Buying a car is one of the most important decisions that people make in their lives. It is a one-time investment which needs careful planning and preparation, down to the last little detail. Due to the high expenses involved most people go for financing when they think of buying a car. If you are thinking of taking out an auto loan, you need to find the right place where you can get the best rates and the best repayment terms. Credit union is one of the best options for an auto loan as they offer low interest rates and minimum credit checks.
There are various palpable and distinct advantages of applying auto loans from a credit union To name a few are:
- Easier Approval – A credit union is one of the easiest places from where you can get your auto loan approved. If you have different needs or are in a unique situation, a credit union is more than likely to listen to you and try to understand your issues. Credit unions are usually more open to making adjustments in their rates and their repayment process while keeping the actual underwriting procedure and same loan application procedure.
- Lower Interest Rates – If you take out your auto loan from a credit union you can expect a much lower rate of interest than if you approach any other institution. With those significantly lower interest rates, you stand to make long-term savings that you can successfully use in other areas.
- Customized Services – Since credit unions are in essence non-profit organizations, they attach great importance to customer service. Instead of a corporate office making decisions credit unions have a board of volunteers. This makes credit unions much more accessible and personable as compared to other institutions. You get a friendly vibe and camaraderie with the belief and trust that the credit union has your best interests in mind all the time.
- Information – Most credit unions have attached resource and education centers with the sole purpose of educating customers about different kinds of financing schemes and decision making. When you are looking to an auto loan financed with a credit union you can be sure to gain the knowledge and the insight to make a learned decision.
To apply for affordable auto loan in Killeen TX, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for all our customers. For more information, visit us at 3305 E Elms Road, Killeen, TX 76542 or call at 254-690-2274.
Buying your dream car is an important investment which needs a lot of careful thinking and planning for everything to go smoothly. It is a large, one-time investment which involves large amounts of money, and in most cases, the requirement to take out an auto loan. Car loans can be very expensive with interest rates being consistently on the higher side. With such a significant outlay of money, it is prudent to be careful when it comes to high interest rates and to find a deal where you do not have to spend so much extra. If high interest rates on your auto loan causes you to lose sleep and you decide to refinance your auto loan, a credit union in your locality might be the best option. Switching to a credit union can bring you major savings and can help you get your finances in order while you can still enjoy the benefits of your dream car.
How Credit Unions Can Help
Credit unions are nonprofit organizations and with that status they are in a position of strength when it comes to offering members deals of great value. Credit union members can save thousands of dollars when they choose to refinance their car loans. The procedure involves simple steps and a hassle-free agreement, and you could be on your way to making large savings on your auto loan. Re-financing your auto loan works exactly like re-financing any other kind of loan – you borrow the money from your local credit union to pay off your auto loan, with terms and rates which are remarkably more favorable and friendly.
The application process is quick and easy, and there is not even the need for your car to be appraised for you to get approval. If you are simultaneously paying off other loans, refinancing will almost certainly lessen your financial burden. Savings can range from a few hundred to a few thousand dollars- money that you can productively use elsewhere. Also, the earlier you refinance your auto loan with a credit union, the more you can save.
If you want to cut down on your monthly payments, you can change the terms of your loan when you refinance, and spread it out over a wider duration of time which gives you the option to pay lower EMIs. All things considered, switching to a credit union for refinancing your car loan can well be a smart move which brings home major savings.
To refinanace your auto loan in Killeen, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.
Before considering applying for a home loan, there are a few things that need to be understood to get the loan you want. Carefully thinking about what might adversely affect your home loan can save you from a lot of hassles like irregularities in payment of installments, unpaid balance on credit cards etc. Applying for a loan for home can be very stressing and therefore, after carefully analyzing your financial position and credit history should one consider applying for a home loan. Below are some of the do's and don'ts that must be followed to make the home loan process smoother.
Dos
- All the loan and debt payments should be made on time to keep your credit history clean. Not adhering to this rule deliberately reduces the credit score. This credit score determines what amount of home loan you will get if you manage to get one.
- Credit card payments can be missed but payments of installments of other mortgages like auto loan should be prioritized. It shows that you pay installments on time. After looking at the performance of similar mortgage loans, the credit scoring system will assign you the score. Credit card payments can be made later as they have fluctuating balances.
