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

Facts About Credit Union

30. May 2018 Administrator Blog (0)


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Reasons Why Youngsters Should Join A Credit Union

26. May 2018 Administrator Blog (0)
Credit unions are a great option for youngsters in search of financing options with low rates of interest and individualized services. They are non-profit, trustworthy financial institutions that are being sought after by many people. Here are some reasons due to which joining a credit union is highly recommended for youngsters

  • Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
  • A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
  • Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
  • Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
  • Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
  • Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.

Conclusion: Credit unions are an ideal choice for youngsters as they are member centric, guide in making the best financial decisions, have easy eligibility norms and offer great deals in the form of perks and interest rates.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call at (254) 690 – 2274.

Everything About Credit Builder Loans

18. May 2018 Administrator Blog (0)


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Steps To Apply For Your Next Auto Loan

30. April 2018 Administrator Auto Loans (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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New V/s Used Auto Loans

29. March 2018 Administrator Auto Loans (0)
If you considering owning a car but can’t decide on whether to opt for a new car or a used one, it might be helpful to consider the financing options for both of them. Pre-owned cars cost less as compared to new ones. However, both involve a considerable amount of money. Here are some points of comparison between financing options of used and new cars.

  • The Down-Payment
The down-payment for both types of cars differs greatly. Lenders demand a higher down payment for used cars as compared to new cars. So if you are considering a used car, be ready to shell out a higher down-payment.

  • Duration Of The Loan
The tenure for repaying the loan for a new car is usually longer. However, when it comes to used cars, the loan repayment tenure is shorter. The decisive factor when it comes to the tenure of loans for used cars are the amount of loan and age of car.

  • Monthly Instalments
The monthly instalments for new cars are lower in value as compared to those of used cars. This is because the tenure to repay the loan of new cars is longer than that of used cars.

  • The Amount Of Loan
Loans for new cars are usually granted for either the complete value of the car or significant percentage of the total cost. This is because a new car’s value is higher. For used cars, lenders are willing to offer loans at a considerably lower percentage of their value as these cars are priced at a lower value. Many buyers consider credit unions as they offer greater flexibility as per the amount and duration of the auto loans.

  • Interest Rates
The interest rate on loan for a used car is higher as compared to that of new cars. This is because the loan amount of a used car is lower than that of a new car. New cars have a better resale price and are in more demand. This makes them a safe option for lenders and that’s the reason why interest rates are lower. Credit unions are a boon for car buyers as they offer loans on new and old cars at very reasonable interest rates.

  • Depreciation
If you are considering the value of depreciation that you will incur on purchasing a car, then a used car is your best bet. The value of depreciation on a used car is negligible as compared to that of a new car whose depreciation rate is quite high.

Greater Central Texas Federal Credit Union offers loans for both used as well as new cars. For more information about our services, visit 3305 E. Elms Rd., Killeen, TX 76542 or call at (254) 690-2274.

Things To Avoid While Applying For An Auto Loan

26. March 2018 Administrator Auto Loans (0)



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Rules To Keep In Mind While Applying For Loan

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How A Credit Union Helps You Save Money

27. February 2018 Administrator Blog (0)
Credit union is a non-profit organization which is owned & controlled by account holders. There’s always a common link between the members of a credit union. They could be working in the same company, going to the same church, living in the same community etc. Profit earned from the union is re-invested into the organization or used to fund its members.

Borrowing from a credit union can help you save money in the following ways:

• Lower Costs
Instead of making profits, credit unions focus on providing better products to their members at low costs. So, they charge nominal fees for their services. The amount charged is just to cover their costs of operation. This is done to ensure that in the long term you end up saving more money by shelling out less in the form of interest rates and service charges.

• Higher Interest Rates On Savings
Credit unions offer high interest rates on savings accounts. The amount of interest that adds up over time is directly a part of your savings. This will increase your savings substantially.

• Lower Interest Rates On Loans
With a low rate of interest, borrowing from credit union becomes a great option for cutting down one’s expenses. It is easy to accommodate interest payments of such loans into one’s monthly budget.

• Convenient Auto Loans
Getting an auto loan via a credit union is a great way of reducing the payouts of monthly installments. They encourage members to make higher down payments which reflect in lower monthly expenses and interest rates. Members can also choose shorter tenure periods for the loans consequently saving on their interest costs.

• Easy Approval
Members of credit unions can easily get pre-approved for the loan. They generally approve the loan application within 24 - 48 hours of document verification. The whole process is quite flexible & hassle free.

• Budgeting Assistance
The welfare of its members is pivotal for any credit union. The loan officers at the credit unions work in tandem with their members and offer assistance in finding a loan that best works for them.

