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

Avoid Additional Car Loan Costs

25. October 2017 Administrator Car Loan (0)

Refinancing Your Auto Loan

14. September 2017 Administrator Auto Loans (0)
When you refinance your car, the present auto loan is replaced with a new one having an entirely different set of terms and conditions. You need to repay your loan to the new lender within the stipulated time period while keeping your vehicle as collateral. Refinancing your auto loan is a simple and quick process that has many benefits to offer. You have to pay an almost negligible amount as fees to refinance your auto loan.

In order to speed up the process of refinancing your auto loan from a credit union, ensure that you have the documents ready beforehand. All the application forms must be duly filled and it is essential to keep the car loan account number handy. Also, have all the information pertaining to your vehicle such as the car model, year of manufacturing, VIN etc.

The benefits of refinancing your auto loan are:

  • Reduced loan term: If you are looking to pay off your loan faster in short period of time, refinancing your auto loan is the best option available. This can happen if you have some major positive changes in your financial situation. Although this will lead to an increase in the monthly payment, the overall interest rate will come down. This will eventually lead to financial gains and contribute towards your savings.
  • Lowers the monthly payments: If you are finding it difficult to pay the monthly installments for your auto loan, it is good to opt for a refinance. This can happen if you have suffered a financial setback and need to bring down the monthly payments. A refinance will increase your loan term and provide you more time to repay. This extension in the loan period can help you manage your finances in a better manner.
  • Decreases the interest rate: A lower rate of interest is beneficial as it can reduce your total interest charge and help in repaying the auto loan at a faster pace. Therefore, if you think you did not get a competitive rate of interest in the first time, it is probably good to consider refinancing your auto loan.
  • You can own a car previously on lease: In case your car lease is about to expire, it can be easily purchased by using the option of auto loan refinancing. The loan you get from refinancing can be used to buy out the lease and hand over the payments to the lender. The advantage here is that you can own the car at the end of your loan term.
  • Handle your finances easily: Refinancing an auto loan can help you in managing your finances more efficiently. The amount you get from the refinanced auto loan can be utilized for repaying other smaller personal loans. Therefore, you get to pay only a single EMI instead of multiple EMIs that you were paying previously.
For refinancing options in Killeen, TX, get in touch with Greater Central Texas Federal Credit Union. We can be contacted at (254) 690 – 2274.

Benefits Of A Secured Loan

21. July 2017 Administrator Auto Loans (0)

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How To Apply For An Auto Loan

29. March 2017 Administrator Auto Loans (0)


Ways To Pay Off Your Car Loan Faster

17. February 2017 Administrator Car Loan (0)
Applying for a car loan seems like a ‘cake walk’ with credit unions. In addition to low interest rates and less paperwork, these lending institutions offer various benefits to make the deal more profitable for the clients. However, a loan comes along with a huge responsibility of repaying the borrowed amount with added interest.

If you are looking for efficient ways to save some money on interest and pay your loan before time, you may consider the following points.

Round up your payment – To shorten your loan term and save money on interest, you can round up your payments. For example, if your monthly loan payment is $384, consider paying $400. This may look a small amount in the beginning but it can help to reduce your loan period several months than expected. Apart from this, a round payment is easy to calculate and you do not feel overburdened by paying a little extra from your pocket.

Pay after every 2 weeks- You may strike a deal with your credit union to allow biweekly payments, instead of paying at the end of every month. This will offer the following benefits:
  • Since you will pay more often, less interest will be added on your money
  • You will be able to pay extra amount every year
  • Tenure of your loan payment will reduce
Pay extra at least once a year - If you cannot afford to pay biweekly payments, you can pay at least one extra payment every year. This can be done by adding a certain additional amount, say for instance $30, which may become equivalent to one month's payment. This will help you to stay ahead in your repayments and shorten the mortgage period.

Avoid skipping a payment- Option of not paying a payment may seem lucrative at first, but it does not provide any long term benefits. It will eventually extend your loan period for months and increase the rate of interest. Therefore, you must not skip a payment until and unless there is an extreme urgency to do so.

Save extra bucks – In order to pay your loan quickly, you can always save some extra money. If you have a part time job or any other source that gives you money, try to put it towards repaying your loan. Even if you collect $100 every month, you’ll be able to save $1200 every year.

Refinance your loan – A credit union may offer extremely low rates on auto loans, which can lower your repayment amount and decrease the loan period to almost half. Eventually decreasing the overall cost of your car loan.

Pay bill online – Credit unions offer discounts on signing up for paperless statements, as it saves the time of the lender as well as the payer. 

