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

Bad Credit Auto Loans

6. October 2011 Administrator (0)

A dream does not cost anything. But if you are struck up with bad credit, then it is likely that most of your dreams will be hard to realize. Bad credit affects your ability to get loans for cars, home or even business. So in times of need, you might have to borrow money or get it at very high interest rates. Such a situation can be troublesome and frustrating.

While most of the lenders do not provide loan to people with bad credit score, we here at Greater Central Texas Federal Credit Union endeavor to provide loans to the people who have bad credit you without making them toil for it. If you are someone who has been turned down over and over again due to bad credit then you have been to all the wrong places, we must say. For when it comes to bad credit loans you can never find from a better place than Greater Central Texas Federal Credit Union.

We provide you a hassle free and easy way that can help you buy your dream car. All you are expected to do is to follow a simple process. You just have to visit us or give us a call and we will let you know all the requirements that have to be met for seeking a loan. Most of the lenders who give out loans to people with bad credit charge huge interest rates, while we at Greater Central Texas Credit Union provide the same at a much reasonable rate. If you have a bad credit, you do not have to shell out high monthly installments to us.

While bad credit is usually seen as a problem case by most lenders, we believe otherwise. Our work is to help you fulfill your dreams and assist you in driving your favorite car. Our work involves hassle free money lending at no extra cost.

For all those who are tired of looking for bad credit car loans, we are just a phone call away. For more details on auto loans you can contact us at Greater Central Texas Federal Credit Union, 3305 E Elms Road, Killeen, TX 76542 or call 254-690-2274.

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72 Month Auto Loans In Texas Are The Best Bets

21. September 2011 Administrator (0)

When you are out to buy a car then it is advisable to first concentrate on the financing part and then move ahead. While it is believed that the length of the loan should be dependent on the time for which the buyer intends to keep the car, 72 month auto loans have come out to be quite popular in Texas these days. Some of the advantages of 72 month Auto Loans in Texas are:

  • A 72 month auto loan means that the buyer will have to make 72 payments as loan installments to repay the loan and before he can legitimately become the owner of the car. It is advantageous as you are required to repay the loan in appropriate time which is neither too short nor too long.
  • As the loan tenure is long, successful repayment helps in building up your credit worthiness.
  • As the Auto loan’s monthly installment is not so high, you can buy a better vehicle of your choice even though it costs a bit more.
  • There might be a change in the lending rate and the buyer just might happen to benefit from these changes.
  • Also, this 72 month auto loan can be a very good option for some driver who has a fixed income, small savings and a desire to make a hefty investment for a long period of time. Such an Auto loan will be highly useful for such a buyer as it will result in small monthly incomes and will help him save some money from his income.

Many drivers are today looking for a solution to high loan rates. 72 month Auto Loans is the answer to their problems as it helps lower the monthly installment which is to be paid and lengthens the time for which this amount is paid on a monthly basis.

We are pioneers in providing Auto Loans in Texas. For further details feel; free to contact us at - Greater Central Texas Federal Credit Union 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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5 Things You Need to Know Before Buying Your Next Car

14. September 2011 Administrator (0)

Gone are the days when you had to hop from one dealership to another to choose a car of your choice. In the modern era; technology has come to everyone’s rescue. You can now look for a car of your choice online and book it likewise. You can also get easy Auto loans to support your purchase. But if you are willing to buy your next car, there are a few things your must be sure of, before you do so.

  • Cars have a known depreciation rate. Therefore before you buy your next car, calculate if the interest you pay on your car loan is feasible for you or not. Also note that the longer time you take to pay it off, the more will the interest be.
  • Before you decide or finalize the cost of your new car it will be better to calculate the trade-in value of your current car. You must be aware of the same so that you know how much to expect for it, from the dealer.
  • You must research well about the interest rates on your auto loans. You might often have seen that when auto companies advertize they tell you how much you will have to pay every month. However the trick here is that, the interest rate is where most of the cost lies. It does not matter what you pay every month but infact what matters is how much you pay over the years.
  • Unless your income increases, you should not take a new auto loan until the old one is paid off. However if you are someone who has a fetish for new cars then you must watch out for the sharp depreciation in cars and the interest costs associated with it.
  • If you buy a new car but fail to afford it, this could be a troublesome situation. So it is highly suggested that you beforehand calculate and watch for the operating expenses, insurance, gas mileage, annual excise taxes, and other costs of ownership.

