Things To Consider When Shopping For An Auto Loan 14. May 2015 Administrator Auto Loans (0) When planning to purchase a new car the most important factor to consider is financing option. Although auto loans have made it easier to buy a car, there are various factors that one must keep in mind to ensure that you get the best deal. Here are some points to consider when applying for an auto loan:Check Your Credit Score: This is an extremely important criterion to get approval for an auto loan. Make sure you have a good credit score, as it affects the interest rate that you will be charged for your loan. Budget: Get a clear estimate of how much you can afford for the initial down payment as well as the monthly repayments. Calculate your monthly income from all sources and the indispensable expenses to know the money you can spare for the car loan. Check The Interest Rates: Before deciding on your loan policy, compare the rates of interest quoted. Even a slight change in the interest rate could make a huge difference in your monthly payments. You must also decide between fixed and floating interest rates. Select Loan Repayment Period Wisely: When you are shopping for a car loan, make sure you take the loan repayment period into consideration. Although long tenured loans may seem attractive in the first place, you may end up paying a lot more as part of the interest rate. Hence, it is always advisable to choose a short-term loan with 3 to 5 year repayment duration.Skip a payment: You should confirm with the agent if you would be offered the option of ‘ skipping a payment’. You may be offered to skip one payment a year but it is helpful in times of a financial crunch. Secured Or Unsecured Loan: You also have the option to choose between secured or unsecured auto loans. In the former one, you have to put up collateral equivalent to the loan amount which, in most cases, is the car itself. The interest rates and monthly payments are quite low in these types of loans. We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. Our application process is simple and the loan is approved usually within a few days. For more details about our auto loan products, you can call at (254) 690 - 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.
Ways To Increase Your Eligibility For Home Loan 7. May 2015 Administrator Home Loans (0) Purchasing a home is usually the biggest investment that one makes in a lifetime. Being approved for a home loan can make the process of owning a home quicker and easier. However, there are various criteria and conditions that you must fulfill to qualify for a loan. A credit union is a good option to apply for a home loan as you can be provided instant loan approvals at very low interest rates. By following certain tips you can increase your eligibility for being approved for a home loan. Here are some points that you must consider:Relaxing the loan repayment tenureRelaxed loan repayment tenure increases the home loan eligibility of the borrower. This is due to the reasonable interest rate and lower EMI, which makes the lender more confident about the loan repayment. Paying off outstanding loansBefore applying for a home loan, it is advisable to pay off any other outstanding loans. Borrowers with negligible outstanding loans and good payback history are given priority. However if it is not feasible to pay back the whole outstanding loan amount you can consider providing information about the remaining loan amount. A strong financial background assists in getting approved for a loan.Clubbing of incomeA higher income improves the eligibility of getting approved for a home loan. A family can consider clubbing of income of two or three members to improve eligibility.Considering step up loansStep up loans give the option of paying back the total amount in two ways. The first half of the amount is payable at a lower interest rate while the remaining amount can be paid over a period of time at a higher interest rate. Due to the easier payback terms in the first repayment period, eligibility for the home loan also increases. Borrowers applying for home loan can consider these loans for better home loan eligibility. Consider perks in addition to salaryWhen applying for a home loan, you can improve your eligibility by providing proof of perks in addition to your salary. It can be income from a part time job, rental income, performance appraisals and bonuses etc.By following these tips you can increase your home loan eligibility and the chance to own a home. We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
Credit Union For Auto Loan In Killeen, TX 17. April 2015 Administrator Auto Loans (0) When you are planning to buy a new or used car, the first thing you will probably consider is financing options. Although there are a number of options available, it is always a good idea to shop around to get the best auto loan rates. Credit union is a good option due to the better customer services and loan rates they have to offer as compared to the traditional banks. Given here some of the reasons why you should choose a credit union for auto loan:Better Chances Of Loan Approval: If you are worried about getting a loan rejected due to a lower income, a credit union might be a better option for you. They offer affordable and flexible loans to suit the needs of the members. They even offer secured auto loans in which you can borrow money by putting a valuable possession as collateral. Lower Rates Of Interest: The auto loans offered by a credit union has much lower interest rate than the banks. Thus, the monthly payments are quite low and you can make huge savings in the long run. Customer Centric Approach: Since credit union is a non-profit organization owned and operated by a voluntarily elected group of people, they have a vested interest in working for the benefit of the members. Any revenue generated by the credit union is returned to the members in the form of lower fees and interest rates. User-Friendly Loan Process: In order to provide the best possible services to the clients, credit union offers a highly simplified process for loan application. There is minimal paperwork and flexible eligibility requirements for an auto loan. The representatives at the credit union provide complete assistance to the clients throughout the process. They also offer instant approval for auto loans, usually within a few days. Good For First Time Buyers: If you are buying a vehicle for the first time and are apprehensive about the loan process, the credit unions have dedicated resource centers set up to guide you. They can help you to calculate the monthly payments according to the real value of the car. They will also guide you to choose a suitable loan term according to your income and budget. We, at Greater Central Texas Federal Credit Union, offer affordable auto loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.
