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

Steps For Getting A Secured Vehicle Loan

25. August 2020 Administrator Blog (0)
Buying a vehicle requires a lot of research, test drives, and finding the right fit for your lifestyle and requirements. But, another factor that is equally important is to decide the financing option to purchase the vehicle itself. A secured vehicle loan from a credit union fits every borrower’s needs and comes with a lower interest rate.

A secured car loan requires the borrower to pledge collateral against the loan. As with any loan, the borrower will need to qualify for the secured loan as per the requirements of the credit union.

When you are looking to buy a vehicle loan, here are a few important steps that you should consider to get the loan:

  • Check Your Credit: Having a good credit score is of high importance for borrowing a secured vehicle loan. With a higher credit score and a good credit history, the borrower may be entitled to lower interest rates and convenient loan terms. As long as the borrower pays bills on time, settles his debts, and avoids penalties, he can have a good credit score.  Also, it is important to review the credit report to look for any unusual activity. Check for incorrect balances and late payments. If credit score is low, take steps to improve it before applying for the vehicle loan.
  • Know The Budget: It is essential to have a predetermined budget and know how the budget for buying a car. The borrower should be sure that the vehicle’s cost is aligned with other financial goals. To determine the budget subtract usual monthly expenses from monthly income after deducting taxes. Also, include intended monthly savings in the expenses.
  • Determine Affordability: After understanding current financial situation, it is required to decide on a reasonable monthly vehicle payment. Check with the loan officer to figure out the maximum loan amount that can be afforded. It should include the monthly payments, interest rate, and the loan period.
  • Get Preapproved: It is important to research for the terms of the loan and get preapproved from the credit union. Getting preapproved for a vehicle loan will help expedite the process, determine eligibility, and find the right price.
Contact the loan officers at Greater Central Texas Federal Credit Union to apply for a secured vehicle loan at an affordable rate. For more details on steps for getting a secured vehicle loan, visit 3305 E. Elms Rd., Killeen, TX - 76542, or call us at (254) 690 – 2274.

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GCTFCU Blog | Checklist Before You Visit A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Checklist Before You Visit A Credit Union

29. January 2018 Administrator Blog (0)
Credit unions are highly preferred by many due to their lower cost of borrowing. They are owned by the members and adopt a personal approach towards their loans. They are non-profit cooperatives whose main goal is to provide the members with financial services.

1. Fit Into The Criteria For Membership
The first thing you will have to ensure is that you fulfill the requirements of becoming a credit union member. These requirements may vary amongst different credit unions. Find out what your local credit unions requirements are and get them fulfilled in order to become a member and avail low interest loans.

2. Demonstrate Credit Worthiness
It is imperative to work on your credit scores before visiting a credit union. You will be required to show a proof of good credit before being considered as a member. The low interest rates come at a price of a good credit record as credit unions have to be assured that the loan will be repaid.

3. Prepare Your Documents
You are required to submit documents for opening an account with any credit union. You should seek a list of documents required and prepare all of them before visiting.

However, following is a list of some basic documents that almost all credit unions ask for -
   
  • Identity proof
  • Address proof
  • Date of birth proof

4. Make Arrangements To Fulfill Minimum Balance Requirement
Most credit unions expect a modest opening deposit depending on whether it’s a savings or checking account. Members are expected to maintain some minimum balance in their accounts. Non compliance may lead to additional monthly service charges.

5. Compare Your Options
Before picking a credit union, do some research on the products, services and rates they offer. Look out for what suits your specific requirements. You might even have to overlook factors such as the location of branch and working hours. Nowadays a lot can be done on mobile devices. Always be aware of the protection you are being offered by a credit union and the limits on that protection if any.

Greater Central Texas Federal Credit Union is a member owned cooperative that started in 1957. The loans offered by us are flexible and customized to suit the financial interests of our clients. For more information about our services, visit us at 3305 E. Elms Rd., Killeen, TX 76542 or call us at (254) 690-2274.

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