For any details regarding auto loans, contact us at Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542, Phone: 254-690-2274.

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Buying A New Car? Questions To Ask Yourself

8. September 2011 Administrator (0)

The purchase of a new car can be a complicated decision which requires a lot of meticulous planning. There are several things that you need to consider while buying a new vehicle, as a significant amount of monetary investment is required for such a purchase. Several questions that an average consumer is likely to face have been mentioned below:

  • The first thing that you need to think about is whether you should go in for a brand new or a second hand model. This decision depends largely on the financial options available to you to finance the vehicle. If you have sources of funds at your disposal or are likely to get quickly approved for a large loan sum, you can opt for a new vehicle. However, if you are on quite a low budget and are unlikely to obtain a loan easily, it is better to stick to a used one. There are several dealerships that will be able to provide used cars in excellent condition to customers based in Texas.
  • If you are taking an auto loan, the kind of car that you purchase is going to have a significant impact on the monthly premium amount that you will have to contribute towards your auto loan. If you go in for a high end car model, your monthly premium is going to be high while if a vehicle in the medium range is opted for, the monthly payment that you have to make will be a reduced one.
  • If you are taking an auto loan to finance your vehicle in the state of Texas, another aspect that you need to consider is the kind of credit that you enjoy. Your credit history is thoroughly examined by the loan provider before granting or approving a vehicular loan for you. Those with a low credit rating generally have to pay high interest rates towards auto loans. So, if you have bad credit, it is advisable to wait for a while, improve your credit ratings and then apply for a car loan.

For all kinds of Auto Loans, contact us at Greater Central Texas Federal Credit Union at 3305 E Elms Road Killeen, TX 76542 or give us a ring at 254-690-2274.

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Tips To Lower Your Car Payment

27. August 2011 Administrator (0)

Car loans are the most important monthly expense for a majority of people. People get attracted to new cars and usually follow the general trend of paying lesser amount as down payment and more monthly payments. In most of the cases, it is impossible for the car to be refinanced. One possible way out that can help you to lower your monthly car payment without even refinancing the car is private debt restructure.

  • Think of a solid reason to get a restructure. Often the lenders only grant these so called ‘hardship loans’ in the case of an emergency or financial crisis like medical emergency, bankruptcy or loss of a job.
  • Work out your own DIR or debt to income ratio. A high ratio will cause you to face tough times to make monthly payments. To calculate your DIR, divide all your monthly expenses with your gross monthly earnings. For instance, your income is $2000 and your monthly expenses (including the car payments) are $1000. So, your DIR would be 50 per cent, which is considered to be very high by the lenders.
  • Determine the current rate of interest on your auto loan. Make out what would be the interest rate that you can easily manage. It is very important to be very clear before you request for any modification in the rate of interest.
  • Drop a line to your lender to know about the hardship plan. Make sure that you put forward all the required documents in support of your claim like bank statements and income documents.
  • Make sure that all the proposals of the hardship plan are in writing and that the terms and conditions will be of assistance your present financial condition.
  • Be prepared to make changes in your personal budget and expenditure so that you are able to pay back a heavy car loan.

To avail cheap auto loans in Central Texas, contact us at Greater Central Texas Federal Credit Union. Our unique loan plans can assist you in getting lowest rates for auto loans. We can be contacted at 254-690-2274.

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Auto Financing In Texas

18. August 2011 Administrator (0)

It is very important that you act smartly in a deal to buy a car or you will end up losing much more money that you actually should. Generally, most of the car buyers arrange money before buying a new car. This scheme, known as auto financing, means the way you are going to pay for your new car. You can get your car financed by getting an auto loan which you can use in two ways: either pay the money to buy the car, or use it for lease.

