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

Tips For Finding The Cheapest Auto Loans In Texas

21. July 2012 Administrator (0)

Finding and selecting the best Auto Loan deal can be quite tiresome. The difference in terms and conditions on auto loans as well as in interest rates can be shocking for a new buyer. Before you settle for an auto loan in Texas, you need to ensure that you have done your research, and are well aware of what the competitors are offering. It is definitely worth the wait to hang on a little longer and wait for the perfect auto loan to come your way, instead of signing up for the first loan offer that you get. The following tips will guide you on how you can get the cheapest possible auto loan-

  • It is always advisable to seek the assistance of a community-oriented loan provider like a credit union to guide you through the process of getting a loan, as this can ensure that you get the most competitive interest rates, and are well-informed of the nuances of an auto loan.
  • Choose a discount instead of 0% interest. Do not get deceived by the 0% interest claims, since the dealer offering it is likely to have already made up for that sum in the price of the car.
  • It is unlikely that you will get a dealer in Texas who will be willing to offer you a rebate as well as a low interest rate on an auto loan. A smart way to get both would be to get a low-interest auto loan from a bank/ credit union, and then avail a rebate from the dealer.
  • An obvious tip to get a cheap auto loan is to make use of services that offer free credit reports, and use them to review your credit and make any changes that can negatively affect your auto loan.
  • You can also use a car payment calculator to get a clear idea of what the ideal monthly installments will be for you. This is useful in choosing the right car for your budget, as well as in making you come across as a well-informed buyer, which is critical to getting a favorable interest rate.

To obtain cheap auto loans easily and quickly in Texas, you can count on Greater Central Texas Federal Credit Union. You can visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Ride Your Dream Car With Secured Loan

13. July 2012 Administrator (0)

If you have an image of your dream car and have done your research on the available models within your budget, it might be just the perfect time to make that purchase, and bring your gleaming set of wheels home! The last thing that needs to be a deterrent in achieving this dream is the lack of sufficient funds. After all, that is what auto loans are all about, and by fulfilling just a few requirements, you can get your dream car financed in a way that’s easier than you can imagine. When faced with a choice between secured car loans and unsecured ones, most buyers find themselves confused, and unable to make a choice between the two.

Let’s start by seeing how these two loans differ from each other. A secured car loan requires you to offer some “security” to the lender, which is usually the car itself. By putting your car up as collateral against your loan, you give the lender the right to claim your car if you fail to make the payments in time. On the other hand, an unsecured car loan does not require you to have any collateral, and compensates for that with a higher rate of interest, and less flexible payment options.

It is thus evident, that if you intend to pay back your loan (which should be the case anyhow), a secured auto loan is the better option to go by. Such a loan offers much better rates of interest, and also allows you to decide on a repayment period and payment interval that is convenient for you. The reason why the lender is more flexible in such a loan, is that he is more secure that you shall repay the loan, since your car is put up as collateral. The end result is a situation in which both parties are happy, with the lender being secure, and you having to pay lower monthly installments.

Even though different lenders have different requirements, the basic requirements that you shall have to fulfill to qualify for a secured car loan are-

  • Proof of monthly income (pay stubs and bank statements/ income tax returns if you are self employed)
  • Proof of employment (employment certificate for the last 12 months/ proof of steady income in case you are self employed),
  • Residential proof (should prove that you have resided at your current residence/ a past residence for a period of at least 12 months.)

To avail cheap auto loans for both used and new cars in Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Benefits Of Buying A Used Car

5. July 2012 Administrator (0)

With more used cars than new ones being sold in the US every year, it is wise to consider buying a used car instead of a new one, for the several benefits that this offers. Here’s a look at what’s making car buyers go for the second-hand ones instead of bringing home a gleaming new set of wheels.

  • The top advantage of buying a used car is of course that you save money. Considering that the value of a car drops by around 30% every 3 years, you are saving a lot by choosing to buy a used car instead of a new one.
  • The saving does not end at the price that you have to pay for the car, but also extends to the ancillary costs like insurance. By buying a used car, you have to pay less for insurance than you would have to pay for a new vehicle, which will result in considerable annual savings.
  • While buying a used car, you can get a clear picture of the car’s performance and reliability by taking a look at its service history.
  • You will also save on accessories, since most used cars are equipped with the basic accessories that you will need, like a music system and air-conditioning.
  • Since most of the depreciation on a car’s value takes place during the first three years of purchase, you are likely to get a better resale value on a used car than you would on a new one.
  • With the introduction of CPO (Certified Pre-Owned) programs by most companies, used cars undergo a rigorous inspection procedure, which ensures that the certified cars have high-mileage and no record of major damage. Such cars are available at lower rates of interest than new cars.
  • Buying a used car is a great way to get a relatively old model of a luxury car in excellent condition, at just a fraction of its original price.
  • Buying a used car gives you a much wider variety to choose from, in terms of price, mileage, features, condition, and models.
  • If you are buying a used car from an individual user, you might find it easier to negotiate and get a better deal, than if you were buying a new car from a dealer.

