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

How Do Auto Loans Work From Credit Unions?

23. April 2020 Administrator Auto Loans (0)
Auto loans from credit unions are preferred by most people due to their affordability and streamlined qualification procedures. The process of getting an auto loan from a credit union is relatively convenient and personalized. Credit union auto loans offer flexibility as far as interest rates and loan options are concerned.

If you are considering getting an auto loan from a credit union, following are some points as to how these loans work:

  • Members Are Shareholders: Once you are a member of a credit union, you are deemed to be a shareholder and not a customer. This is because credit unions are meant to serve their members (shareholders) with financial services at reasonable rates.
  • Individualized Attention: Credit unions aim to make it convenient for members to avail financial services. Due to this, they offer individualized attention as far as meeting loan requirements is concerned. A credit union member, who is interested in an auto loan, can get information as per his unique requirements either online, by visiting the branch.
  • Types Of Auto Loans: You can get a secured loan for new autos and used autos with variable APR rates and terms. You can get secured auto loans and Share Secured Loans. Unsecured auto loans are also available with variable APR rates.
  • Interest Rates: Members of a credit union looking for auto loans are provided with a variety of options to compare and assess. In most cases, credit unions offer auto loans at affordable rates of interest as compared to other financial institutions.
  • Other Services: In addition to auto loans, credit unions offer a variety of other services. These services include Savings Account, Payroll Deduction, ATM, Bill Pay, Wire Transfer, ACH Origination, MasterCard Gift Cards, MasterCard Cash Advance, Direct Deposit, Regular Share Savings Account, Share Certificates of Deposit, IRAs and Club Accounts.

Greater Central Texas Federal Credit Union offers auto loans to its members. Members can seek assistance from the loan officers to understand the working and requirements of auto loans. The credit union also educates its members on ways to improve their financial health. For further details on the working of auto loans, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274. 

Tips For Saving On An Auto Loan

23. December 2019 Administrator Auto Loans (0)


View Full Image

How To Qualify For An Auto Loan

25. November 2019 Administrator Auto Loans (0)



View Full Image

How To Apply For Secured Auto Loans

24. October 2019 Administrator Auto Loans (0)



View Full Image

How To Avoid Late Auto Loan Payments

26. March 2019 Administrator Auto Loans (0)



View Full Image

Ways To Reduce Your Auto Loan Interest Rates

28. July 2018 Administrator Auto Loans (0)


View Full Image

Car Financing: What to do & What Not To Do

30. June 2018 Administrator Auto Loans (0)
 

Steps To Apply For Your Next Auto Loan

30. April 2018 Administrator Auto Loans (0)



View Full Image

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.