that suits your needs. The vehicle should provide you utmost benefits and prove that it’s worth the money spent. Read on to know some of the best car buying tips that will definitely help you in the overall purchase process.

• Firstly, you should try and opt for a new car if your budget allows you to do so. A brand new car is a better option for many reasons. Not only you will get the latest vehicle technology, you also don’t have to deal with issues or damages from previous owners. Moreover, the new warranties are far more comprehensive. You can also customize the car according to your own preference. Most importantly, the latest cars offer gas-efficient models, which is very beneficial in the longer run.
• The second most important thing is cash consideration. Even though you might be able to afford the new car that you are going to buy, you can’t arrange all the money in one go. This is where auto loans come in handy. These loans are also available on used cars.

1. You should consider your credit score and loan limit before going in for an auto loan.
2. Check the amount that you can afford for the down payment and only then finalize the auto loan.
3. The duration and interest rates on the loans are equally important variables that need to be considered.
4. If the overall cost of the vehicle seems to be too much for you, it’s better to look out for some budget-friendly cars.

•  You should do extensive research before buying a new car. There are a number of good forums on the Web that have people discussing about the latest designs and technologies integrated in the new cars. This will definitely help you choose a better car. Nowadays, dealership companies have a separate section on their websites where they provide an overview of all the new cars. You can read it thoroughly and take your decision accordingly. Searching online can prove to be fruitful as it saves a lot of time and can help you find your dream car at affordable rates.

Just keep a few tips in mind and the car of your dreams will turn into reality!

We at Greater Central Texas Federal Credit Union provide cheap and quick secured car loans, for used car as well as the new ones. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

If you are looking for auto loans for a short-term period at competitive interest rates, then approaching a credit union could be your best bet. For those who are new to the concept of credit unions as financial institutions for borrowing money, it is important to know that these are formed by a group of people with some common link such as members of a church, business, etc. The members pool in their assets for the purpose of providing loans to any one of the members who need the money. Credit unions are becoming a favorite among those willing to buy cars on the basis of a loan as they are very convenient and pocket friendly.

Here are some of the top reasons due to which getting an auto loan from a credit union is a smarter choice today:

• Personalized attention: Credit unions being smaller organizations than other financial institutions offer faster services to their members and even accommodate minor changes in the scheme of repayment.  There is always some scope for a member to negotiate on the rate of interest and even to get some extra time for the repayment.
• Easy availability of car loans: Fluctuations in the economic status have made financial institutions quite aggressive when it comes to offering money for loans. However, credit unions are far more relaxed when it comes to giving auto loans to their members and are not affected by the economic conditions as they always have a good amount of funds and enjoy good relations with car dealers.
• Competitive rates of interest and relaxed terms and conditions: It is a well-known fact that the rates of interest offered by credit unions on auto loans are lesser than that of other financial institutions. These institutions are also flexible when it comes to their terms and conditions, as they are sensitive to any problems that their members could be facing in repaying the loan.
• Simple loan process: Getting an auto loan from a credit union is very simple and no longer requires a member to sit down with a loan officer to complete the formalities. You can apply for the loan at a participating dealership, over the phone and even online as per your convenience.
• Perks: Members of credit unions enjoy perks that other customers do not have access to such as low interest rates and special deals.

For cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

Getting a new car financed has become the norm of the day as many people find it a convenient way of getting a car of their dreams regardless of whether they have the money required for the purchase. However, most of the people take the plunge into auto financing without understanding the intricacies related to it or having any basic knowledge of how such loans operate. Loans can be either short-term ones or long-term ones depending on their period of repayment. Loans for which the repayment period is stretched over a long period are the long-term ones whereas short-term loans are those that are paid off quickly usually within 24 to 36 months.

Long-term loans last for 48 months or longer and can stretch up to 72 months in some cases. Such loans might seem more lucrative than the short-term ones but prove to be more expensive in the long run. The interest rates for such loans are lower than those for short-term loans but considering the long periods over which the monthly installments are spread out, they end up being much more expensive. Short–term loans on the other hand have slightly higher rates of interest which could be a bit discouraging for some but take less time to get repaid and save on costs too.

