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

Questions To Ask Before Getting An Auto Loan In Central Texas

14. September 2016 Administrator Auto Loans (0)
Getting an auto loan from a credit union can take you one step closer towards buying your new car. However, you need to do a comprehensive research before choosing a credit union for your auto loan requirements in Central Texas. If anything is not clear, you can consider making a list of questions to clear your doubts. Below are some questions that you should ask before getting an auto loan from a credit union:

Q: What is the interest rate on the loan?
It is imperative to ask about the interest rate being charged on your loan. The interest rate should be competitive and the total cost of the loan should be in your budget. Be clear about the monthly installments because you should be able to repay them easily. Affordability is the key to decide the exact loan amount you should borrow.

Q: Is the interest rate fixed or variable?
A fixed rate of interest on your loan means the rate will remain the same throughout the loan term. On the other hand, it may keep on altering in case of variable interest rate. Before deciding on a specific type of interest rate, take a closer look at your budget and determine if you will be able to cope up with changing rates of interest.

Q: What is the loan term?
Although lower monthly installments may seem to be a bit easier to repay but they will increase the length of your loan term. On the other hand, a higher EMI will decrease your loan term but can be overbearing on your finances. Therefore, you need to decide what suits you best and only then settle for the loan term.

Q: Is there a possibility of any penalties being levied on my loan?
In certain instances, repaying the loan before the end of your loan term may entail penalties. Apart from this, there are many extra charges that you might have to pay during the term of your loan period. It is best to clarify all these aspects before signing the loan agreement.

Q: What about credit insurance?
You may be offered insurance by your credit union or you may have to get it on the insistence of your lender. Before opting for credit insurance, you need to have a thorough look at your finances. You also need to check if it is mandatory to get the credit insurance as per the state laws so that you can make the decision accordingly.

For affordable auto loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Rd, Killeen, TX 76542.

Loan Checklist At Killeen Credit Union

7. September 2016 Administrator Auto Loans (0)
When you are planning to apply for a loan at credit union in Killeen, TX, the foremost thing to consider is your budget. You should assess your financial situation and ability to repay before making the final decision. In addition to budget, paperwork is equally important for loan approval. Make sure you have all the documents required to complete the loan application process.

Below is a checklist which should be considered before applying for a loan at credit union in Killeen:

  • Research thoroughly: It is important to research thoroughly and compare interest rates offered by the credit unions in your area. This will help you narrow down your options and find the most affordable loan plan.   
  • Prepare your credit report: Make sure you check your credit report before applying for a loan. It should be error free and should not contain any pending debts. All the bills and credit payments should be made on time.  
  • Save money: If you have a good savings record, your chances of getting a loan are higher. Increased savings can help to build security which can make it easy for you to apply for a loan. It can also be helpful in making the down payment if necessary.        
  • Income and employment verification: You may have to submit the details of your income for the last three months, wage and tax statement from the employer, recent bank account statements etc. to the credit union. Make sure you keep all these documents handy so that you do not have to face any trouble later on.  
  • Get pre-qualified: You can get an estimate of the loan from the credit union if you provide a clear picture of all your assets, debts and income. This can help in determining your borrowing capacity, making it easier for you to get pre-qualified.
  • Other documents: For completion of loan application process, you may need to submit additional documents such as photo identity proof, tax return statements, proof of residence, insurance certificate, vehicle information etc. You can also seek assistance from the staff at credit union if you have any queries regarding the paperwork.  
  • Choose the right loan period:  You should choose the repayment period according to your budget. If you decide to repay the loan in a longer time, your monthly installments can reduce, so decide the loan period accordingly.
We, at Greater Central Texas Federal Credit Union, offer affordable auto and home loans in Killeen. For more information, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Why Opt For A Killeen Credit Union For Auto Loans?

19. August 2016 Administrator (0)
Auto financing has become quite common these days, both for new and used vehicles. In an attempt to find an affordable loan plan, many people are turning to the credit unions in Killeen, TX. These financial institutions provide loans at competitive interest rates and also offer personalized services to the clients. With this, you not only end up saving a lot of money, but the low monthly payments will reduce the financial burden on your pocket.

