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

Important Questions To Ask When Getting A Car Loan

26. July 2017 Administrator Car Loan (0)
When you are looking to get an auto loan, it is important to go to multiple lenders as each will offer different mortgage products. In order to get the best finance deal for your car, make sure you ask lots of questions. The questions could range from simple ones such as what model of the car to buy and go on to complex ones such as credit history etc.

Below is a list of certain important questions that you need to ask when getting a car loan:

Q: How much can I afford?
Getting a new car can be a great addition to your assets. However, you need to sort out your finances well in advance before embarking on this purchase. Take a good look at your monthly expenses and other loan repayment amounts before arriving at the decision of buying a new car. Make a detailed list of your monthly budget and think how you are going to cut off unnecessary expenses in case you buy a new car.

Q: What interest rate I need to pay?
Every credit union will offer you varied rates of interest that can change on a daily basis. However, one of the most important deciding factors for concluding the interest rate that you will be offered is credit history. All the loan options and fees will be decided based on your credit score. Apart from this, there are many other factors such as loan term, the model of the car you are buying and down payment are also taken into consideration while finalizing the interest rate.

Q: Are there any penalties on my loan?
Before getting an auto loan, you need to confirm from the credit union if repaying your loan earlier than the stipulated time period can fetch you some penalty. Also, make sure you ask about any extra charges or fees that you may have to incur during your loan term. It is important to be clear about any hidden charges so that you are not taken aback by any surprise later on.

Q: Should I opt for fixed or variable rate of interest?
 If you opt for a car loan with a fixed rate of interest, your repayment amount as well as interest rate will remain constant throughout the loan term. On the other hand, a variable rate of interest will keep on changing making your repayment amount increase or decrease during the loan term. This can affect your budget as you will not know what rate of interest you will be required to pay every month. Depending on your financial situation, choose a suitable option.

Q: Do I need extra protection apart from insurance?
It is important to have car insurance if you want to legally become the owner of a vehicle. However, it is up to you to decide if you want to have comprehensive car insurance to add more protection. It is best to talk to your lender and discuss your insurance requirements.

Apply for cheap car insurance at Greater Central Texas Federal Credit Union. To know more about the financial services provided, feel free to call at (254) 690 – 2274.

Benefits Of A Secured Loan

21. July 2017 Administrator Auto Loans (0)

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Common Home Loan Mistakes

19. July 2017 Administrator Home Loans (0)


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Guide To Home Loan Process

24. June 2017 Administrator Home Loans (0)

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Questions To Ask Yourself Before Buying A Home

20. June 2017 Administrator Home Loans (0)
Buying a home is a dream for everyone as you can customize it according to your lifestyle and taste. However, buying a home is a task that should not be done in haste without prior planning. It is imperative to buy at the right time so that the purchase does not have any serious consequences on your present lifestyle. In order to know if you are ready for buying a home, you need to ask yourself certain questions. These are listed below:

What is your financial standing?

Without a doubt, your financial status needs to be strong before you embark on the journey to buy your own home. You need to look at factors such as consistent monthly income, a stable job, savings as well as your credit history. Since your finances will be finely scrutinized by the credit union and real estate agents, it is wise to be prepared well beforehand.

How much can you afford to pay every month?

If you are looking to buy a high-priced home, be prepared to shell out a high monthly payment. Even if you get a loan approval, consider having a re-look at the price range. You must be easily able to pay the EMI without affecting your monthly expenditure. Create your monthly budget and jot down your expenses for payments as well as luxuries. Always finalize your mortgage payments depending on your budget so that you don’t face any financial issues later on.

Which location do you prefer?

Once you buy a home, you can make numerous alterations in the property but the location will remain the same. Therefore, pay attention to this important aspect before buying a home. Decide whether you prefer to live in the city or countryside. Weigh the pros and cons of both and don’t limit yourself to a particular area. Conduct a thorough research on the Internet to discover good places where you can buy an affordable home.

What are the things you absolutely need in your home?

