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

Facts About Credit Union

30. May 2018 Administrator Blog (0)


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Reasons Why Youngsters Should Join A Credit Union

26. May 2018 Administrator Blog (0)
Credit unions are a great option for youngsters in search of financing options with low rates of interest and individualized services. They are non-profit, trustworthy financial institutions that are being sought after by many people. Here are some reasons due to which joining a credit union is highly recommended for youngsters

  • Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
  • A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
  • Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
  • Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
  • Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
  • Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.

Conclusion: Credit unions are an ideal choice for youngsters as they are member centric, guide in making the best financial decisions, have easy eligibility norms and offer great deals in the form of perks and interest rates.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call at (254) 690 – 2274.

Everything About Credit Builder Loans

18. May 2018 Administrator Blog (0)


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Steps To Apply For Your Next Auto Loan

30. April 2018 Administrator Auto Loans (0)



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Factors Affecting Tenure Period For Your Loan

28. April 2018 Administrator Blog (0)
The tenure period of your auto loan is a major point to consider when finalizing the terms of the loan. Amidst the excitement of purchasing a new car, it is easy to overlook the importance of duration of the loan. Here is a look at the major factors that determine the ideal tenure period of your loan:

  • Total Amount Of Interest Paid: Even though a long tenure can seem enticing due to the lower monthly payments, it is important to take into account the total amount of interest that you will be paying over the entire duration of the loan. Longer tenures mean a higher amount of interest and vice versa.
  • Loan Amount – The tenure period also depends on the amount of loan you take and your capacity to repay it. Again the amount of loan that you take depends on the car you wish to get financed. Generally, higher the amount of loan that you take, more will be the time you would need to repay without disturbing your monthly budget. If your sole reason for choosing a long-term loan is to own an expensive car, then it is prudent to opt for a cheaper car, or a used one. This could mean being able to afford the monthly payments for a shorter time period.
  • Income Of The Person – The tenure period depends on the amount of money or installment that a person can pay on monthly basis. This further depends on the income as well as expenditures of a person. Make sure that you opt for a loan period that requires you to pay an amount of installment which you can comfortably pay off on a monthly basis.
  • Resale Value: The resale value of your vehicle keeps decreasing, the longer you keep it. This is an important consideration before signing up for a long-tenure loan. Trying to sell your car at the end of a 3-year loan term is sure to be a lot easier than after a 5 or 7-year period.

The tenure period of your loan is of high importance, since it could have a tremendous impact on your present as well as long-term finances.

When it comes to taking loans then credit unions are your best bet. The members enjoy a number of benefits and are offered low interest rate loans with flexible repayment options. Also the staff members assist people throughout in deciding what is best for them. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274.

Ways To Pay Off Secured Loans Early

24. April 2018 Administrator Blog (0)



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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.

Things To Avoid While Applying For An Auto Loan

26. March 2018 Administrator Auto Loans (0)



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Rules To Keep In Mind While Applying For Loan

16. March 2018 Administrator Blog (0)



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How A Credit Union Helps You Save Money

27. February 2018 Administrator Blog (0)
Credit union is a non-profit organization which is owned & controlled by account holders. There’s always a common link between the members of a credit union. They could be working in the same company, going to the same church, living in the same community etc. Profit earned from the union is re-invested into the organization or used to fund its members.

Borrowing from a credit union can help you save money in the following ways:

• Lower Costs
Instead of making profits, credit unions focus on providing better products to their members at low costs. So, they charge nominal fees for their services. The amount charged is just to cover their costs of operation. This is done to ensure that in the long term you end up saving more money by shelling out less in the form of interest rates and service charges.

• Higher Interest Rates On Savings
Credit unions offer high interest rates on savings accounts. The amount of interest that adds up over time is directly a part of your savings. This will increase your savings substantially.

• Lower Interest Rates On Loans
With a low rate of interest, borrowing from credit union becomes a great option for cutting down one’s expenses. It is easy to accommodate interest payments of such loans into one’s monthly budget.