If you are also looking or an auto loan in Killeen, given below are some reasons you should get in touch with a credit union:  

  • Relaxed eligibility requirements: Applying for an auto loan at a credit union does not require you to have a considerably high income. The loans offered by these institutions have quite flexible terms and conditions. The staff is also willing to make slight adjustments to the loan terms according to the financial situation of each client. Thus, it is recommended that you discuss your requirements with the lender to get the best loan plan.
  • Quick approval: The time frame in which you can get an auto loan approved from a credit union is quite less. Moreover, if you are getting a secured auto loan, you may get it approved within 48 to 72 hours. This is because the collateral decreases the risk for non-payment of the loan, eliminating the need for rigorous background checks and income verification. The credit union may approve your loan according to the value of the collateral.
  • Lower rates of interest: Being a non-profit organization the credit union is not liable to pay state or federal taxes. Therefore, they are able to offer auto loan at a lower rate of interest than other financial institutions in Killeen. The interest rate for auto loans may start from 1.99% APR (for a new car) and 2.99% APR (for a used car).
  • User-friendly loan process: The loan application process at a credit union is quite simple and user-friendly. You can either fill the application online or by visiting the credit union’s office. The staff is quite friendly and will provide you with complete assistance in submitting the application form as well as preparing the documents required for the loan.
  • Member benefits: Besides auto loans, membership at a credit union comes along with a host of other services such as payroll deduction, notary service, MasterCard cash advance, ACH origination, ATM etc.
For hassle free auto loans in Killeen, consider Greater Central Texas Federal Credit Union. For more information about the loan plans, you can call at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Home Loan: Pitfalls To Avoid

12. August 2016 Administrator Home Loans (0)
Getting a home loan approval lends a sense of relief to the buyers. However, the excitement of buying a new home can sometimes lead to unwise financial choices that might not be beneficial for you in the longer run. Being realistic in your approach and knowing how much you can afford can help in making a well-informed decision. Stay within your budget because you will need to repay the loan along with the specified rate of interest. Do consider your total repayments before applying for a home loan.

Listed below are some common home loan pitfalls you must avoid:

  • Getting lured by offers from financial institutions: It is always advisable to take into account the overall cost of home loan before getting lured by the offers from the lenders. These freebies could be in the form of a discount in documentation charges or waiver in the first installment. Although this may save a few dollars in the beginning, it will make your home loan costlier in the longer run. Hence, get a home loan from a credit union that offers a low rate of interest.
  • Not considering all the options: It is not good to make any decision regarding the home loan in a hurry. Get in touch with multiple credit unions in Killeen, TX to get detailed information about the available home loan plans. Do not borrow more than what you can afford to pay back and consider all the documentation fees as well as other processing charges to know the exact cost of the loan.
  • Switching between loan terms: You must not switch the home loan once you have borrowed it from a credit union. At the beginning of the loan term, you may have to deal with a lot of expenses such as legal fees, establishment fees and insurance. Switching the loan plan means paying these charges all over again which can eventually put a huge burden on your finances.
  • Miscalculating the overall interest cost: Make sure the credit union offers a home loan with a consistent rate of interest through the entire period of loan. You should calculate the overall interest payments to be made during the loan tenure to minimize your financial encumbrances.
Visit Greater Central Texas Federal Credit Union if you are looking for a home loan in Killeen, TX. We offer a wide range of loan plans with low interest rates and easy repayment options. For more information, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Benefits Of Refinancing Your Car Loan: Credit Union Killeen

5. August 2016 Administrator Blog, Car Loan (0)
In simple terms, refinancing your car loan corresponds to replacing your present loan with a new one with a completely different set of terms and conditions. The eligibility criterion for getting a new auto loan is not very difficult to fulfill. You only need to be regular with your previous payments to make the refinancing process extremely simple. Considering the benefits of getting your car loan refinanced from a credit union in Killeen, TX, it is definitely an option worth considering.

Listed below are some of the advantages of refinancing your car loan:

  • Reduces the monthly installments: Refinancing can significantly bring down the monthly payments towards your car loan. Having low monthly payments allows you to manage your household finances more efficiently and make savings at the same time. You can even invest your money to receive significant monetary returns in the long run.
  • Can decrease the interest rate: Apart from low monthly payments, car loan refinancing can also help in decreasing your interest rate. You can get the new loan at a lower rate of interest from another lender. The lower rate of interest brings down your overall repayment amount you owe to the lender.
  • You can alter the length of loan: Though long term loans equate to lower monthly payments, you end up paying more interest to the lender. However, if you opt for refinancing your car loan, you can change the loan term and the monthly payments that go with it.
  • You can own a car previously on lease: If there is an instance where the lease on your car is about to finish, you can purchase it by choosing the option of auto refinancing. The loan obtained from refinancing can be utilized to buy out the lease and give the payments to the lender. You will be the owner of the car when the loan term ends.
If you are looking to refinance your car loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. For more details, you can call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.