When you are finally ready to buy a used car, be sure to hire a mechanic to inspect it thoroughly. It is also advisable to get a written deal and to negotiate the price, starting at a price lower than what you are willing to pay.

To avail cheap auto loans for both used and new cars or to know more about the benefits of buying a used car, kindly visit us at Greater Central Texas Federal Credit Union. We provide you quick and cheapest auto loans in Texas. For more details, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Requirements For A Secured Car Loan

28. June 2012 Administrator (0)

A secured car loan is one in which the borrower puts up a collateral against the loan. This is usually the item for which the loan is being taken, which in this case is the car. Depending on various factors, the lender might also ask for collateral beyond the vehicle, in the form of a house, property, or any other valuable possession. In case the borrower forfeits any of the loan’s requirements, the lender is entitled to take legal action against the borrower, and claim the collateral.

The major advantages that a secured loan offers to the borrower are a lower rate of interest, and a more flexible repayment period.  Enlisted below are the basic requirements that you shall have to fulfill to be eligible for a secured car loan:

  • A verifiable income- You should be able to prove a regular source of income on paper. This could be in the form of paycheck stubs, tax returns, or bank statements. It is advisable not to resort to any false claims on income, as this could badly affect your credit record for life. However, do not fret if your income does not show well on paper, since secured car loans usually have more flexible terms, owing to the security offered by collateral.
  • Steady employment- A key requirement that most secured auto loan lenders seek in prospective borrowers is a steady employment. If you have had the same job for over six months, your proof of employment should suffice. In case of self-employment or an alternate source of income, you need to find a way to demonstrate the generation of regular income.
  • Stable residency- Most lenders require that you should have lived in your present home for at least one year. If you have moved in recently, you might consider using a previous proof of residence, of a home where you lived for a longer period in the past.
  • A high credit score- Even though this is not an essential requirement for most car loans, but it definitely helps to have a record of good credit in the past. You can consider using some quick ways to improve your credit score before applying for a secured car loan, to reduce your chances of rejection.

With these simple requirements intact, you should have no trouble in getting a secured car loan.

We at Greater Central Texas Federal Credit Union provide you with fastest and reliable secured auto loans. Whether you want to purchase a new car or a used one, we have solutions for all your car loan needs. We offer you flexible loans to suit your financial situation. For more details, visit us at 3305 E Elms Road, Killeen, TX 76542 or call us at 254-690-2274.

Cheap Auto Loan - 72 Month Auto Financing

How To Get Approved Of A Car Loan

20. June 2012 Administrator (0)

The first step of getting an approval for your loan is to carry out a research of the auto finance options being offered by different companies. You don’t just need to consider the basic facts like the interest rate and repayment period, but should also have a look at the other terms and conditions of the loan.

It is advisable to discuss the loan directly with the finance company, instead of going through an auto dealer, since the latter is likely to direct you to a financier who offers him a lucrative deal.

When you apply for the loan, you shall need to provide verifiable claims for all the sources of income that you have stated. Previous tax forms can come in handy at this stage. You should also collect any pay stubs and proof of utilities or a lease in your name.

You shall also need to provide a proof of your residence, which shall be verified by the finance company. Your landline phone bill or even a cell phone bill address should suffice for this. You might also need to provide an additional residence proof, like business correspondence to your residential address.

As a proof of your current monthly income and job stability, you need to provide your employer’s name, as well as the phone number of a reference who can verify the post that you are working at, your joining date at the company, and the salary that you are drawing.

If you are self-employed, it might be slightly trickier to verify your income. It is helpful to have tax returns for the past two years to present to the financing company.

In case you need more income to qualify for the loan, you can consider getting a cosigner for the loan.

You must ensure that all the information that you provide is accurate and verifiable. Providing inaccurate information can make you face legal problems. Any source of income that cannot be verified on paper is of no use while applying for a car loan, since the company will need to verify all the information that you provide.

It is not a good idea to apply at multiple companies for a car loan, since each application that is processed results in 2 points being deducted from your credit score. Do your research before applying for a loan, and once you do, do not switch loyalties.

To For more tips or to avail cheap auto loans in Central Texas, visit us at Greater Central Texas Federal Credit Union.  We are situated at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

Secured Auto Loan - 72 Month Auto Financing

Secured Car Loan: Own Your Car With Security

13. June 2012 Administrator (0)

Owning a car may be a dream for many but not everyone can easily achieve it. Secured car loans are specially designed for those short of sufficient funds to purchase their own car. The principle on which such loans work is pretty simple. The borrower has to pledge the car he or she wishes to purchase as collateral against the loan amount. Such loans suit the needs of any kind of buyer. One can purchase a new or used car depending on the budget and choice.