• Convenient Auto Loans
Getting an auto loan via a credit union is a great way of reducing the payouts of monthly installments. They encourage members to make higher down payments which reflect in lower monthly expenses and interest rates. Members can also choose shorter tenure periods for the loans consequently saving on their interest costs.

• Easy Approval
Members of credit unions can easily get pre-approved for the loan. They generally approve the loan application within 24 - 48 hours of document verification. The whole process is quite flexible & hassle free.

• Budgeting Assistance
The welfare of its members is pivotal for any credit union. The loan officers at the credit unions work in tandem with their members and offer assistance in finding a loan that best works for them.

Credit unions are a great option for loans as they follow an easy and stress free process. The staff assists the members in all aspects of loan application process. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274 or log on to https://gctfcu.net/

GCTFCU Blog | Why Credit Unions Are Important For The Community
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Why Credit Unions Are Important For The Community

17. June 2019 Administrator Blog (0)
The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

  • Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
  • Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
  • Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
  • Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
  • A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
  • Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
  • Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.
Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

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GCTFCU Blog | Smart Borrowing: Discover How Credit Union Lending Works
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Smart Borrowing: Discover How Credit Union Lending Works

28. February 2024 Administrator Blog (0)
Credit union lending stands as a cornerstone of community-based finance, offering individuals and small businesses access to affordable loans tailored to their specific needs. They operate as member-owned cooperatives, fostering a sense of community and collaboration among their members. This unique structure allows credit unions to prioritize their members' financial well-being over profit margins, resulting in a more personalized and member-centric approach to lending.

Characteristics of Credit Union Lending

Credit unions offer competitive interest rates on loans due to their nonprofit status and focus on serving members rather than maximizing profits. Additionally, credit unions may have more flexible lending criteria and be more willing to work with borrowers who have less-than-perfect credit histories. Credit unions typically reinvest their earnings back into the institution, which can result in better services for members.

Types of Loans Offered by Credit Unions

Credit unions offer a wide range of loan products to meet the diverse needs of their members. By offering a comprehensive suite of loan options, credit unions strive to provide their members with access to affordable financing solutions.

Eligibility and Membership Requirements

Membership in a credit union is typically based on a common bond, such as living in a specific geographic area, belonging to a certain industry, or being affiliated with a particular organization or association. Eligibility requirements vary depending on the credit union, but many credit unions have broad membership criteria that make it easy for individuals to join. 

The Loan Application Process

The loan application process at a credit union is generally straightforward and user-friendly. Members can typically apply for loans online or in person at a branch location. The application will require personal and financial information, such as income, employment history, and credit score. Credit unions typically review loan applications promptly and may offer pre-approval for qualified borrowers, streamlining the process and providing peace of mind.

Benefits of Borrowing from Credit Unions

Borrowing from a credit union offers numerous benefits, including competitive interest rates and personalized service. Credit unions prioritize the financial well-being of their members and strive to offer affordable lending solutions tailored to individual needs. Additionally, credit unions often provide financial education and counseling services to help members make informed borrowing decisions and improve their overall financial health.

Tips for Smart Borrowing from Credit Unions

When borrowing from a credit union, it is essential to approach the process strategically to ensure the best possible outcome. Start by researching multiple credit unions to compare rates, fees, and loan terms. Improve your creditworthiness by paying bills on time, reducing outstanding debt, and reviewing your credit report. Consider joining a credit union that aligns with your needs and values, and do not hesitate to ask questions or seek guidance from credit union representatives.

Understanding how credit union lending works empowers individuals to make smart borrowing decisions and access affordable financing options. Take the time to explore credit union lending opportunities and discover the advantages of joining a member-owned financial cooperative.

For more information on credit union loans, visit the Greater Central Texas Federal Credit Union, 3305 E. Elms Rd., Killeen, TX 76542, or call (254) 690-2274. You can also browse www.gctfcu.net and connect on Facebook, Twitter, Google Plus, and Instagram.

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