If you have purchased a car before, you might know that the loan provider will check your credit report before doing any sort of deal with you. However, this is not the only requisite for taking an auto loan. Auto dealer will also try his best to appease the deal and give you special offers on car financing. But, you need to be extremely watchful.

Remember, you should be well prepared for this. Consider all the options of auto financing before visiting the dealer so that you can manage your car loan as well as your credit. Bear in mind that no deal is permanent until you have a hard copy for it. When you are done with the negotiations, do get the sales contract prepared.

Overstated interest rates
Be careful to verify your monthly payments as well as the interest rates. Different car buyers are charged with different rates of interest depending upon their credit history. If you have a poor credit history, you will be charged a high rate of interest and this is where the car dealer profits from your loan.

Independent auto financing
If you have a pre-approved auto financing, you can go up to the car dealer and purchase the car as a ‘cash buyer’. It would be good if you go for independent auto financing to buy a new car.

To get Auto Loans in Central Texas, visit Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. We are located in Killeen, TX. You can also call us at Phone: 254-690-2274).

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Consolidating Your Car Loans

11. August 2011 Administrator (0)

For the families that have more than one vehicle, it is logical to get your car loans consolidated. Consolidation of car loans is a process through which you can combine all your vehicle loans into one payment. Car loan consolidation can be very beneficial to you if:

  • You want a lower rate of interest
  • You have to pay several loan installments in one month
  • You want to cut down your monthly payment

Requirements for loan consolidation

  • Income proof- Most of the lenders seek a job of at least 6 months. However, long term employment would increase your credit worth. Gather at least six months pay statements to present for the verification of your job and income.
  • Insurance- Make sure that you all the vehicles that you want to cover under the consolidated loan are insured. Some insurance companies also offer discount on multiple vehicles.
  • Residence proof- A stable residency will increase your credit worth. You should be able to put forward at least six months utility bills for your address and a proof of identity.
  • Credit history - It is important that you have knowledge about your credit rating. Most of the time, you can be rejected for a car loan only because of a poor credit history. It’s not that you can’t consolidate your loans without a good credit history, but do not expect discounted rates of interest.

Benefits of consolidating car loans

  • A person who is paying large monthly payments can benefit from loan consolidation by increasing the time period of the loan. However, increased time period means more interest payment at the end of the day.
  • For the people who have multiple loans, consolidation can help to keep a record of the due monthly installments and pay them in time.

As a concluding point, car loan consolidation depends upon the situation of each and every borrower. Those who are already laden with debt should think before opting for consolidation.

To obtain cheap and secured loans easily and quickly, consider Greater Central Texas Federal Credit Union only. For any assistance, call us at 254-690-2274.

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Auto Loan Tips For First Time Buyers In Texas

4. August 2011 Administrator (0)

It is not a simple task to buy a car for the first time. Most of the people seem to be confused and puzzled about where to go to get a car loan. But, it is very easy to find a loan for a first time car buyer. Given here are some easy but important tips that can help you in getting a loan and buy a new car for yourself.

  • Do not even try to lie about your monthly expenditures to give the impression that you can meet the monthly installments. It would be good if you accurately determine how much you can actually afford to borrow. This way you can modify your application according to your needs. 
  • Try to make as much down payment as you can. This will help you to reduce your monthly payments for the loan. While applying for a loan, try to convince the lender as much as possible. Simply by showing an effort to reduce the monthly payment, you can make a better impression on the lender than those who apply for the loan blindly.
  • Find out a lender that specialize in granting loan to people that do not have any credit history. You are likely to have a higher chance of success in getting a loan than when you apply in a bank or so. However, your ability to repay the loan will be assessed by these lenders also.
  • Do make sure you find out all the hidden charges in the deal. Also find out if there are any pre-closure charges levied by the lender in case you wish to pay up loan amount to lender before the agreed term.

Thus, following these sure shot tips will definitely get you a good deal on loan to buy a car for the first time. To obtain cheap auto loans in Central Texas do visit Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. Call us at phone: 254-690-2274. We are situated at Killeen, TX.