Credit unions are a great option for loans as they follow an easy and stress free process. The staff assists the members in all aspects of loan application process. 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 or log on to https://gctfcu.net/

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

Reasons To Open A Savings Account

21. January 2022 Administrator Blog (0)


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Loans and Financial Services Offered by Greater Central Federal Credit Union, Killeen, TX

31. December 2021 Administrator Blog (0)
Greater Central Federal Credit Union is a member-owned cooperative that strives to provide its members with affordable and convenient financial services and products. It was formed in 1957 by a group of 9 teachers who contributed money to be used by any one of them in need of finances at affordable rates. To date, the credit union is committed to providing the best services and lending opportunities to its members. It is insured by the NCUSIF (National Credit Union Share Insurance Fund).

The credit union provides the following loans and financial services to its members:

  • Secured Loans: These loans are provided against collateral with a value that is at least 20% more than the loans value. Detailed information about the loans is available on the credit union’s website. APR and the term of secured auto loans for new and used autos is provided. The APR rates for recreation vehicles (ATVs, motorcycles and RVs) are 2% higher than those of used autos. We also provide 72-month vehicle loans. If you want a share-secured loan (one that is backed by a share account), the rate will be 2% more than that of a secured account.
  • Unsecured/Signature Loans: These loans are ideal for unexpected expenses or for projects like a vacation. We offer personal/unsecured loans at affordable rates and make quick approvals upon receiving a completed application and verifying income (loan approval within 24-48 hours). We offer payroll deduction, direct deposit and automatic transfer services for convenient loan payment.
  • Credit Builder Loan: This loan is offered to help members improve their credit score. It works by freezing the amount of money in a share account until the borrower pays off the loan. As per their nature, these loans can be offered even if the credit score is not satisfactory. It is a good choice for anyone interested in getting a loan for the first time. The best part about these loans is that a borrower gets to build credit and also save in one go.
  • Savings Accounts: We offer a range of accounts to provide banking convenience for our members. These include a share savings account, a checking account, a money market account, a Christmas Club, a Vacation Club, Certificates of Deposit, and an Individual Retirement Account (IRA). The requirements for opening a savings account are to be living, working, or worshipping west of I-35, 2 forms of ID, $5.00 for opening an account, and $20.00 to be kept in the account.
  • Other Services Offered: We offer useful financial services such as an amortization calculator (on our website), skip-a payment options, debit cards, Outgoing ACHs, Incoming ACHs, Outgoing wires, Incoming wires, bill pay, gift cards and an audio response system for checking balances, making loan payments and checking cleared drafts.
To know more about the loans and services offered by Greater Central Texas Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX 76542 or call at 254-690-2274. You can also visit www.gctfcu.net

Checklist For Loan Application

21. December 2021 Administrator Blog (0)



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Choosing The Right Auto Loan

27. November 2021 Administrator Auto Loans (0)



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Features Of A Savings Account

18. November 2021 Administrator Blog (0)

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Savings and Investment Options in Credit Unions

30. October 2021 Blog (0)
Credit unions offer a number of affordable and convenient investment and savings options to members. These options are useful for future expenses such as college education, retirement, vacations and more.

Let us take a look at the savings and investment options provided by Greater Central Texas Federal Credit Union:

  • Regular Share Savings Account: A share savings account pays variable dividends on the savings of members. The account is a precursor for establishing membership in a credit union and availing other services provided. These accounts are liquid in nature and apt for day to day expenses and payments. Funds in a credit union are safe as the institutions are federally insured up to $250,000.
  • Share Certificates of Deposit: These are certificates of deposit issued by credit unions that represent a deposit for a certain span. The deposits earn dividends over a period of time usually ranging between 3 months to 5 years. The interest rates offered are usually higher than those offered on other forms of savings; a longer term of share certificate earns higher dividends.
  • Individual Retirement Account: This is a savings account with tax benefits for credit union members who are interested in savings or long-term investments. Anyone who earns income can start an Individual Retirement Account. The most common types of IRAs for individual tax payers are Traditional and Roth IRAs.
  • Club Accounts: These accounts are savings accounts offered by credit union to members interested in saving for a particular purpose and earning interest while doing so. Such an account remains open for around one year and earns higher rates of interest as compared to other forms of savings accounts. Examples of club accounts are Christmas and Vacation Club accounts. These accounts encourage investors to save for one year and resist the urge of withdrawing before the maturity date.
  • Lending Services: Credit unions offers secured and unsecured loans at affordable interest rates to members. Secured loans are issued in exchange for collateral whereas unsecured loans are issued on the basis of the borrower’s ability to pay. Secured loans are great for those who need larger amounts for the purchase of things like automobiles and even houses. Unsecured loans are in the form of credit cards, personal loans, student loans, etc.
To know more about savings and investment options, you can visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd., Killeen, TX 76542 or call at (254)-690-2274.