If you are keen on getting a short-term loan at very competitive rates of interest, credit unions could be a better option than other financial institutions. Credit unions are financial institutions formed by people with some common bond who pool in their assets for providing loans to members. Credit unions are usually smaller organizations than other financial institutions, which means that you are sure to enjoy faster services and personalized attention. There is always some scope for negotiating on the rates of interest in credit unions, which gives more flexibility to a borrower.

So, if you are looking for a loan repayment plan in which you get to repay the amount borrowed within the warranty period to avoid paying for repairs out of your pocket, getting a short-term loan from a credit union could be the smartest option. You can also get an extended warranty on long-term loans but this will only lead to an increase in your monthly payments and defeat the purpose for which you got such a loan. Therefore, before getting an auto loan, always consider the repayment period and the effect it will have on your overall expenses.

If you want to procure 72 month auto loans or short term loans in Central Texas, visit us at Greater Central Texas Federal Credit Union only. We are located at 3305 E Elms Road, Killeen, TX 76542.

An auto loan is one of the best ways of buying the car of your dreams irrespective of your present financial status. However, before getting your car financed, it is important to be well-versed with all aspects of such loans. You must have knowledge of how the interest rates work, number of installments involved, terms and conditions, etc. Before finalizing on an auto loan, it would be good to consult a financial expert who can throw light on common problems that are encountered in auto loans and what can be done about them. Such advice will be helpful in letting you know what to expect and how to avoid potential problems.

Auto loan issues and their solutions

• Overspending: The ease with which you can buy a car through auto loans tempts some people to go for cars that are very expensive. They fail to see what the future implications of such a step could be and end up being stuck in a situation where the monthly payments they have to pay are higher than their monthly net income. To prevent such pitfalls, always stick to your budget and no matter how lucrative the deal seems to be, stick to a plan in which the monthly payments you have to make do not exceed 20% of your monthly income.
• Research on the current interest rates: Some consumers get auto loans without having a clue about the current interest rates and are not even aware whether the interest rates being offered to them are competitive or not. Prepare yourself well in advance with some knowledge about the prevailing interest rates.
• Review the contract before signing: Looking for an appropriate car loan can take its toll on the borrower to such an extent that he ends up signing the contract without going through it. Such a faux pas could lead to accepting terms and conditions that one is not even aware of. You can thus end up agreeing to get an extended warranty, rustproofing, etc. Such things can escalate your expenditure, so make it a point to crosscheck the contract carefully before signing.
• Pressure tactics: The dealership staff is well trained at pressurizing consumers into accepting their deals and this can be quite baffling at times. The pressure and confusion clouds your thinking and in the rush of the moment, you end up signing the deal despite having second thoughts about it. Always resist such pressure and take your time to understand what you are getting into even if it means walking away at that time and coming back after a few days with a sorted mind.

For more information about auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

Credit unions refer to the member owned cooperatives that provide financial assistance to a specific group of individuals. They are the best choice for those who want to purchase a new or used car as they help you save on a lot of money. The credit union members enjoy added benefits of reduced fees or costs related to the loan application or documentation. It is essential to be a member of the credit union to avail its services and for this you will have to fulfill the requirements of the specific credit union you wish to be a part of.

Financing your new or used car through a credit union could be beneficial in the following ways:

• Availability of money in spite of the prevalent economic condition: Credit unions are extremely reliable for monetary assistance to their members as they always have money, even in times of an economic crisis. During such times, most of the financial institutions make their policies very stringent while giving funds and offer as few loans as possible. On the other hand, credit unions never face such a crunch situation and have healthy relations with most of the car dealers. Lending money is never an issue with the unions. 
• Member oriented: Being member oriented is one such attribute, courtesy which, credit unions score an edge over other financial institutions. If at any point, their member faces any difficulties in repaying the loan, the credit union offers to assist in finding a way of dealing with the problem.
• Competitive rates of interest and terms: Credit unions offer very competitive rates of interest to its members, which help in saving on a substantial amount of money in the long run. Their interest rates are comparatively lower because their main aim is to serve the members as against making profits. The terms and conditions of offering the loans are such that offer maximum convenience to the borrower. The service provided is instant as there is no requirement for approval from unending organizational levels as is in the case of other financial institutions.
• Prompt loans: As soon as you complete the formalities of becoming a member, you are entitled to get a loan from a credit union. This is not the case with other financial institutions, in which there is a waiting period between becoming a member and being able to avail the benefits of membership.