While conducting your home search, you will come across certain properties that will have all the features you desire but with a higher monthly payment. Therefore, you need to make a prior list of ‘must-haves’ in your property. For instance, a backyard or a specific number of bedrooms etc. could be on your wish-list. Decide on a particular home only after calculating the monthly installments and do your home search accordingly.

Whose names will be mentioned on the lease?

You will be made to sign a lease agreement in order to complete the home buying formalities. It is the most important document declaring the owner of the property. Therefore, if you are planning to buy a joint property, it is best to talk about that with your partner in advance. In certain instances, it may be beneficial to have your parent as your co-signer.

We, at Greater Central Texas Federal Credit Union, offer affordable home loans. To know more about the interest rates and membership benefits, feel free to call us at (254) 690 – 2274.

Credit Union Glossary

30. May 2017 Administrator Blog (0)

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Types Of Auto Loans

24. May 2017 Administrator Auto Loans (0)


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Advantages Of Credit Union Auto Loans

18. May 2017 Administrator Auto Loans (0)
Buying the car of your dreams is a great achievement that can only be fulfilled if you get a good car loan from a trusted lender at a decent rate of interest. One of the best options is to apply for a car loan from a credit union.

Although there are numerous lending options available in the market, getting an auto loan from a credit union is easier. Credit unions have the funds as well as amicable relationships with car dealers. This makes them one of the most trusted lending organizations when it comes to providing car loans.

Below is a list of advantages associated with getting a car loan from a credit union:

  • Favorable rate of interest: Credit unions are non-profit organizations that work for the benefit of their members. Therefore, you will get a lower rate of interest on your car loan from the credit union. A favorable rate of interest can significantly affect loan repayment amount and contribute towards great savings for you.
  • Fewer formalities: When you apply for an auto loan from a credit union, there are fewer formalities and lesser paperwork involved during the whole process. All you need to do is become a member of the credit union and then work towards the loan application process. There are also no hidden charges or fees involved.
  • Better customer service: Credit unions offer an impressive standard of customer service and their only motive is to pass on the profits to their members. When you apply for an auto loan, all the financial information will be provided to you in a simple manner. The final approval also does not take much time and you can expect to get a loan without much delay.
  • Shorter loans: Credit unions provide their members with an option of choosing their loan term. A longer loan term is equivalent to more interest and can put a financial burden on you. But when you opt for a shorter loan term, the monthly installment might be high but you will have to shell out lesser rate of interest.
  • Relaxed membership requirements: It is very easy to become a member of a credit union. The membership requirements are not stringent and almost anyone can join. Another advantage is that credit unions are more in sync with the local communities and can make the auto loan process much easier for you.
  • Beneficial for members: The credit unions are always working towards providing incentives to their members in the form of lower interest rates on the loan and saving amounts. Since profit is not on their agenda, they take utmost care of their customers and provide optimum services.
For auto loans in Killeen, TX, look no further than Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.

Car Loan Tips

29. April 2017 Administrator Auto Loans (0)



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GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Unsecured & Secured Auto Loans: Which Loan Is Best For You?

24. November 2016 Administrator Auto Loans (0)
If you are planning to finance your next vehicle purchase, you may have come across the terms 'secured loan' and 'unsecured loan'. Though both the types of auto loans offer varied advantages, it is best to understand the differences between them to decide which one would be a better option for your particular situation.

Given below is a complete comparison of unsecured and secured auto loans to help you make a well informed decision:

Unsecured Auto Loans
In this, the lender approves the loan on the basis of the credit worthiness of the borrower. There is no need to provide any form of security to the lending institution. Once the borrower submits the loan application, the lender evaluates his current financial resources and previous credit records to determine if he will be able to pay back the amount along with the interest rate.