Some of the advantages offered by paperless billing procedure are–
  • There are no checks to write
  • No paper statements filling up your mailbox
  • You get timely payment reminders
  • 24 hours access to your account
  • You can pay from anywhere at any time
  • Security of your data
  • Provision for automatic payments
Paying your auto loan early gives incredible benefits. You can save a lot of money and utilize it to upgrade your home, pay off other debts, save for your retirement etc.

We, at Greater Central Texas Federal Credit Union, offer affordable car loans with minimal rate of interests.  You can either choose from unsecured or secured car loans. Our staff will assist you with the loan application and all the paperwork involved in the process.

For more details, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Auto Loan For Students: How To Get The Best Deal

19. January 2017 Administrator Auto Loans (0)
Owning a car is quite a big deal for students. It gives a sense of independence, freedom and a personal transportation to commute through the busy roads. However, owning a car comes with a lot of financial obligations. Though auto loans offer a good way to cover up the expenses, you must invest a lot of time and efforts to make sure that you get a suitable financing plan.

Given below are some tips that can help you get the best deal on an auto loan in Killeen, TX:

Choose The Right Car

Though you may be excited about buying your first car, it is important to make a well-informed decision about the right make and model. The price of the car is a prominent factor that determines the amount of loan you need to apply for. Make sure that you can easily afford the monthly loan payments along with additional expenses such as fuel, insurance and maintenance costs.

Research The Available Financing Options

Get quotes from multiple financial institutions to get the best possible rate on your auto loan. You can also visit a credit union as they offer loans at quite low interest rates. Make sure you completely understand the terms and conditions of different loan plans before you finalize anything. You can choose from a secured or unsecured auto loan, depending upon your requirements and budget.

Work On Your Grades

Credit unions in Killeen offer a lower interest rate to students who have a high grade point average (GPA). This is due to the reason that such students are considered responsible and are likely to be punctual in their monthly payments, thereby minimizing the risk for the lender. If you have a low or average GPA, you can consider working on improving it so that you are able to get a better interest rate on your car loan.

Pay A Higher Down Payment

The more money you can pay upfront for your car, lesser will the amount that you need to borrow. Making a large down payment will not only decrease your loan amount, but also the interest payments and monthly installments. Plan your car purchase well in advance so that you can start saving for the down payment. Borrowing a small amount of money will reduce the risk for the lender, allowing him to make a better offer on the interest rate.

Go For A Short Term Loan

Just like most students, you may consider buying an inexpensive or used car till the time you are able to afford a better model. Hence, it is quite likely that you would not want to keep on paying the loan for a span of 5 to 7 years. A better alternative is to choose a short term loan so that you can pay it off quickly and start saving for your next car. Though this may mean that you will have to pay larger payments every month, you can save a lot in terms of interest.

Know Your Credit Score

Though many students have never checked their credit score, it is important to do so when you are applying for an auto loan. Maintaining a good credit score will not only increase your chances of getting approval for a loan, you will also be able to secure a low interest rate. This, in turn, will allow you to make significant savings throughout the loan duration.

Get A Co-Signer

The credit rating of your co-signer can greatly impact the rate of interest quoted by the lender for your auto loan. Make sure you do not choose your parents or relatives as co-signer. Rather, opt for a person who has a good credit score and helps to lower your overall auto loan costs.

We, at Greater Central Texas Federal Credit Union, offer affordable auto loans from students in Killeen, TX. You can either choose from unsecured or secured car loans. Our staff will assist you with the loan application and all the paperwork involved in the process. For more details about the auto loan plans offered, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Things To Consider When Deciding On A Loan Term

19. December 2016 Administrator Auto Loans, Home Loans (0)
Getting a loan has always been a daunting procedure. No matter you are a first timer or have prior experience in going through all the mortgage paperwork, there are a lot of things that need to be considered. You should perform a thorough research and evaluate all your options to ensure that you are making the right decision.

If you are planning to finance your home or vehicle purchase, one of the most important factors to keep in mind is the duration of the loan. There are both short and long term loans available. Here are some details on both types of loan plans:

  • Short term loan: A short term loan is usually for less than 3 years and is a good option if you want to save money in the long run. A smaller duration implies low interest rate and less amount repaid at the end of the loan tenure. However, you may need to pay more in terms of monthly repayments.
  • Long term loan: These can be defined as the loans that last for more than 3 years. These are generally preferred by borrowers who want to pay low monthly payments, despite of the fact that they end up paying more as the interest. Long term loans can either be secured or unsecured.
Things to consider when deciding the home or auto loan term:

