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

The Pros Of Secured Auto Loan

20. October 2015 Administrator Auto Loans (0)
A secured auto loan is a good alternative for people looking for an affordable financing option. In this, the borrower needs to put forward collateral in exchange of the loan amount. In most cases, the collateral offered is the item for which the loan is being taken. For instance, the security in an auto loan is the recently bought vehicle itself.

Here are some of the benefits of a secured auto loan:

  • Flexible loan conditions: As a secured auto loan requires the borrower to present a collateral, it minimizes the risk for the lender. Hence, the terms and conditions of the loan are quite flexible which eliminates any sort of financial burden on both the parties involved. The borrower need not have a high income to be eligible for a secured loan.
  • Lower interest rates: Pledging an asset by the borrower subsequently brings down the interest rates on a secured auto loan. The lender is assured that he can take over the possession of the vehicle in case the borrower is unable to repay the loan. Lower interest rates imply easier and regular monthly payments, which in turn, improves your credit rating.
  • Quick Approval: Compared to other types of loans, it is much easier to get approval for a secured loan. Due to minimal risk, there is no need for the lender to conduct through background checks or income verification. Thus, secured auto loan applications are approved much faster, usually with 48 to 72 hours.
  • Economical repayments: The interest rates are much lower when it comes to a secured auto loan. This eventually means that the borrower has to give out less money for monthly repayments. You can even request to increase the term of loan repayment to make it even simpler to pay back the capital along with the interest.
  • More Reliable: By keeping a guarantee with the lender, there are minimal chances of the borrower defaulting on the loan. Also, knowing that the vehicle will be confiscated if he fails to repay the credit encourages him to be regular in his payments.
We, at Greater Central Texas Federal Credit Union, offers affordable secured auto loans in Killeen, TX. Being a non-profit organization, our credit union works solely for the benefit for the members. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Financial Tips For Youngsters
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Financial Tips For Youngsters

27. December 2018 Administrator Blog (0)
Financial intelligence is paramount for youngsters who want to achieve success and financial freedom early in life. This is because youngsters who make smart financial decisions at the beginning of their career ladder have better savings, fewer debts, emergency funds and other financial perks as compared to their counterparts.

Following are some proven financial tips for youngsters:

  • Practice Budgeting: One of the most useful financial tip is to learn how to budget. Budgeting helps you keep a tab on your incomes and expenses. It makes it easier to allocate funds for important things such as education, bills, grocery, etc.
  • Open A Savings Account: A savings account is one of the best modes of saving money for future investments as well as for achieving both long-term and short-term goals. You may consider being a member of the credit union as you will be entitled to many benefits and privileges reserved for members only.
  • Plan Ahead For Retirement: Start saving for your retirement while you are still young. You can be a part of an employer’s plan for the same. Such plans require you to contribute a portion of your income towards retirement goal.
  • Pay Off Your Debts Systematically: Start paying off your debts by getting rid of the smaller ones initially and gradually building your way up to the larger debts. This is referred to as the ‘Snowball Method’ and is great for keeping you motivated and focused. Take on a new debt in extreme cases only.
  • Build An Emergency Fund: It is important to keep aside some money in your emergency fund. So, if you start building your emergency fund while you are young, it will ensure that you have a substantial amount down the road.
  • Reduce Expenses: A great financial rule that can do wonders for youngsters is to minimize unnecessary expenses. Start by trimming off expenses that are futile and repetitive in nature. Eventually progress to cutting down expenditure on more meaningful yet avoidable items.
  • Manage Raises: When you get a raise, use it judiciously. Instead of spending it for leisure, you can either use it to pay off a long pending debt or save it.
  • Educate Your Children: Teach your kids the value of money at an early age. Embed it in their malleable minds that saving is not an option but a necessity. You can even take them to a nearest credit union and motivate them to open their own savings accounts.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

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GCTFCU Blog | Credit Unions: Good Sources For Home Loans In Killeen TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Credit Unions: Good Sources For Home Loans In Killeen TX

13. June 2014 Administrator (0)

More and more prospective homebuyers are relying on credit unions for home loans these days, as the credit unions offer a variety of plans and benefits to the members. Besides competitive rates, the credit unions offer low closing costs and their loan programs are ideal to meet typical financial needs. Here are some reasons that make credit unions a good source for home loans in Killeen TX.

  • Better Chances of home approvals: It is a fact that the credit unions are more considerate towards you as a member. They listen to your reasons and offer a quick approval. Even if you had problem with your credits in the past, credit unions are ready to make adjustment in the loan terms for the members.  This definitely is one of the major reasons that people seek loan from credit unions now a days.
  • Lower rates of interests: The major reason that people are counting on credit unions for their home loans is lower rate of interests. Besides lower banking fees, they require lower balance. This makes them the first choice of union members who want to apply for home loan, or any other loan.
  • Personalized service: Credit unions are members oriented. They are nonprofit organizations that help the members for the growth of the community. The aim of a credit union is to provide members with quality customer services. As, all the decisions are made by the volunteer board members, so they have a personalized approach. You can easily tell them your concerns about your loan and flexibility that you desire in your payment options. The credit unions often consider your issues and work with your best interests in focus.
  • Low closing costs and time: Getting home loans from credit unions involve less paper work and bureaucratic formalities. It takes less time to get the loan from the credit union and it involves low closing costs.
  • Guidance: The credit unions have their resource centers where you can get all the required information regarding your home loan. The guides available there at the center help you take better decisions. Whether you have already taken a loan or applying for the first time, you can get reliable answers to your queries here.
  • Non-profit: The credit unions have non-sales approach, as they do not work for profits. The unions work for the advantage of members and are not driven to make profit by selling anything. Their all profits return to the members in the form of lower rates
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