Secured Auto Loans At Greater Central Texas Federal Credit Union 11. April 2015 Administrator Auto Loans (0) Secured auto loans are a much more convenient and affordable financing option for most people. These require the borrower to put up a personal property or asset as collateral against the loan amount. As a result, the lender gets a security against his money and the interest rates can get much lower. In most secured auto loans, the collateral pledged is the purchased car itself. Greater Central Texas Federal Credit Union is a renowned financial institution offering affordable secured auto loans to the people of Killeen, TX. The credit union is a non-profit organization and works solely for the benefit of their members. Greater Central Texas Federal Credit Union provides cheap auto loans but also make sure that the loan is approved in the shortest possible time.Benefits Of Secured Auto LoansThe entire application process for a secured loan will take much less time as you are providing a security for the money being borrowed. The rates of interests offered in secured auto loans are usually low and fixed. Thus, the monthly payments are quite low and stable through the entire loan period.Since you have pledged a valuable possession for the loan, you are most likely to get 100 per cent finance for your car. Also, the expenses for the insurance and registration could also be included in the loan amount. Depending upon the value of the collateral, it is easy to get a lower interest rate on a secured auto loan. Thus, the monthly repayments will not be a financial burden and you would not need to default on your loan or lower your credit rating. While searching for secured auto loans in Killeen, make sure you conduct a careful evaluation of the terms and policies of the ones you are considering. You must know the number of missed payments after which your car will be repossessed and if there is a penalty for the prepayment of the loan. You should also make sure you ask the lender about any discounts or extension possible in the loan period. Finally, the most important points when deciding on a secured auto loan are penalties, interest rates and affordability. For more details about the secured auto loans offered by Greater Central Texas Federal Credit Union, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.
How To Choose The Right Home Loan 3. April 2015 Administrator Home Loans (0) With various financing institutions available today, finding the best deal on a home loan can be an overwhelming experience. When it comes to buying or refinancing a home, it is important that you carefully evaluate the pros and cons of different loan options. This will make sure that you are selecting the most suitable one according to your financial needs. Given here are some of the important tips that can help you choose the right home loan from a credit union: Loan Term: A lot of people opt for a longer term loan thinking that they can easily repay the amount. However, with this, they have to pay a greater amount of interest. On the other hand, short term loans can help you save thousands of dollars on your interest payments but requires a much higher monthly repayments to be made. If you have sufficient funds to pay off the loan easily, consider going for a loan with an optimum term and easy monthly installments.Interest Rate: Mainly, credit unions offer two types of interest rates to the borrowers, fixed and variable. In the former one, the rate of interest and monthly repayments remain fixed throughout the loan tenure. In the latter option, the interest fluctuates as per the current market rates and so does the amount that you have to pay. It is advisable that you choose a fixed rate for a specific term and switch over to variable when the market rates are low. Extra Fees: Besides the interest rates, you must also check out any additional fees or charges levied by the lender. These may include the application fees, lender’s mortgage insurance, valuation fees, break fee, penalty for late payments etc. All these can make substantial changes to your monthly repayments. Additional Features: Make sure you clear all your doubts before signing your home loan contract. Ask your credit union if they offer redraw facility and if the loan is portable. This will help you to transfer your home loan to another property without having to carry out the entire process all over again. You should also ask if they offer any discounts for the repayments. We, at Greater Central Texas Federal Credit Union offer low interest home loans in Killeen, TX. For more information, feel free to call us at (254) 690 - 2274.
