GCTFCU Blog | All posts tagged 'auto loan tips'

Tips On Shopping For Auto Loan In Killeen, TX

Buying a car is one of the major expenses that people indulge in and it is extremely important that all the options should be considered carefully before taking a decision. In order to help you out with the search as well as to reduce your overall expenses given here are some useful tips that can be of great help in deciding your auto loan.

Determine your budget: The first and foremost step is to clearly establish what you can actually afford and finalize your budget. This will help you determine which vehicle you can buy, either new or used, and clarity about your financing options. To make this decision you would need to calculate all your monthly expenses and then conclude if you will be able to afford buying a car.
Evaluate the cost of the car: Once you have set aside the expenditure plan you should check for your options in that budget. You can look through the internet or visit a local dealer for this however, make sure that you do not exceed your predefined budget.
Check your credit score: You must also check your credit rating in order to be assured that your loan application will be approved. You can consult a credit union to avail auto loans at lower interest ratesthan banks.
Do proper research: Do not decide on an option before comparing and researching several loan rates. Interest rates depend on a number of factors such as car make and model, your credit rating, the loan term, your financial status etc. Discuss with your agent about all the issues that come up in your mind and have all your questions answered.
Focus on the loan amount: Your agent may ask you to lower the monthly repayment amount to make it easier on your pocket. Even though it may help you to save a few hundred dollars per month but it will add up to the interest rates. Thus, you should focus on lowering the loan amount instead of monthly payment.
Consider other finance options: If you are unemployed or not financially stable, auto loan might not be suitable for you. Instead, consider going for secured loans that offer more flexibility and ease in repayment options.

If you are looking for car financing options in Killeen, TX, visit Greater Central Texas Federal Credit Union. We offer quick and convenient auto loans at competitive interest rates. For more information, feel free to call us at (254) 690 – 2274. You can also visit our office at 3305 E Elms Road, Killeen, TX 76542.

Savings Tips For Youngsters

Youngsters are known to be strong believers of living in the moment! However, when it comes to finances, it is advisable to encourage them to plan ahead and keep a portion of their earnings as savings. This helps in securing their future and opens up opportunities for making investments early in life.

Here are some pro-saving tips for youngsters:

Make A Budget: The first step towards saving is to create a budget and stick to it. The purpose of creating a budget is to be watchful of income and expenses. It helps create a limit on the amount spent and to create savings for bill payments, entertainment, etc.
Practice Delayed Gratification: Youngsters need to work on self-control as far as expenses are concerned in order to save. Encourage them to save for a commodity or service instead of buying it on credit.
Keep A Tab On Expenses: Educate youngsters on financial management through personal finance books, online mediums and financial experts. This will help them understand how daily expenses can add up into huge amounts and their impact on savings goals. It will also help to minimize recurring monthly expenses.
Prepare An Emergency Fund: Teach them the importance of starting an emergency fund. Irrespective of how much they earn (from pocket money, summer jobs, part time jobs, etc.), encourage them to put away a certain amount as an emergency fund. They can make use of a money market account, certificates of deposit or a high-interest savings account for doing so.
Adopt Frugal Habits: Set an example for them by spending wisely by limiting expenses on housing, food, transportation, shopping and entertainment. Look for cheaper options wherever possible and tell them the amount you end up saving.
Avoid Lifestyle Inflation: Help them avoid falling into the trap of getting the latest gadgets and devices, cars, expensive designer wear and so on. Teach them to hang onto what they have for as long as they can, provided there is no depreciation in quality and utility.
Open A Savings Account: Encourage them to deposit a portion of what they earn into their savings account. It instills a sense of discipline every month and lays the foundation for healthy saving habits.

It is easier to develop a habit at a younger age, so encourage youngsters to start saving. Greater Central Texas Federal Credit Union offers an array of savings accounts to assist savings. To know more about savings accounts in Killeen, visit 3305 E. Elms Rd., Killeen, TX - 76542 or call at (254) 690 – 2274.

What Is A Share Savings Account?

Savings Accounts Offered By GCTFCU