The typical characteristics of an unsecured auto loan are as follows:

  • Interest Rate: The rate of interest quoted for each borrower may vary. Depending upon the borrower's income, credit rating, other financial liabilities and the amount of loan, the lender may charge a reasonable interest rate.
  • Premiums: The borrower can either buy the loan at a fixed or variable interest rate. In the former one, monthly premiums remain constant throughout the duration of the loan. However, in a variable interest rate, the installments may keep on changing according to the current market conditions.
  • Borrowing Limits: The loan amount that can be sanctioned in this case depends upon the value of the car you are planning to purchase. Usually, you can get a certain percentage of the total cost and the remaining has to be paid by you.
  • Loan Tenure: Unsecured loans are available for both short and long term. Short term loans generally have high monthly installments but you end up paying less interest.

Secured Auto Loans
A secured loan can be defined as the one in which the borrower is required to put forward a collateral, usually the vehicle itself, against the loan amount. In case the borrower fails to pay back the loan and interest amount within the stipulated period of time, the lender has the legal right to sell the collateral to recover the money.

The typical characteristics of a secured auto loan are given below:

  • Interest Rate: The rate of interest quoted for a secured loan is comparatively less. Putting forward a valuable collateral minimizes the risk for the lender as he can easily recover the loan in case the borrower fails to do so.
  • Premiums: Secured loans are generally offered on fixed interest rates. Therefore, the premiums remain constant throughout the duration of the loan.
  • Borrowing Limits: If you are planning to purchase a luxury car, you should go for a secured loan as it has higher borrowing limits. You can borrow more money against a collateral of similar value, thus, minimizing the investment to be made out of pocket.
  • Loan Tenure: As the interest rates are quite low, you can conveniently repay the loan amount over a longer period of time. This implies that you would have to make lesser monthly payments, allowing you to save money for other financial liabilities as well.
How to decide between unsecured and secured auto loans:

Getting an auto loan can be a tricky process and with so many options available, you are quite likely to get confused. It is important that you evaluate your requirements as well as the loan plans to make the right choice. The following factors need to be considered while doing so:

  • The car you want to buy
  • Monthly installments you can afford to pay
  • Other financial liabilities
  • Amount of loan required
  • Interest rate quoted by the lender
  • Loan tenure
As compared to an unsecured loan, you can get quick approval for a secured auto loan, usually within a few days. This is because there is no need for the lender to conduct extensive background and income checks. Also, the terms and conditions for such loans are quite flexible which minimizes the financial burden on the borrower.

We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen. You can choose from both secured and unsecured loan plans with nominal rates of interest. For more information, feel free to call us at (254) 690 – 2274 or visit our credit union at 3305 E. Elms Rd., Killeen, TX  76542.

The home loan market of Killeen, TX has become quite complex in the recent years. With numerous lenders offering a wide range of loan plans, you need to be careful and informed about your needs while going down that road. Though it may seem great to have so many loan options to choose from, it is quite likely that you may get confused and make the wrong decision. Therefore, it is important that you stay fairly selective so that you are able to get the best deal on your home loan.

Given below are a few tips that can help you find the best home loan in Killeen:

Find A Reliable Loan Provider

The foremost decision you need to make is regarding your home loan provider. You can either consider taking loan from a bank or a credit union in Killeen. Make sure you do not choose the first lender whom you contact. Meet at least 3 to 5 lenders, compare the plans offered by them and calculate the overall cost of the loan before you finalize anything.

Know About The Associated Costs Of The Loan

While calculating the cost of your home loan, there is a lot more than the principle amount and interest payments. There are many other costs included in the process, such as application fees, loan processing, credit evaluation, title search etc. Make sure you are familiar with all these charges and inquire about these from the lender. This will help you gauge the affordability of the loan in a better way.

Gain Knowledge About The Interest Rate Options

The rate of interest is also an important factor that will influence your monthly payments and the total amount repaid by you. Make sure you choose a home loan with the most competitive interest rate. Also, you need to decide between fixed and variable rate of interest for the home loan. In the former one, the monthly repayment amount will remain fixed throughout the loan tenure. On the other hand, floating interest rates keep on fluctuating according to the market conditions.

If you are looking for a home loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer a wide range of loan plans with flexible repayment options and affordable interest rates to help you buy your dream home easily. For more information, you can call us at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

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.