- To avoid raising any red flag, your credit card transactions should be normal like before and should not be stopped immediately.
- Any inconsistencies, inaccuracy and missing information should be removed from the credit reports to make it clean of negative data.
- Unpaid balance in credit cards should be paid off to the point that balance ratio becomes less than 30%.
Don'ts
- Loan approval process can be impacted by your job stability. If you are constantly changing jobs and changing positioning in a company it might hurt the approval of your home loan.
- Any major purchases like car, lines of credit for furniture, expensive gadgets should be avoided. This also impacts your credit score and hamper your chances to get your loan approved.
- Purchase of clothes for family should be limited. Instead of buying clothes at every occasion, they can be bought at one or two occasions.
- A new credit card should not be opened. New credit card adds additional inquiry into your credit score which kills chances of getting a home loan.
- Previous credit card accounts should not be closed either. It has a negative impact on your credit score.
- Some people get a new loan while applying for a home loan. It looks bad with the underwriters and must be avoided.
Home loans applications can be rejected if the borrower doesn't comply with some of the tips mentioned above. No change in number, accounts, address should be made to avoid getting the applications rejected.
We, at Greater Central Texas Federal Credit Union, offer home loans at very low interest rates. Interested individuals can contact us at (254)-690-2274 for more information or visit us at 3305 E. Elms Rd., Killeen, TX 76542.
Credit unions are non-profit organizations that provide savings, credit and financial services to their members including savings and checking accounts, loans, mortgages etc. Rather than depending on outside capital, they pool deposits from their members and finance loans to their borrowers. They are different from other institutions in the way that they are member owned institutions. Getting a home loan from a credit union is a better option for those looking out for low interest rates. They provide affordable financial services to their customers.Credit unions keep their mortgage loans in their own investment portfolios and do not have to follow any regulations about keeping those loans. They are a great way of saving money and offer some of the best loan packages in the industry. The following points discuss why using a credit union for a home loan can be enormously beneficial -
- As a member owned institution, their focus is different than other institutions and look for the best interest of their credit members.
- They have been exempted from paying any taxes because they do not invest their borrower’s money in the market which makes them non-profit. This gives them an edge as they provide competitive rates and due to this, the borrowers can get low interest rates when financing through a credit union on home loans, mortgages and higher rates on savings accounts.
- Credit Unions charge low or no fee from their customers for applying for a home loan.
- They are more service oriented towards their customers. They offer personalized services to their borrowers and help them conveniently apply for a home loan. They maintain communication with them by responding to their phone calls, emails/letters and understanding their requirements.
- Credit Unions set their own income requirements and there is a higher possibility of approving home loans for those who have minimum income but wish to apply for a home loan. As a member of a credit union, chances of approval of a home loan are high.
- They offer a full range of mortgage solutions while applying for a home loan. There is a variety of conventional home loans options available and borrowers can choose whichever applies to them.
- Credit Unions help make applying for home loans faster, especially if the borrowers have a history with them. Securing a home loan becomes easier and good financial relationships are made.
Moreover, there are no penalties for paying the home loan amount early and home loans can be paid back through a variety of channels, like direct from your salary via payroll deduction.
Home loans enable you to purchase your dream house while not having to make a large one time investment. It helps you instead by letting you stagger payments monthly over a set duration of time. Taking out a home loan can be a relatively complicated process, depending on market conditions and your own requirements. There are a lot of things to consider, including the amount of the loan, the conditions and duration of repayment, the rate of interest you will be charged and the amount of the monthly payments you will have to make. While for most people, the procedure might go off without a hitch, there are a number of mistakes that can significantly increase the amount of time and hassle involved. Avoiding these mistakes will surely put you in a better position to get your home loan processed smoothly and fast.
- Getting a Credit Score – The one thing you should never forget while applying for a home loan is to get a comprehensive credit score. You should use the service of a reputed and effective credit rating agency to get your credit evaluated and to make sure that your credit score is free of errors. In fact, it is a good idea to get a credit score sheet out periodically so you can stay on top of your credit records.
- Avoid other Loans –While applying for a home loan, make sure that you do not apply for other kinds of credit at the same time. For at least a time period of six months before your home loan application gets through, you need to ensure that you do not apply for other kinds of credit like personal or auto loans. This might lead to your loan application getting cancelled.