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Factors Influencing Auto Loan Interest Rates

26. July 2011 Administrator (0)

Central Texas offers a variety of options for those who wish to obtain auto loans for financing new or old vehicles. There are different sources of loans to suit different purposes. There are certain lenders that may provide loans with low rates of interest that may involve higher monthly installments. On the other hand, you may also be able to find money lending institutions or individual lenders who may give out loans that make it possible for you to pay in small installment amounts but that involve higher interest rates. The option that you choose is largely dependent on your particular requirements and your earnings.

There are several factors that can determine rates of interest on purchase of vehicles in the state of Texas. Some of them have been enumerated below:

  • The interest rate is largely dependent on the kind of car that you decide to buy. If you are purchasing a car that belongs to the high end category and is highly priced, you may be charged a slightly higher interest rate than if you go in for a medium range or a second hand car.
  • The time period within which you are willing to pay back the money that you borrowed also has a major role to play in determining the rates of interest for your loan. Generally, it has been observed that the longer the period of the loan, the rate of interest is lower. On the other hand, if the loan term is only a few months, you may be able to repay the loan at a little higher rate of interest.
  • The most important factor that influences interest rates when it comes to auto loans is your previous record in repaying loans that you may have taken in the past. Your previous repayment has a major effect on your credit ratings information; which is available with most financial institutions that you may approach for loans. If you have been consistent in repaying all previous loans, you are likely to enjoy a good credit rating and thus may be able to obtain cheaper interest rates.

To get great deals on Auto Loans in Central Texas, visit Greater Central Texas Federal Credit Union. We are located in Killeen, Texas (Phone: 254-690-2274)

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Long Term Auto Loans

19. July 2011 Administrator (0)

Every person has a desire to have his own car. However, due to a number of reasons, it is not possible for everyone to afford a car. One reason could be that you cannot manage to take out some money from your monthly budget, or you do not want to shell out money for a car due to some other future commitments. In such circumstances, long term auto loans can be of great help. These loans put forward longer time for the repayment of the loan, thus, not putting any burden on your monthly budget.

The long term auto loans are a bit different from other loans. You get enough time for repaying your loan amount. There are very low monthly installments, so you need not worry about making much contraction in your monthly expenses. These loans are also available in secured as well as unsecured forms.

You can considerably reduce your rate of interest with the secured loans. On the contrary, the unsecured loans have a fairly lower repayment term and higher rate of interest as compared to the secured loans. You need to place something as collateral if you wan to have a secured loan. Due to the paperwork involved in this process, it may take some time. However, if you are in an immediate need of loan, you can opt for the unsecured loans.

These loans may also require you to pay a certain amount of down payment. Your can lower your interest rates by making a bigger down payment. Most often, people try to pay 25 to 30 per cent of the cost of the car as a down payment.

You can search the market for the most bendable terms and conditions. There are also different repayment terms for long term auto loans, so you can choose the one that is best suited to your needs.

For auto loans in Central Texas, do visit Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. Call us at Phone: 254-690-2274. We are located at Killeen, Texas.

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Things First-Time Home Loan Borrowers Must Know

8. March 2016 Administrator Home Loans (0)
Buying a home is one of the most important and biggest financial decisions that you may take in your lifetime. The process of taking a loan to buy a home may seem overwhelming, particularly for first time buyers. The paperwork, jargons and formalities may prove to be too mind-boggling if you are not prepared.

Following factors will help to understand the constituents of a home loan and ease out the process if you are first time home loan borrower.