Factors To Consider While Applying For Car Loan In Central Texas

22. July 2016 Administrator Car Loan (0)
When applying for a car loan in Central Texas, you need to choose the one that you can easily repay along with the specified interest rate. It is important to consider certain factors so that you find a loan plan within your budget. Whether you are planning to buy an old car or a new one, make sure you consider the following parameters:

  • Budget: Calculate your budget to find out the monthly amount you can manage to repay your car loan. It is best to opt for a used car if you have a low budget as going in for an expensive one may put a financial burden on you. Apart from monthly installments, you will also have to spend money on insurance, car maintenance, registration etc. Keep all these expenses in mind before making a decision.
  • Interest rate: The amount of money you need to pay as interest hugely affects your EMIs. Therefore, you need to check the interest rate with the credit union where you are planning to apply for the car loan. It is better to compare the rates from at least three credit unions and choose the one that suits you the best.
  • Type of car: Depending on your budget and daily use, you need to decide if you want to buy a new or a used car. A used car is generally the best choice in case you drive occasionally because it will cost you less. On the other hand, if you plan to use the four-wheeler on a daily basis, it is better to check out the latest car models and choose the one that fits your budget.
  • Credit score: Before applying for a car loan, keep a check on your credit score. It is imperative that you clear all your previous dues (if any) and be regular in your loan payments as well. Your credit score has a bearing on the approved amount of loan and the interest rate.
  • Down payment: You need to make an initial down payment when you finance a new car. Although a lower down payment may seem lucrative in the beginning, it can result in higher EMIs. This will consequently increase the tenure of your loan. So, you need to consider the amount you can afford to pay as down payment and the impact it may have on your loan.
We, at Greater Central Texas Federal Credit Union, offer low interest loans for new as well as used cars. For details, call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.

Factors Affecting Home Loan Interest Rates In Killeen

15. July 2016 Administrator Home Loans (0)
Everyone wants to get a home loan with the least interest rate so that it is easier to repay the amount. However, the actual cost of the loan depends on various factors. You need to compare quotes from different credit unions in Killeen, TX to know the best home loan rate that you can get.

Below are some factors that can help in determining the rate of interest that you can get on a home loan:

  • Tenure of the loan: Your loan term is one of the deciding factors when it comes to determining the rate of interest. You will generally have a lower rate of interest if you opt for a shorter loan term. However, the monthly payments are higher in this case and you need to plan your budget accordingly.
  • Location of the property: Credit unions have a specified criteria for determining the rate of interest depending on the location of your property. For instance, if your home is situated in an earthquake or flood prone area, you may need to make higher interest payments. The rates may also differ for properties in rural and urban areas.
  • Credit score: The credit score helps the lender get an idea about your ability to repay the home loan. It is determined after checking the details of your payment history of all the loans and credit card bills. Therefore, it is important to examine all your debts and ensure that you have a decent credit score before applying for a home loan.
  • Type of interest rate: There are two broad classifications of the interest rate that you may get on your home loan - fixed and variable rate of interest. While the rate of interest does not change throughout the loan term in the first case, it fluctuates according to the market scenario in the second instance. You can initially get a lower rate of interest if you opt for variable rate but it may increase afterwards.
  • Down payment: A higher down payment towards the home purchase can fetch you a lower rate of interest. This will lessen the amount of money you need to borrow which, in turn, will reduce the risk for the lender. So, make an effort to give at least 20% of your home’s value as down payment.
For affordable home loans in Killeen, consider Greater Central Texas Federal Credit Union. For details about the loan plans, you can call us at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Auto Loans In Killeen: Common FAQs

8. July 2016 Administrator Auto Loans (0)
Getting an auto loan from a credit union in Killeen is a fairly simple process. However, before applying for a loan, you need to be clear about your requirements and budget. Besides, there may be a lot of questions and concerns that you may have in your mind. Listed below are some of the common questions asked by people while applying for an auto loan in Killeen:

Q: How do I approach for a car loan?
A: You can research online or contact the credit union in your area to know about the vehicle financing options available. After comparing the interest rates offered by different institutions, you need to submit an online auto loan application form. Depending on your eligibility, you may get intimation from the lender to process your application further for loan approval.

Q: How much loan can I get from the credit union?
A: Depending upon the terms and conditions of the credit union, you may get loan up to 90% of the total value of the car you are planning to buy. However, certain factors may influence the actual amount approved by the credit union. These may include the price of the vehicle, resale value, insurance costs, your income etc.