- Check your Source – When applying for a home loan, make sure that you perform thorough checks on the institution that you are considering for the loan. Carefully check the terms of the loan and go through all the documents carefully before deciding on a particular loan. You can also hire the services of Greater Central Texas Federal Credit Union that helps get secured home loans and provides assistance through the entire process.
- Consider Pre-approval – If you have had a successful and long relationship with an institution, you might be eligible for a pre-approved home loan. These loans take less time and paperwork to process, and make the processes much smoother altogether. You should not miss the chance to grab a pre-approved home loan offer if you can get your hands on one.
To procure quick and affordable home loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at (254) 690 - 2274.
If you are looking to buy a new or old car and have exhausted almost every financing option, then credit unions can come to your rescue. Credit unions are the financial institutions set up by a group of people who pool their resources to provide loans and financial assistance to the members. Since they are non-profit organizations, you get expect competitive interest rates and quicker loan approval. These features have made credit unions an attractive option to consider for an auto loan.
Benefits of choosing a credit union for auto loan-
- More chances of getting loan approved – Although credit unions do check your credit history, they are quite flexible in making a few adjustments in the loan terms. This can come as a breather for a number of people who have not been able to secure a loan from other financial institutions. The loans are usually approved quickly and even the documentation work is minimal. Being a member of these credit unions can add up to these privileges.
- Low interest rates –The loans provided by the credit unions are offered at much lower interest rates than any other financial institution. Knowing that, you can have considerable amount of savings on your loan payment.
- Personalized service - Since credit unions are non-profit organizations and strive to provide the best experience to their clients, they offer flexible repayment options on your auto loan, depending on your circumstances. You can even discuss your concerns regarding the loan with the representatives at the credit union. This can help ease a lot of pressure and other issues regarding the loan.
- Non sales approach – Credit unions usually follow a non-sales approach and do not try to sell any other financial products to you. Rather, they strive to provide better services to their customers.
- Better educational resources – Credit unions also provide you the necessary information related to the financing options and also help in assessing the real value of your car. They work for your best interest and assist you in making the right decision about the auto loan.
Credit unions are a great option for auto loans as the process is very easy and stress free. The staff assists you in all aspects of loan application process. For more information about auto loans, visit Greater Central Texas Federal Credit Union. You can call at (254) 690 – 2274 or visit our office at 3305 E Elms Road, Killeen, TX 76542.
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.
Most people who wish to gain possession of a new house seek for a reliable source of money to help them realize their dream. As a first time property buyer, there are a few things you should consider before getting a loan. They are mentioned below -
Decide the type of house
Before you even apply for a home loan you should be clear about the type of house that you wish to buy. Your options include apartments, duplexes, condos and mansions. Deciding on the most suitable kind of home helps you get suitable terms based on the price of the house (and consequently the return term for the loan). This can even help you score a favorable return term for investing in 'need based' acuity.
Decide the number of years
You as a loan seeker should decide on the number of years that you want to return the borrowed amount over. If you have a decent income and can afford it you should try to pay the debt off in a short term such as 4 or 6 years. The quicker a loan is paid off the lower is the gross interest amount. But before making your mind you should take your overall budget and foreseen expenses into consideration as well because selecting a longer term can help you deal with the costs even if you wind up paying more interest.
Determine your loan eligibly
You should deal with all impending charges, bills and loans and focus on maintaining a consistent streak to get your credit rating higher to increase your loan eligibility. This will help you file for a loan successfully in the first attempt. In addition you should not forget to carry all the important documents to prove your eligibility.
Know about the charges
You should infer about the any additional charges before applying for the loan. Additional charges include those related to administration, service and any other fees. Also, choose the lender based on the amount of overhead charges charged with the home loans.
Consider credit unions
Finally, look into any credit union in your local area as the interest rate offered by credit unions is significantly lesser than a typical bank. As the very basis of their existence is to help the community the staff at credit unions is always rooting for their clients and goes out of their way to guide them. You can also use such credit unions to address other financial needs such as opening a saving or current account.
We, at Greater Central Texas Federal Credit Union provide affordable home loans. For more details, kindly visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.