  • Principal Amount: This is the amount that you are looking to borrow. This may not be the actual price of the home as some investment needs to be done by the buyer in the form of down payment and only the rest will be extended as loan. The amount you can afford as down payment must be carefully decided keeping your financial position in mind.
  • Interest rates: There are two types of interest rates that you can opt from. Variable rate depends on the situation of the market and suits a borrower who can afford the volatility of the rate. Fixed rate remains the same for the entire tenure as agreed at the time of loan approval.
  • Eligibility: It is important to review your credit history so you are aware how much loan amount you are eligible for. You can also get a co-applicant for a loan that has a steady income to improve your combined eligibility and up the amount you can take as loan.
  • Time Period: After evaluating your current and future financial requirements, decide on the time period for which you will repay the loan amount. This may vary from 10 to 20 years and will affect your monthly payouts.
  • Processing Fees: Ask the agent at the credit union if there is any processing fee for the loan you are applying for. In some cases, this fee is waived off for customers depending on schemes offered by the lender and in other a percentage of the loan amount is charged.
  • Pre payment charges: Check if you will have to pay some extra charges in case you wish to pay your loan amount before the actual date. This may be a possibility if your financial condition improves and you are in a position to pay-off the loan.
  • Check all papers: Once the application has been processed, read all documents carefully. Every minute detail must be clear to you so there are no disputes in the future. You must also save all correspondences for reference.
We, at Greater Central Texas Federal Credit Union offer home loans at affordable interest rates. For more information, you can call at (254) 690 – 2274.

Applying For A Home Loan In Killeen, Texas

19. February 2016 Administrator Home Loans (0)
Whenever you are planning to buy your dream home in Killeen, TX and applying for a mortgage, the most important thing that you need to focus on is your budget. You must know how much monthly installments you can afford to pay. In addition to the EMIs, some other costs are also included in the home buying process. This may comprise the closing costs, credit report fees, home appraisals, application fees, taxes, title transfer fees etc. Therefore, you need to take all factors into account before applying for a home loan.

Below are some tips that can be utilized when you are going to submit a loan application at a credit union:

  • Save money: The terms and conditions for getting a home loan approval keep on changing from time to time. Therefore, if you are planning to apply for a home loan, make sure you have enough cash reserve. You may need to pay the down payment right away once your loan is approved.
  • Get pre-qualified: Knowing how much you can afford is a key step in getting pre-qualified for a loan. Your lender may ask questions pertaining to your monthly income, estimated down payment and the assets you own. Pre-qualification helps in determining your borrowing capacity but it does not guarantee an approval for your loan.
  • Get pre-approved: In order to get pre-approved for a housing loan, you need to submit your recent bank statements, proof of income, and income tax return papers along with employment information. This will help your lender in cross-checking if you have sufficient funds to repay the loan amount.
  • Compare housing loan rates: Compare the various housing loan rates being offered by different credit unions to select the most suitable plan. Most of the credit unions in Killeen offer flexible loan terms thereby making it easier for customers to get approval.
  • Know your credit score: It is important to review your credit score before applying for a home loan. This is a critical factor in deciding your eligibility for a home loan. Also, it is imperative to pay all your bills on time, lower your debts and have a good credit report.
We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Reasons You Must Join A Credit Union In Killeen, TX

12. February 2016 Administrator Auto Loans, Home Loans (0)
Credit Union is a not for profit institution that works collaboratively with its members to ease the financial liabilities of the clients. It lays emphasis on customer service and working for the benefits of the members. As the good word is spreading, more people are showing interest in joining credit union in the Killeen area as it offers various benefits.

  • Focus on the community: A credit union aims at uplifting the financial understanding and positioning of its members. They plough back the finances they raise for the improvement of the objectives, thus making them a viable social organization.
  • Easier loans and lower interest rates: Accessibility of loans at competitive interest rates is one of the biggest advantages of a credit union. The application process is much easier and the loans are approved in a shorter period of time.  
  • Lower banking fee: Their overdraft policies, minimum balance policies are competitive and designed keeping in mind the benefit of the members.
  • Easy to join: It is easy to become a member of a credit union. Membership may be accepted depending on your area of residence, thus opening its gates to more and more members.
  • Education: One can trust a credit union to offer the best advice when it comes to financial constraints and liabilities. They organize periodic seminars, panel discussions, lectures, and personalized financial counseling to make the members aware of latest financial tools available.
  • Accessibility: Credit Unions are managed by representatives amongst the members and thus are more receptive to an individual’s concern. They are connected digitally, giving its members various windows to interact and exchange views, all round the day.
  • More personal: You can strike personal relations with the staff as they are more forthcoming in attending to your queries than anywhere else. You can discuss your problems, raise queries and express opinions as these unions respond promptly to feedback.
We, at Greater Central Texas Federal Credit Union offer complete financial services in Killeen, TX. We provide low interest home loans, checking accounts, savings account, payroll deduction, MasterCard, wire transfer and may other services to the clients. For more information, you can call at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Your Killeen Credit Union Is The Best Place For Auto Loans