  • Age: The age of the borrower has a major influence on loan term that he may be eligible for. Whether you are getting a loan from a bank or credit union in Killeen, make sure you inquire about any specific age criterion that they may have. Most lenders do not provide loan term loan to individuals who are nearing their retirement or have already exceeded that age. In such cases, you can either opt for a short term loan or inquire if you can allot a younger applicant to make the remaining payments post your retirement.
  • Your income: Your income is also an important factor in determining the amount of loan repayments you can conveniently afford every month. To select the most suitable loan tenure, keep in mind your total income from all sources and the financial liabilities you have to bear, i.e., insurance payments, kids’ education, home rent etc. Therefore, you should choose a plan that allows you to easily pay off the loan in the minimum time period while retaining sufficient savings for unexpected circumstances, such as a medical emergency.
  • Amount of loan required: The higher amount of money you borrow, more will be your monthly installments and interest payments. Hence, you should try to apply for a smaller loan so that you can pay the least amount of money at the end of the loan tenure. This way, you will not only be able to pay off the loan early, but also make considerable savings on interest payments.
  • Rate of interest: Comparing the interest rate quoted by the credit union is also important while deciding on the loan term. Depending upon whether you are opting for a variable or fixed interest rate, your overall loan payments may vary. For variable interest loans, you may have to pay higher monthly installments in case of a long term loan. This may be due to the fluctuations in the market rate over the span of years. Short term loans, however, may not be affected much in this case.
After evaluating all the factors, the general consensus is that you should opt for a home or auto loan that offers the lowest interest rate and for a shorter duration. However, make sure that you are able to pay the monthly installments without any sort of financial burden.

Greater Central Texas Federal Credit Union is a leading credit union in Killeen. We offer a wide range of home and auto loan plans at low interest rates. You can also avail many other financial services by being a member of the credit union. For more details about our services, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

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.

Reasons To Choose A Secured Loan In Killeen

18. October 2016 Administrator Auto Loans (0)
When applying for a loan at credit union, you will come across two options - secured and unsecured loans. It is important to know about both these types of loans to make sure you make the right decision. Make sure you analyze your requirements such as income, debt, credit history and budget before choosing a loan plan at your credit union. Research thoroughly about various lenders so that you can get a loan at low interest rates.
 
What's The Difference Between A Secured And Unsecured Loan?

Secured Loans

These are backed by a collateral such as a car, property, stocks or any other valuable asset.  If the borrower fails to repay the loan, the lender may take possession of the collateral. Secured loans can be a perfect option for those who require to borrow a large sum of money to meet their long term financial goals.

Unsecured Loans

An unsecured loan does not involve the use of collateral.  As compared to secured loans, it generally has a shorter repayment term and a higher rate of interest. These types of loans are approved on the basis of income, credit history and various other factors.

Benefits Of Secured Loans:

Low Interest Rate: A secured loan is offered at low interest rate as the collateral serves as a ‘security’. If the loan is not paid on time, the value of the collateral is used to repay the amount. On the other hand, unsecured loans have a higher rate of interest as the lender lacks assurance of loan repayment. Secured loan can be a good choice if you are looking for easy financing options.

Longer Repayment Term: In case of secured loan, you get a longer time to repay the amount which can lower your monthly premiums and ensure financial stability. It also relieves the pressure of paying a higher amount of money. Such types of loans involve a highly valuable asset as a collateral. Thus, credit unions provide longer time for repayment. On the contrary, an unsecured loan has a shorter repayment term.   

Higher Borrowing Limits: If you are looking to borrow larger amount for any major investment, you must opt for secured loans. The borrowing limits are usually proportional to the value of the collateral. For instance, you can choose a secured loan if you need to buy a home or a car. While in case of an unsecured loan, only a small amount of money can be borrowed as there is a risk of non-payment.   

Easy To Apply: You can easily get a secured loan regardless of your credit history and employment status. Credit unions do not impose any strict rules for loan approval or check for any late payments. This also reduces the paperwork involved in the process. In case of an unsecured loan, having a good credit score is important to get qualified.

Greater Flexibility: A secured loan offers greater flexibility as compared to unsecured loans. It can help you to easily convert a fixed-rate loan to a variable-rate loan. You can also vary the premium amount according to your convenience.  You will have to pay a fixed interest rate for the unsecured loans as they have no security.  

Considering their various benefits, you can choose a suitable loan plan accordingly. It is important to read the terms and conditions carefully to avoid any hassles later.

We, at Greater Central Texas Federal Credit Union provide quick and affordable secured loans to our members in Killeen. The staff at our credit union helps to choose a loan plan according to your requirements. We also offer direct deposit, payroll deduction and other online services to provide you a better lending experience. For more information, you can call us at (254) 690 – 2274 or visit our credit union at 3305 E. Elms Rd., Killeen, TX  76542. You can also apply for a secured loan at our website.