A borrower can attain up to 90% of the value of the car and that too for a period of 2 to 7 years. Lending companies are quite flexible when it comes to secured car loans. They are ready to negotiate on the down payment and rates of interest. Talking of the rate of interest, it varies from car to car and is GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas

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

Home Loan: Checklist For Borrowers

19. November 2015 Administrator Home Loans (0)
More and more homebuyers are considering credit unions for their home loan needs. A credit union is more considerate towards the financial needs of its members. Thus, it offers loans at competitive interest rates and easy repayment options. The procedure is very simple, quick and requires least paper work.

Here is a checklist you need to consider before applying for a home loan.

Documents: You may be required to provide some legal and financial documents to apply for home loan through credit union. These documents include:

  • Sale Agreement: Before you apply for a home loan with your credit union, it is requisite to have the sale agreement or evidence of deposit. You will need to provide the registered title and location of the relevant property for the pre-approval procedure.
  • Salary Verification Letter: Whether you are a salaried person or self-employed, you need to provide your salary and income verification letter. You need to furnish pay stubs for at least a month’s period for the loan. You also need to attach the recent W-2 statements.
  • Tax Returns: To apply for the home loan, the credit union requires you to provide your completed tax returns including schedules and statements. You need to offer certificate of payment of taxes.
  • ID proof: You must add a copy of your date of birth certificates along with other ID proofs, as they are crucial for the verification of the identity.
  • Attach Credit Report: Your credit score is an important deciding factor, as it will determine the amount of loan that you can borrow from the credit union and the rate of interest that you will have to pay. Check your credit file before applying for the home loan.
Assess your ability to repay: Failure to pay the loan amount can lead to penalties and it will have adverse effect on your credit score. Make sure you have the ability and a steady source of income to ensure that you can repay the amount.

Choose the right loan period: Depending upon your budget, choose your loan period. If you choose a longer period, you may have to pay less every month, but the rate of interest may be higher, so decide the loan period accordingly.

Compare the prices: While applying for a home loan, you need to pay initial valuation and legal fee, which is included in APR, so compare the costs and fee to get the best deals.

We, at Greater Central Texas Federal Credit Union provide home loans at affordable interest rates. For more information, visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call at (254) 690 – 2274. 

Low Income Auto Loan In Central Texas

14. November 2015 Administrator Auto Loans (0)
Having a low monthly income can make it challenging for you to secure an auto loan. You need a loan plan that suits your budget requirements. A number of credit unions in Central Texas provide auto loans and refinancing options to people in the lower income group. Do a thorough research and compare the interest rates offered by these institutions to choose the one suiting your requirements.

Here are the factors that you need to consider while applying for an auto loan in Central Texas:

  • Period of job: In order to get a quick approval for the loan, you must have spent at least one year in your present job. However, if you did not stick to a job for a year, a credit union may check for at least three years of uninterrupted employment. At the most, you should have changed only 2-3 employers within this period.
  • Down payment: If you are applying for a low income auto loan, you will be required to pay some form of down payment to the lender. In case you don’t have any money at your disposal, you may inquire from your lending organization about the alternatives they can offer.
  • Credit profile: If you have a higher credit score or a longer credit profile, you can get a better rate of interest for a low income car finance program.
  • Duration of the loan: You can get your loan approved at a faster pace if you choose to repay within a shorter period of time. However, loans with shorter durations usually entail higher monthly premiums.
  • Debt to income ratio (DTI): Most of the lenders prefer a maximum DTI ratio between 40 to 50 percent. To calculate your DTI ratio, add up all your bills and divide the total amount by your monthly pre-tax income.
  • Payment to income ratio (PTI): For approving a low income auto loan, most lenders prefer a PTI ratio between 15 and 20 percent. In order to compute the PTI ratio, divide your new car payment by your pre-tax income.
  • Co-signer: There are a few lenders who approve convenient interest rates for low income auto loans in case you get a co-signer and have a good credit rating.
We, at Greater Central Texas Federal Credit Union, offer low interest auto loans in Central Texas. For more information, you can call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.

