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The Perks Of Credit Union Membership

Although credit unions may seem to be almost similar to other financial institutions, but the people having its membership can easily see the difference between the two. Being a non-profit organization, credit unions offer a lot of benefits to its members that are usually not provided by the banks.

Given here are some of the perks you can enjoy with a credit union membership:

Lower Fees And Better Rates: Credit unions operate with the sole objective of working for the welfare of their members. All profits that they earn are returned in the form of lower rates of interests, better services, and minimum fees.
Volunteer Board of Directors: Unlike banks, the functioning of credit unions is administered by a volunteer board of directors. When a member opens an account, he/she is immediately given certain share in the credit union. Every member has an equal say in the governance matters, regardless of the size of their account.
Board Elected By Members: Every year, the credit union conducts elections where the members are free to choose who would be serving on the board of directors. The elected members, then, formulate and implement the policies of the credit union.
Flexible And Convenient Loans: Members of a credit union can avail convenient home and auto loans with easy repayment options. Also, filing for and getting approved for a loan is a very easy process. It does not involve much paperwork and the application is approved within a few days.
Dividend On Savings: The profits earned by a credit union are usually returned by way of attractive dividends on the savings account of the members. The dividend rate may vary from year to year.
Members Have Common Interests: Members of the credit union share a common bond of owning a share in the union. To be a credit union member, the individual must fulfill certain eligibility criteria, such as area of employment, place of residency or affiliations with other institutions. This implies that each of them holds something in common.
Convenient Access To Your Money: Most credit unions offer online account access so that the members can easily view complete summary of their financial transactions. Thus, you either opt for 24X7 access or personalized services during the office hours.

Greater Central Texas Federal Credit Union is a leading credit union offering affordable financing services to the people of Killeen, TX. To know more about our credit union, call us at (254) 690 – 2274.

Factors Affecting Tenure Period For Your Loan

The tenure period of your auto loan is a major point to consider when finalizing the terms of the loan. Amidst the excitement of purchasing a new car, it is easy to overlook the importance of duration of the loan. Here is a look at the major factors that determine the ideal tenure period of your loan:

Total Amount Of Interest Paid: Even though a long tenure can seem enticing due to the lower monthly payments, it is important to take into account the total amount of interest that you will be paying over the entire duration of the loan. Longer tenures mean a higher amount of interest and vice versa.

Loan Amount – The tenure period also depends on the amount of loan you take and your capacity to repay it. Again the amount of loan that you take depends on the car you wish to get financed. Generally, higher the amount of loan that you take, more will be the time you would need to repay without disturbing your monthly budget. If your sole reason for choosing a long-term loan is to own an expensive car, then it is prudent to opt for a cheaper car, or a used one. This could mean being able to afford the monthly payments for a shorter time period.

Income Of The Person – The tenure period depends on the amount of money or installment that a person can pay on monthly basis. This further depends on the income as well as expenditures of a person. Make sure that you opt for a loan period that requires you to pay an amount of installment which you can comfortably pay off on a monthly basis.

Resale Value: The resale value of your vehicle keeps decreasing, the longer you keep it. This is an important consideration before signing up for a long-tenure loan. Trying to sell your car at the end of a 3-year loan term is sure to be a lot easier than after a 5 or 7-year period.

The tenure period of your loan is of high importance, since it could have a tremendous impact on your present as well as long-term finances.

When it comes to taking loans then credit unions are your best bet. The members enjoy a number of benefits and are offered low interest rate loans with flexible repayment options. Also the staff members assist people throughout in deciding what is best for them. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274.