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.
GCTFCU Blog | All posts tagged 'Secured Loan Killeen '
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Secured Loan: Eligibility & Benefits

14. July 2021 Administrator Blog (0)


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How To Apply For A Secured Loan

17. September 2019 Administrator Blog (0)
With lower interest rates, secured loans are one of the favorite funding source for borrowers. The reason for lower interest rates in case of secured loans is the fact that lenders asks for a collateral as security against the amount financed. Examples of collateral used for secured loans are funds in the savings account, certificate of deposits, valuable property such as house or a commercial property, etc. It is important to know that the value of collateral should be equal to or greater than the loan value.

Following are some points worth considering when applying for a secured loan:

  • Your Financial Situation: Before applying for a secured loan, the first thing to do is to assess your financial situation. Figure out how much loan you need, suitable loan term, feasible EMI, etc.
  • Credit History: Once you have made up your mind to get the loan, check your credit history and see how it will affect your loan application. A good credit score increases your credibility.
  • Loan-to-Value: Assess the loan-to-value in order to know your borrowing capacity and the interest rate that will suit your financial circumstances. A lower loan-to-value translates into a better interest rate.
  • The Interest Rate: Inquire about the interest rates offered when looking for a secured loan. Ask the loan officers about suitable options and ways to secure a better rate.
  • The Term Of The Loan: The period over which you have to repay the loan also impacts the cost of the loan. A shorter period of repayment may lead to higher interest rate and vice versa.
  • Fees And Monthly Payment: When obtaining a secured loan, keep in mind that it involves various payments such as application fee, loan origination fee and cost of appraisal.
  • The Application Process: Credit Unions offer borrowers the choice of applying online. During the process, applicant is required to provide details such as the name, address, date of birth, income and employment status, etc.
Visit Greater Central Texas Federal Credit Union to apply for secured loans. The credit union offers secured loans on low interest rates to its members. For more information on how to apply for secured loans, visit: 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact: (254) 690 – 2274.

Reasons To Borrow Secured Loan

17. May 2019 Administrator Blog (0)
Secured loans, also referred to as collateral loans are backed by an asset (usually a home or car) that is pledged as security to the lender. You can also get a secured loan against your savings account, a certificate of deposit or anything of value. In case the borrower is unable to return the loan, the lender has the right to take possession of the collateral and sell it to compensate for the unpaid amount. Lenders often seek collateral that is of a greater value than the amount of loan.

Common types of secured loans are mortgages, secured credit cards, secured personal loans and home equity loans. Secured loans offer numerous benefits to the borrower, some of which are listed below:

  • Enhances Credit Rating: Secured loans are easy to acquire even if the borrower’s credit rating is low. However, a borrower can work towards building his credit score over time by making timely payments towards his secured loan.
  • Lower Interest Rates: Another major reason for borrowing secured loans is their rate of interest. Since the loans are secured with a collateral, lenders feel more confident and may disperse loans at lower interest rates.  
  • Flexible Terms: Borrowers who avail secured loans enjoy flexible repayment terms. A consumer can choose a repayment schedule that suits his financial circumstances. The repayment terms may be as long as 30 years. Lenders offer longer terms because real estate pledged as security, usually appreciates over time and this adds to the value of collateral while the loan is being repaid.
  • Usage: Secured loans can be used for a variety of purposes provided the purpose is legally valid. A consumer can use the money for investing, home improvement, weddings, funeral expenses, moving expenses, etc.
  • Larger Loans: With secured loans, borrowers enjoy the benefit of being able to borrow larger amount of money for a longer duration. This is because of collateral in the form of tangible assets guaranteed to the lender by the borrower. Lenders know that if for any reason the borrower defaults to pay back the loan amount, collateral can be sold to recover the unpaid amount of loan.
  • Easy To Acquire: The main requirement for a secured loan is collateral. Thus, if you have collateral in the form of a valuable asset such as a piece of real estate, a car, precious jewelry, a house or deposited cash, you can easily acquire a secured loan.
Greater Central Texas Federal Credit Union offers affordable secured loans to its members in Killeen. The loan officers at the credit union help the members in choosing loan amount and terms as per their financial situation. To know more about secured loans in Killeen, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX - 76542.

Benefits Of Taking Secured Loan

28. February 2019 Administrator Blog (0)



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Factors Affecting Tenure Period For Your Loan

28. April 2018 Administrator Blog (0)
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.

Ways To Pay Off Secured Loans Early

24. April 2018 Administrator Blog (0)



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Credit Score: Do's And Don'ts

28. August 2017 Administrator Auto Loans (0)

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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