We at Greater Central Texas Federal Credit Union provide you quick and cheap car loans in Texas. For more details, you can visit us at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Once you decide to buy a car, the first question that is likely to pop in your mind is what the best loan option for you is. With a number of institutions offering auto loans, you need to smartly evaluate your options, and ensure that you settle for the best possible deal. For most people, these options boil down to two options- banks and credit unions, and that is where the age-old dilemma begins. If you are confused by this dilemma, and aren't sure which of these institutions is right for you, we will tell you how credit unions are a better option than banks for auto loans.

• Lower rates of interest- The interest rate that you get as a borrower is the prime consideration that needs to be made while applying for an auto loan. Credit unions have always offered favorable interest rates, which are significantly lower when compared to those at banks. Lower interest rates translate into lower monthly payments. This is because credit unions function as non-profit organizations. In fact, along with the low interest rates, credit unions also charge a lower fee for loan applications.
• Utmost customer convenience- A credit union works for the benefit of the community, and being a member of a credit union, you can be assured of getting the best service at each step of your loan application. You are spared from all the red tape and elaborate paper work that goes into applying for an auto loan at a bank. You get to talk to a real person, receive a speedy response, and in case of rejection are offered with a clear explanation of why you cannot receive the loan.
• Shorter loans- By applying for an auto loan at a credit union, you can repay your loan much faster than in case of a conventional bank loan. This is because of the low interest rates, which reduce the total payment that you need to make.
• Not-for-profit model- The not-for-profit model of credit unions works greatly in favor of the borrowers, since it eliminates the possibility of hidden costs and divided profits among shareholders. As a credit union member, you are essentially a shareholder, which means that every little profit to the organization, whether in the form of hidden fees or service charges, will come back to you as lower interest rates.

For cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. We can also be contacted at 254-690-2274.

When going for a car loan, one of the most important factors to take into consideration is the term of the loan. Going for a short-term loan or a long-term loan is a personal choice that has to be made as per your current financial position. If you are able to pay higher rates of interest over a short period of time, then short term loans are a good option for you. On the other hand, if you earn a fixed income every month and feel you cannot pay huge amounts of interest every month and would prefer to pay smaller installments over a long period, then long term loans are the way to go.

Short-term loans are generally those that stretch from 12 months to 36 months whereas long-term loans are those that go up to 72 months. Nowadays, considering that the prices of cars are escalating due to better technology and durability, it is advisable to go for 72 Month Auto Financing as an economical option. These loans also let you set your hands on some of the most expensive cars in the automobile market as you can easily pay them off without affecting your day-to-day life.

Benefits of opting for 72-month car loans:

• These loans significantly cut down on your monthly payments as they are spread over a long period with low interest rates.
• You can always re-finance such a loan to reduce your costs, as it will cut down on the interest payments you have to make.
• Today’s cars are far more reliable than those of the yesteryears and come with longer warranties than before. This means that even after five to six years, your car will be in great shape even if you are still repaying your car loan. This is a great relaxation for those under the misconception that long-term loans extend beyond a cars useful life.
• Another great advantage of opting for these loans is that you get to buy the car of your dreams without worrying about whether you can afford it or not. The reason for this is the ease with which you can make your payments by installments spread over up to 6 years.

So,  next time if you are confused as to which term length to choose for a car loan, you can safely opt for a long-term one as it is economical and comes along with many more benefits. If you are interested in procuring 72 month auto loan, visit us Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Anyone who has ever applied for a car loan knows how confusing and intimidating the terminology used can be. The jargons used by auto financiers are terms they find convenient for putting across their points to the consumer. Most of the consumers find these terms very complicated and fail to understand the working of the auto loan due to which they end up striking deals, the consequences of which they might not be aware of. This is the reason for which anyone intending to get a vehicle financed should at least be aware of what commonly used auto financing jargons mean.