For A Cheaper Home Loan, Try A Credit Union 19. March 2015 Administrator Home Loans (0) Credit unions are a reliable and credible source of cheaper home loans as compared to banks and other financial institutions. These are member owned and operated organizations working with the sole purpose of benefiting their affiliates. Given here are some of the attractive features that make credit unions the best choice for home loans in Killeen, TX: Customers Are The Topmost PriorityIn contrast to corporate banks, credit unions work to serve their members. Thus they offer better customer services and spare no single effort to make sure that the depositors are satisfied. They are less focused on making a sale or profit and more on providing affordable home loans at competitive rates of interest. The members of the credit union are given personal attention and customized plans. Lower Rates Of InterestsDue to being non-profit entities, credit unions are exempted from paying most of the taxes. This makes them able to offer home loans at significantly lower interest rates as compared to banks. Hence, you can make a lot of savings without having the burden of paying a huge home loan interest amount. Less Restrictive Eligibility Requirements Banks usually require higher annual income for a person to be suitable to apply for a home loan. Credit unions, on the other hand, do not have such strict eligibility requirements. Even if you have been denied approval from a bank, there are higher chances that you qualify for a home loan from a credit union. Easy Repayment OptionsIn case you are facing a financial constraint any particular month, the credit unions also offer a ‘skip-a-payment’ feature for your convenience. Using this, you can easily choose to avoid making the repayment, with the condition that your loan term would be extended for that time period.Customized ServicesA credit union is much more flexible in terms of their loans policies and terms or conditions. It can also offer exceptions for credible members in case any unanticipated issues come up with your home loan application. As the credit union is member focused, it has the right to vote on any matters that can have a potential effect on the rates of interests. We, at Greater Central Texas Federal Credit Union offer affordable and convenient home loans to the people of Killeen, TX. For more details, you can call us at (254) 690 – 2274.
Checklist Before Getting A Secured Loan 12. March 2015 Administrator Blog (0) Secured loans are a type of loan, which require the borrower to mortgage a valuable asset as a security for the loan. People prefer secured loans, as they are easier to obtain as compared to the unsecured loans. The secured loans often come with lower interest rates and allow the borrower to get tax deductions. However, it is crucial to do your homework before applying for secured loans with a credit union. Here is the checklist that you must consider before getting a secured loan:Check your credit file before applyingYour credit score is a major deciding factor when you apply for secured loan. It will decide the amount that you can borrow and the amount of interest rate that you will pay. Therefore, it is crucial that you check your credit file before applying for a secured loan. This will help you know whether you stand any chance to be approved or not. Ensure that you can repayBefore applying for a secured loan, it is advised that you should assess your ability to repay the loan amount. Failing to repay the amount can lead to heavy penalty charges. It will also have adverse effect on your credit file. By not repaying your loan amount on time, you also put your asset, which you have used as security, at risk. You should calculate your monthly repayment amount by using loan comparison tables to know whether you will be able to afford the repayment amount or not.Decide the loan periodIt is important that you choose the right loan period depending upon your budget. A longer repayment time will reduce the monthly payments but increase the interest amount. Similarly, having a shorter repayment time will involve less interest rate but increase the monthly installment manifolds. Thus you should determine the loan period carefully. Compare the priceWhen applying for a loan you need to pay certain costs such as initial valuation and legal fee that are included in your interest rate (APR). You must confirm the costs and compare the prices to get the best deal. DocumentationDepending upon your credit union and the type of secured loan you are applying for, you may be required to submit some financial and legal documents such as lease agreements, articles of incorporation and your financial reports. You should make sure that you have all the documents required to be eligible for applying.
Why Choose A Credit Union For Home Loans 5. March 2015 Administrator Home Loans (0) There are various benefits associated with a credit union membership and one of them is the ease to get home loans. However to understand the process you should be familiar with the working of a credit union. What is credit union?Credit unions are financial institutions that offer checking and saving accounts, receive deposits, and offer credit for a wide range of needs such as home loans, auto loans, etc. However, unlike banks, they are member owned non-profit organizations that aim at building up the local community. Due to their lower operating costs credit unions offer low mortgage rates.Benefits of having home loan from a credit unionPurchasing a home is a daunting task due to the expenses involved. Most people apply for a home loan when buying a house as it makes the process easier. However, it is very difficult and time consuming to get a loan approved banks, due to the formalities and paper work involved. Thus, a credit union is the best alternative to banks for auto loans and home loans. It approves the loan quicker and offers flexibility in repayment as well.Lower rates of interest: Credit unions offer favorable interest rates as compared to banks that help in making savings in the long run. The unions are non-profit organizations and are exempt from paying taxes like traditional lenders. Therefore, credit unions offer lower interest rate on home loan mortgages.Flexibility: Unlike banks, the credit unions are more flexible in the policy and are cooperative with their members. As the credit union is members owned, all the members have the right to vote on important issues that affect the rates of interests. Lower income requirements: The credit unions may also approve borrowers with lower income. Thus people who might not qualify for a loan in a bank stand a better chance of getting a loan through a union. Other benefits: Some other benefits of taking home loans from credit union include personalized service in comparison to banks, higher payouts on certificates of deposits, faster closing options and even the possibility to miss a payment. A credit union surely has an edge over banks and offers many benefits to its members. However, you should consider discussing your case with a consultant to get the full details about your individual case. We, at Greater Central Texas Federal Credit Union provide you home loans at affordable interest rates. For more information, you can visit us at 3305 E Elms Road, Killeen, TX 76542 or call (254) 690 – 2274.
