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

Why Shop At A Credit Union For Car Loans

6. June 2013 Administrator (0)

Getting a car loan that fits into your monthly budget with favorable loan terms could be a cumbersome task in the present financial scenario. However, credit unions offer much relief in these conditions, as these financial institutions function on a not-for-profit model, making them user-friendly for car loans. If you are considering getting a secured auto loan from a credit union, here’s a look at why this is a great idea-

  • A key reason to opt for credit unions for car loans is the favorable interest rates offered at these institutions. All the earnings that are made through interest by credit unions are returned back to the members in the form of low interest rates. Low interest rates on car loans translates into lower monthly payments, a shorter loan period, and hence an overall cheap auto loan.
  • Applying for a car loan at a credit union is a convenient and customer-friendly process. Not only are the fees involved a lot lower than what one would expect to pay at a bank or a car dealership, but the overall process is also a lot less time-consuming. It is simply a matter of sitting with a financial agent and having your paperwork evaluated, after which the loan is usually approved on the same day. In most cases, the process is further simplified by enabling carrying out all the proceedings online or over the phone.
  • Even if for any reason your loan does not get approved the first time, you can expect to get some great financial advice on how you can strengthen your personal case, and what you can do to get approved the next time you apply. This level of personal concern is something that one can only expect at a credit union, owing to the relatively low number of members.
  • The fact that a credit union is committed to serving its local community means that you can expect a lot more support from a credit union in the event that you face difficulty in repaying your loan, than you would at say, a bank.
  • The regular member perks offered by credit unions can go a long way in making the terms of your car loan more favorable to you. It is a good idea to ask the officials at your credit union if any such perks are around the corner, before applying for your loan.

To avail cheap and quick car loan in Killeen TX, kindly visit us at Greater Central Texas Federal Credit Union. We have amazing deals on auto loans for our customers. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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GCTFCU Blog | Auto Loans In Killeen: Common FAQs
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Auto Loans In Killeen: Common FAQs

8. July 2016 Administrator Auto Loans (0)
Getting an auto loan from a credit union in Killeen is a fairly simple process. However, before applying for a loan, you need to be clear about your requirements and budget. Besides, there may be a lot of questions and concerns that you may have in your mind. Listed below are some of the common questions asked by people while applying for an auto loan in Killeen:

Q: How do I approach for a car loan?
A: You can research online or contact the credit union in your area to know about the vehicle financing options available. After comparing the interest rates offered by different institutions, you need to submit an online auto loan application form. Depending on your eligibility, you may get intimation from the lender to process your application further for loan approval.

Q: How much loan can I get from the credit union?
A: Depending upon the terms and conditions of the credit union, you may get loan up to 90% of the total value of the car you are planning to buy. However, certain factors may influence the actual amount approved by the credit union. These may include the price of the vehicle, resale value, insurance costs, your income etc.

Q: How is the interest rate determined for my auto loan?
A: The interest rate for auto loan is determined after considering factors such as credit history and loan amount sanctioned. The credit union may evaluate your ability to repay the loan while deciding the interest rate. The length of loan term and amount given as down payment are some of the other factors that may be taken into account.

Q: What are the important documents that I need to submit?
A: While applying for an auto loan, you may need to submit proof of your income, credit history, residence, age, financial statements etc. You will also be required to provide vehicle information to the lender whether you are buying a new or used car. This includes details such as: year of manufacturing, model, vehicle identification number etc.

Q: If I decide to repay my auto loan early, is there a pre-payment penalty?
A: Though most of the financial institutions do not have a pre-payment penalty, you need to check out the specific rules of your credit union. Depending on the specifications of your loan as well as the terms and conditions, you may or may not be able to repay the loan early.

For affordable auto loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. For details about the application procedure, you can call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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