Here is an explanation of common jargons used in the world of auto financing:

1. Annual percentage rate (APR)-  This rate refers to the fixed or variable interest rate at which the lender is prepared to lend the loan amount over a specific period of time. A low APR does not necessarily mean a cheap loan especially if the term of the loan is a long one. A long term of loan will mean you have to pay a higher number of monthly installments, which will lead to more interest.
2. Loan term- This refers to the total period before your loan matures and is usually stated in months ranging from 24 to 84 months at the most. The significance of letting you know the loan term is to give you an idea as to when you are expected to pay off the loan.
3. Down payments- Down payment refers to an initial deposit that you make to your car seller and it is usually in the form of cash, a check, or a trade-in. It has an impact on your loan as the bigger the amount of down payment you make, the smaller your auto loan will be, and the more you will end up saving.
4. Trade-in- This term is used when you trade-in your old vehicle with the seller as a down payment for the new vehicle that you wish to purchase. However, it is subject to the condition as to whether the seller is ready to accept a trade-in or not.
5. Upside down- This term is used to describe a situation in which you owe more on the car you are purchasing than its fair market value. The cause for such a situation is the depreciation a car goes through within the first few months of its usage. The best way to avoid an upside down situation is to deposit a good amount of down payment.

To know more about Auto Financing in Texas, kindly visit us at Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Everyone loves buying a new car but very few consider the option of a used car as a smart move. Of course, nothing compares to the feeling of driving a new car out of the showroom, but the moment it is out, it has already depreciated in value. A used car on the other hand holds longer to its value thus giving you much more value for your money. It is an economically viable option as you can get it financed for much less as compared to a new car without compromising on the features and its life.

However, buying a used car can be a tricky choice to make, as you will have to ensure the dealer you are dealing has high credibility. You should also be good at negotiating, as this will help you strike a deal that will be beneficial to you in terms of the cost. When it comes to buying used cars, your assessment of its condition is very important and for this, you should have at least some basic knowledge about vehicles. You may also need to ask your dealer a number of questions to clarify any doubts that you have without any hesitation knowing that it is your right as a buyer,

After you have finally settled for a car, it is important to get it checked thoroughly by a mechanic for any defects. Sometimes, a vehicle might look spic and span from the exteriors, but within, it could be having a host of problems that are difficult for a layman to assess. You should also ask for the vehicles history as such details will give you an insight into who owned the car previously, whether it had an accident or any other problem. If your mechanic passes the vehicle and you have no problem with its history, you will now have to bargain to the best of your ability.

In economic times as unpredictable as today’s, it is a smarter choice to opt for a used car as opposed to a new one in every respect. Car dealers these days stress a lot on the condition of the car and make the most of the latest technology to ensure that a used car looks as good as a new one. For you as a buyer, it is a win win situation as you get the best for a very reasonable amount of money.

We at Greater Central Texas Federal Credit Union provide cheap and quick secured car loans, for used car as well as the new ones. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Credit unions are financial institutions that are formed by a group of people with some similar interests. This group might be of business partners, members of a church, etc. Such a group pools in its assets to form capital that can be lent to members of the union as a loan. Many people prefer credit union loans to loans from regular financial institutions because their interest rates are very competitive, making them a cheaper option in the long-run. Low interest rates are a boon for borrowers especially when it comes to auto loans.

Auto loans from credit unions are very convenient for the borrower due to the following reasons:

• Easy availability of money: Most of the financial institutions make their terms and policies stringent especially when the economic conditions are not favorable and this becomes a major handicap for borrowers. Credit unions do not suffer from such issues as they have enough funds at all times and enjoy good relationships with most of the car dealers making them a reliable source of loans. The process of getting loans from credit unions has been further simplified as you can now get a loan online or even over the phone.
• Flexibility: Credit unions are very flexible when it comes to the terms and conditions for offering loans. It lets the borrower switch from a long-term loan to a short-term loan at his convenience and he can even extend the period of the loan in case of non-payment. You can also negotiate on the interest rates and settle for one that is comfortable for you.
• Lower interest rates: This is probably the biggest advantage of opting for auto loans from credit unions as it cuts down on your expenditure in the long-run. Credit unions are non-profit organizations due to which their main motive is to help those in need of money without focusing on how much they end up gaining. This is the main reason for which auto loans offered by them have very reasonable interest rates as compared to those of other financial institutions.
• Easy membership and perks: The process of becoming a member of a credit union is uncomplicated and once a member, you get additional perks that non-members do not enjoy. Members enjoy a further slash on the interest rates coupled with other offers that make it easier for them to clear their loan.

For more information on how to secure an Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union located at - 3305 E. Elms Rd. Killeen, TX 76542. You can also call us at 254-690-2274.