How To Be Savings Smart?

22. October 2021 Administrator Blog (0)
How-To-Be-Savings-Smart.pdf (735.5KB)

Affordable Financial Services In Killeen, TX

28. September 2021 Administrator Blog (0)
If you are looking for convenient and affordable financial services, consider availing the services of a credit union near you. Credit unions are non-profit organizations that provide a variety of financial services and products to their members. They are committed towards providing the services at the earliest and are dedicated towards customer satisfaction. Greater Central Texas Federal Credit Union provides a wide array of affordable financial services to its members in Killeen, TX.

Listed below are the financial services and products that can be availed at a credit union:

  • Savings and Checking Accounts: Savings accounts are interest-bearing accounts that offer safety and reliability to fulfill short-term financial needs. Checking accounts are ideal for those in need of quick access to money for daily needs. Credit unions offer savings accounts such as share accounts, money market accounts, Vacation Club accounts, Christmas Club accounts, Certificate of Deposits and Individual Retirement Accounts.
  • Loans: You can avail affordable secured and unsecured loans at credit unions for unexpected expenses. The loans are available at lucrative rates and are approved within 24 to 48 hours upon receiving an application. For the convenience of clients, services such as direct deposit, automatic transfer services and payroll deduction are offered. Secured loans are granted against collateral whereas unsecured loans do not require collateral. Examples of unsecured loans are credit cards, student loans and personal loans.
  • Direct Deposit: A direct deposit is a payment that is directly made to a payee’s account electronically with the help of software. The service is convenient for businesses that have to pay employees and are also useful for tax refunds. Direct deposits are a convenient and safe method of transferring funds. They offer faster transactions, ensure timely payments of salaries and reduce bookkeeping.
  • IRA: Individual Retirement Accounts are for those who want to build up their retirement funds. These accounts can be opened by anyone working and below the age of 70 ½. IRAs offer tax advantages and are considered to be one of the best savings tools. IRA’s are of two types: Traditional and Roth IRAs. They are great for those starting their career, couples, growing families and those nearing retirement. Credit unions offer competitive rates to members interested in IRAs.
  • Other Services: Apart from the services mentioned above, credit unions also offer debit cards, credit cards, wire transfer, ATM services, payroll deduction, notary service, online access, skip-a-payment options, outgoing and incoming ACHs, gift cards, etc. GCTFCU strives to offer its members affordable financial services and convenient lending services.
To know about financial services and products offered at Greater Central Texas Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX 76542, call at (254) 690-2274 or check out https://gctfcu.net

Understanding Certificates Of Deposit

24. September 2021 Administrator Blog (0)



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What Are Credit Builder Loans

27. August 2021 Administrator Blog (0)
A credit builder loan is a type of loan that helps to improve one’s credit profile and resolve a low credit score. The loan consists of a small amount that can easily be repaid by an individual. This helps in establishing one’s credit worthiness and qualifying for higher loan amounts in future.

Following are some things to know about credit builder loans:

  • Types of Credit Builder Loans: The types of loans offered by most lenders include Pure Credit Builder Loan, Secured Credit Builder Loan and Unsecured Credit Builder Loan. In the first type, the amount of the loan is locked away in a savings account until the amount is paid. In the second, an amount in one’s savings account is used as security against the loan. The last type works as a normal loan and is easily available.
  • Where to Get the Loan: You can get these loans from financial institutions like credit unions. Such institutions offer a variety of loans at low interest rates. Consider researching credit unions in your area and contact an official for more information on the benefits of these loans.
  • The Process: A financial institution offering the loan will consider things such as your bank transactions, work contracts, financials, etc. to determine your credit worthiness. The amount of loan offered is usually a small one and lasts for a term of 6 months to one year. Upon the disbursement of the loan, one can start paying regular EMIs as in the case of normal loans.
  • How It Works: In this type of loan, the amount if loan offered is deposited into the borrower’s savings account. The amount deposited cannot be accessed till the amount of loan is paid back. So, on repaying the loan, one gets back the money deposited into a savings account. Ask your lender whether there is a provision for prepayment in case you need to access your funds for an emergency.
  • What to Consider: When buying a credit builder loan, some things to consider are administrative fee (for setting up an account), amount of money to deposit in a savings account, monthly payment, APR, whether the interest will be refunded, etc. Get in touch with the customer care department of a credit union in your area for these details.
  • Managing the Loan: When getting a credit builder loan, it is important to understand its terms and conditions before making a commitment. Pay attention to details like the term of loan, amount of payments to be made, due dates, APR and more. Also, consider the affordability of the loan and be disciplined with paying your installments in full and on time to improve your creditworthiness. 
Greater Central Texas Federal Credit Union offers Credit Builder Loans in Killeen, TX. To know more, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.