‘Skip-A-Payment' Option At Greater Central Texas Federal Credit Union 11. February 2015 Administrator Auto Loans, Home Loans (0) Borrowing money can help ease a difficult situation and bring things back to track. Personal loans like auto loan, home loan and other loans help people overcome financial crisis. However as banks usually have strict conditions along with scrutinizing terms and conditions, people often prefer a credit union to secure a loan. Greater Central Texas Federal Credit Union is a non-profit organization owned by its members and offers loans at low interest rates. An issue that comes up with loans is its repayment. Taking out a fixed monthly payment month after month can be a nerve wrecking experience. There are many reasons that people fail to pay their monthly payments such as loss of employment, sudden unexpected medical expenditures or other expenses, which cannot be avoided. However once you miss a payment it becomes difficult to get back on track and streamline your expenses. In such situations, credit unions are very helpful as they are considerate, flexible and lenient. Greater Central Texas Federal Credit Union have flexible terms and conditions and in certain situations, also offer relaxation to the members who have borrowed money from the union. We also offer the ‘slip-a-payment’ option that helps members pay their payments easily. The skip-a-payment option allows the borrower to skip a payment at a nominal fee. It is available for the members provided that the loan account remains in good standing. Skip-a-payment is usually available on auto loans and RV loans. This option can be availed once per year and the loan should be more than 6 months old. Mortgage loans are however often excluded from this option.By offering ‘skip-a-pay’ option, you can easily overcome the financial crisis and skip a loan payment without affecting your credit rating. It is however, important to know that “skip-a-pay’ is a temporary option that may offer you relief for some time, but it comes at a cost. Interest still applies on your loan balance and even if you skip a payment it will extend the number of months that you may require paying off your balance. We, at Greater Central Texas Federal Credit Union provide you attractive loans at flexible terms. We offer ‘skip-a-payment’ option for members who are unable to make a particular month’s payment. For more information, visit us at 3305 E Elms Road, Killeen, TX 76542 or call (254) 690 – 2274.
Questions To Ask When Applying For A Home Loan 5. February 2015 Administrator Home Loans (0) Buying a new home is an exciting experience; however, it is crucial to be alert while arranging home loan. You need to make sure that you get the best offer to get a good return on your investment. Greater Central Texas Federal Credit Union offers a variety of home loan services to their members at affordable rates without heavy credit checks. Although you need to understand all the variables, as they will decide the amount that you will pay. When you apply for a home loan, you may have many queries in your mind. It is always better to ask the questions to the home loan provider to address your concerns. You should pay attention to the details and make sure that you are satisfied with the answers before you sign the deal. Some of the questions that you should ask include:Types of home loans offeredThis is probably the most important question that you need to ask the loan provider. Credit unions offer different types of home loans and you need to confirm that the loan that you are applying for suits your needs.Rate of interestYou must ask about the rate of interest charged to check if you can afford it. The rate varies and members can negotiate the repayment terms.Queries about the application process You should ask about the application process and the forms that you would be required to fill. Also, enquire about the documents that you may need to provide for approval such as proof of income, etc. This will ensure that the application process is hassle free and quick.If you are eligible or notBefore applying for the home loan with a credit union, you must assess your needs and ensure that you are eligible. Your ability to repay your debt may decide your eligibility, as the home loan is a big commitment. The credit union can check your income, other debts and expenses before they approve the loan. Repayments amount and termsDepending upon the amount that you borrow the credit union will inform you about the repayment amount. You may be required to repay weekly, fortnightly or monthly and you can discuss the terms with the agent. Inquire about application feeAlthough the credit unions often do not charge any application fee; however, you must confirm it beforehand. Whatever queries that you may have regarding your home loan you should make sure that you discuss with a representative and clear your doubts.