6. February 2016 Administrator Auto Loans, Blog (0)
Whether you are looking for a loan for a used or new vehicle in Killeen, a credit union can be a great option to consider. Being a non-profit organization, it offers easy financing options to the clients. Also, the loan is approved in much lesser time as compared to other financial institutions.

Given below are some of the reasons you should choose a credit union for auto loan in Killeen:  

  • Higher chances of approval: If you have a lower income, you stand a higher chance of getting an auto loan approved at a credit union than at a bank. The staff at a credit union is inclined towards adjusting the terms of the loan to suit the needs of each client. Pre-approved auto loans may also be extended to make your vehicle purchase a hassle free exercise.
  • Competitive rate of interests: The biggest benefit of getting an auto loan from a credit union is that the interest rates are quite competitive. As these institutions are not liable to pay any state or federal taxes, they are able to offer loans at much lower interest rates.
  • Non-Sales Approach: Since a credit union works for the benefit of its members, the staff does not compel the clients to purchase the loan. Instead, they help the clients compare different loan plans and choose the one that best suits their requirements.
  • Profits are ploughed back: All the profits earned by the credit union are returned back to the members by way of low interest rates, higher dividends and more returns on savings accounts.
  • Friendly service: The management team of a Credit union comprises of members from the organization itself. You may have one to one sessions with loan officers and discuss your queries while your loan is being processed. Unions are flexible and comforting to their member’s concerns.
  • Membership is easy: Becoming a member at a credit union is quite easy. The eligibility criterion to be approved for an auto loan is also not too stringent at a credit union.
If you are looking for an auto loan in Killeen, TX, visit Greater Central Texas Federal Credit Union. We offer low interest auto loans with easy repayment options. For more information, you can call at (254) 690 – 2274.

Tips When Applying For A Home Loan In Killeen

20. January 2016 Administrator Home Loans (0)
When buying a house in Killeen, TX, make sure you have also done enough homework on the long term liability that it entails. There are some important things to keep in mind so that the process is smooth and you can buy your dream home without any financial constraints.

Improve your creditworthiness: The lender must see that you are worthy of the credit you are seeking. This means that how you are managing your other debts, i.e. if you are paying installments on time or before due dates. If a lender sees a positive behavior with regard to your other debts, he may extend certain advantage in your current loan.

Consider pre-approval: Before you start looking for a house, get a pre-approved loan so you can have a realistic idea about how much you can spend. A pre-approval will determine how much money you are qualified to borrow for a purchase.

Keep all documents ready: When applying for a loan, the lender may ask for certain financial documents. Spend some time in getting all paperwork in order so the loan process is accelerated. Your bank statements, salary slips, tax papers etc. are some examples of documents you may need.

Explore the entire market: There are many players offering home loans in the market and thus it is wise to explore all the options. Lenders may provide discounts, better interest rates or additional benefits which must all be considered before making the decision.

Decrease your loan value: Try to make as much down payment as you can. Bringing down your liability will improve your creditworthiness and lower your monthly payments. You could use the existing funds to fuel this payment.

See your financial situation: It is important to do your number crunching before you set out looking for the right loan against your home. See your financial position for next few years, exact value of the property you plan to buy, monthly expenses etc. before you fix the amount.

Understand loan types: One should know the difference between fixed and adjustable rate loans. While the former doesn’t change even if there are fluctuations in the market, the latter may depend on the prevalent base rate. See your own situation and decide which of the above will better cater to your needs.