Q: How is the interest rate determined for my auto loan?
A: The interest rate for auto loan is determined after considering factors such as credit history and loan amount sanctioned. The credit union may evaluate your ability to repay the loan while deciding the interest rate. The length of loan term and amount given as down payment are some of the other factors that may be taken into account.

Q: What are the important documents that I need to submit?
A: While applying for an auto loan, you may need to submit proof of your income, credit history, residence, age, financial statements etc. You will also be required to provide vehicle information to the lender whether you are buying a new or used car. This includes details such as: year of manufacturing, model, vehicle identification number etc.

Q: If I decide to repay my auto loan early, is there a pre-payment penalty?
A: Though most of the financial institutions do not have a pre-payment penalty, you need to check out the specific rules of your credit union. Depending on the specifications of your loan as well as the terms and conditions, you may or may not be able to repay the loan early.

For affordable auto loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about the application procedure, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Tips To Reduce Your Monthly Auto Loan Payment

23. June 2016 Administrator Auto Loans (0)
If you are planning to finance your next vehicle, it’s a smart idea to consider various options to lower your repayment options. Factors such as the make of the vehicle, total loan amount, existing interest rates, your credit rating etc. play a major role in determining the loan repayment you may have to pay to your credit union. It is also important to note that interest rates for used cars are usually higher as opposed to a new one.

The following tips can help to reduce your monthly auto loan payments:

  • Refinance your loan: The term ‘refinancing’ means to repay your current loan by taking another loan which has lower interest rates. It helps to bring down your monthly payments and allow you to pay off the loan amount in a less period of time, thus making the whole procedure convenient.
  • Extend loan payment term: The longer your loan payment period, the lesser monthly installment amount you will have to pay. Carefully assess your existing loan repayment ability and see if you need to extend the term.
  • Save for down payment: When you think about making an auto purchase, make sure you plan much in advance so you can save up for the down payment. The higher the down payment, lower will be the monthly payouts.
  • Strengthen your credit rating: If your credit rating is strong, it is highly possible that you will get the lowest possible interest rates. This is because a good credit rating assures that the lender will receive timely repayments. Hence, it minimizes the risk for the lender which, in turn, lowers your overall monthly auto loan payment.
  • Shop around: Just as you shop around for your car, make sure you request quotes from at least three credit unions to compare their terms and conditions. Evaluate the interest rates and flexibility in repayments offered by them. Only after careful comparison must you finalize a lender that offers the most affordable auto loan plan.
We, at Greater Central Texas Federal Credit Union, offer low interest auto loan to the clients in Killeen, TX. Our staff will guide you through the different options available as well as assist in the submission of loan application. For more information about the auto loans offered, you can call us at (254) 690 – 2274 or visit our office at 3305 E Elms Rd, Killeen, TX 76542.

Home Loan Process In Killeen, TX

16. June 2016 Administrator Home Loans (0)
Buying a home is a big decision which may get a bit overwhelming if one does not understand the mortgage process. There are some tangible preparations that need to be made while deciding on a home loan. A credit union works towards making the process as easy and smooth as possible for its members.

Here are the steps involved while applying for a home loan in Killeen:

  • Get a pre-approval: A pre-approved loan will let you know the type of home you can afford to buy. It also assures the seller that you are a responsible buyer and genuinely interested in buying the property. The lender will assess your total income, debts and other financial liabilities to evaluate the loan amount you can be pre-approved for. Once the amount is known, you can go about scanning for a suitable home in Killeen that suits your requirements.
  • Keep all documents ready: All the important financial documents like bank statements, employment letter, salary proofs, home insurance, tax returns etc. must be kept ready. These may be reviewed by your loan officer to assess your borrowing ability and submit the application.
  • Understand loan type: One must decide if he needs a fixed rate mortgage (interest rate stays the same during the entire tenure of the loan) or flexible mortgage rate (interest rate fluctuates according to the market trends). This choice may depend on your current and future financial condition.
  • Closing the loan: Once all the paper work is done with the credit union, the next step is to go through the terms and conditions of the loan plan all over again. You may need to submit a copy of the property documents and a few postdated checks to close the deal.
Your search for your dream home in Killeen will be fulfilled if you have invested enough time in understanding the loan process and making viable decisions.

Contact Greater Central Texas Federal Credit Union for hassle free home loans in Killeen, TX. For details, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.