Be patient: See the financial market and then decide if it is feasible and sensible to take a loan. Do not make any desperate decision as you may get higher rates or fewer benefits on your loan.

It is always better to take advice from an expert so you are better prepared before you set out to seek  home loan.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.

Secured Loan Checklist Killeen, TX

13. January 2016 Administrator Auto Loans, Car Loan (0)
A secured loan is the one where your asset is kept as collateral and can be taken into possession by the lender in case you are unable to pay back the loan. Secured loans have become really popular over a period of time because you can get them easily approved. Moreover, you can borrow huge sums of money at a lower interest rate.

It is important that you conduct a thorough research about the secured loan rates being offered by the credit unions in your area. This will help you select the most appropriate lender for your loan requirements. It is always beneficial to prepare for your loan well in advance to make the process hassle free and quick. Consider the following checklist before applying for a secured loan:

  • Prepare your credit report: Check your credit report for any errors and make sure you do not have any pending debts. Also, make sure that all your credit card payments have been duly made on time.
  • Save regularly: Establish a good saving record by saving regularly so that you can build up security for your loan. Increased savings make it easier to borrow from a credit union.
  • Get insurance: It is imperative to have insurance prior to applying for a loan. For example, if you are applying for a secured auto loan, you need to show that you are insured to drive a car.
  • Income and employment verification: You will be required to provide details of your income during the last three months, wage and tax statement from your employer, latest tax return details as well as recent bank account statements. Keep all these documents ready beforehand so that you do not face any difficulty when applying for a secured loan.
  • Ask for pre-qualification: Whenever you go to a credit union to apply for a secured loan, you should ask them about the estimate of the loan that you can be given and the interest rate for which you are pre-qualified. For this, you need to show your employment and income verification documents.
  • Other documents: Apart from the above mentioned documents, you also need to submit a photo identity proof, your residential address, contact details of your insurance agent etc.
For affordable secured loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer customized loan plans with low interest rates and easy repayment options. To know more, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Fixed Vs. Floating Interest Rate: Home Loans In Killeen, TX

7. January 2016 Administrator Home Loans (0)
Getting a home loan from a credit union in Killeen, TX is not a very tedious job as there is minimum paperwork involved. However, you need to choose whether you want to opt for a fixed or floating rate of interest. Both the options have their own advantages as well as disadvantages and it is up to you to decide which one is better.

Fixed rate of interest home loans

A fixed rate of interest implies repayment of loan in fixed equal installments during the loan term. In this case, the rate of interest remains constant and does not change with the market fluctuations.

Advantages:

  • No alterations in the rate of interest irrespective of market conditions.
  • Perfect option for people who have fixed budgets.
  • It is a secure alternative.
Disadvantages:

  • Loans are 1 to 2.5% higher than floating interest rate depending on the bank.
  • If the interest rate decreases in the market, you will not get any advantage.
  • In some instances the fixed rate home loan is fixed only for a few years and not the complete loan tenure.
Floating rate of interest home loans

If you apply for a home loan with a floating rate of interest, it simply means that the interest rate will differ as per the market conditions. In this instance, the interest rates are associated with a base rate and a floating element. Therefore, if there is any alteration in the base rate, the interest rate also fluctuates.

Advantages:

  • Cheaper than fixed interest rate home loans.
  • If the floating rate increases than fixed rate, it is temporary and not for entire loan period.
  • Can prove to be beneficial if you want to save money.
Disadvantages:

  • Monthly installments are not constant.
  • You can face difficulty in planning your budget.
  • There has been a hike in floating interest rates in recent times.

It can be concluded that fixed as well as floating interest rate home loans in Killeen have positive as well as negative aspects. Generally, borrowers opt for a floating rate of interest when applying for a home loan from a credit union. However, if you want more security and certainty, it is better to opt for a fixed rate home loan.

If you are looking for affordable home loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. For more information, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Eligibility For Home Loan In Killeen, TX

21. December 2015 Administrator Home Loans (0)