Terms You Must Know Before Taking Home Loan

5. November 2015 Administrator Home Loans (0)
When applying for a home loan, there is a lot of paperwork and documentation that you need to undertake. There are a number of jargons that you need to be familiar with for a hassle-free loan process. Here is a list of some of the common terms that you may come across while taking a home loan in Killeen, TX:

  • Offer Letter/Sanction Letter: It is a formal confirmation letter given by the financial institution from where you are taking the loan. This letter states that you have been duly considered to be one of the loan applicants. However, this letter does not confirm the approval of a home loan. The loan will only be sanctioned after verifying all the documents and eligibility criteria of the applicant.
  • Equated Monthly Installments (EMI): EMI is the amount you repay to your lender every month. It includes the principal repayment along with the interest amount. Three basic factors are considered while deciding your EMI. These include the principal amount, loan duration and rate of interest. An amortization schedule shows how your EMIs have been formulated over the period of entire loan term.
  • Pre-EMI: If you buy a property that is still under construction, you will be given only a part of the loan amount. You are required to make the interest payments on this partial amount. These payments are known as pre-EMI. This eventually means you will have to keep on paying more interest to the financial institution till the time your builder takes to complete the construction of the property.
  • Credit Appraisal: The process of credit appraisal involves looking at various factors before finalizing the loan. The financial institution will consider parameters such as income, age, savings, qualifications, work experience etc. They will also check the number of loans you are presently servicing. Your eligibility for the loan will only be finalized after scrutinizing all these factors.
  • Margin: It is important to note that any lending organization will not sanction you the entire amount required for your home. You can get up to 90% of the cost and the rest you will have to put in from your side. This balance amount is called down payment or margin.
  • Post-Dated Checks (PDCs): PDCs are scheduled for future dates and cannot be processed till the mentioned date arrives. Generally, the lending organization will ask you to give them post-dated checks for one to two years. These checks need to be addressed to the credit union or home loan company. The exact amount of EMI to be paid should be mentioned on these checks.
To know more about the home loan process, feel free to contact Greater Central Texas Federal Credit Union at (254) 690 – 2274.

The Pros Of Secured Auto Loan

20. October 2015 Administrator Auto Loans (0)
A secured auto loan is a good alternative for people looking for an affordable financing option. In this, the borrower needs to put forward collateral in exchange of the loan amount. In most cases, the collateral offered is the item for which the loan is being taken. For instance, the security in an auto loan is the recently bought vehicle itself.

Here are some of the benefits of a secured auto loan:

  • Flexible loan conditions: As a secured auto loan requires the borrower to present a collateral, it minimizes the risk for the lender. Hence, the terms and conditions of the loan are quite flexible which eliminates any sort of financial burden on both the parties involved. The borrower need not have a high income to be eligible for a secured loan.
  • Lower interest rates: Pledging an asset by the borrower subsequently brings down the interest rates on a secured auto loan. The lender is assured that he can take over the possession of the vehicle in case the borrower is unable to repay the loan. Lower interest rates imply easier and regular monthly payments, which in turn, improves your credit rating.
  • Quick Approval: Compared to other types of loans, it is much easier to get approval for a secured loan. Due to minimal risk, there is no need for the lender to conduct through background checks or income verification. Thus, secured auto loan applications are approved much faster, usually with 48 to 72 hours.
  • Economical repayments: The interest rates are much lower when it comes to a secured auto loan. This eventually means that the borrower has to give out less money for monthly repayments. You can even request to increase the term of loan repayment to make it even simpler to pay back the capital along with the interest.
  • More Reliable: By keeping a guarantee with the lender, there are minimal chances of the borrower defaulting on the loan. Also, knowing that the vehicle will be confiscated if he fails to repay the credit encourages him to be regular in his payments.
We, at Greater Central Texas Federal Credit Union, offers affordable secured auto loans in Killeen, TX. Being a non-profit organization, our credit union works solely for the benefit for the members. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Borrowing From A Credit Union: The Benefits

13. October 2015 Administrator Auto Loans, Car Loan, Home Loans (0)
A majority of people looking for easy financing options are turning to credit union these days. A credit union is basically a member owned and operated non-profit organization working solely for the benefit of the clients. When you are looking for a home or auto loan, you must consider applying at a credit union to get an affordable deal.

Here are some of the benefits of borrowing from a credit union:

  • Competitive Interest Rates: Working with a customer centric approach, a credit union offers loans at significantly low interest rates as compared to other financial institutions. As they are not liable to pay any state or federal taxes, all their profits are given out to the members in the form of low interest rates.
  • Excellent Customer Service: A credit union always keeps customers’ benefit as their topmost priority. They formulate customized loan products, policies, terms and conditions according to the client’s requirements. Their staff even assists the clients in the loan application process.
  • Lower Fees: The loan application fees charged by a credit union tend to be lower so as to benefit the customers. The transfer fee is also less and usually, there are no ATM charges levied from the clients. This in turn, implies that you can save a lot of money and add to your savings substantially.
  • No Hidden Charges: All the rules and regulations of credit unions are very clear as well as explicitly stated. There are no hidden charges or fines in case you pay back the loan before the stipulated time period.
  • Fewer Income Requirements: In order to be eligible for borrowing from a credit union, you do not need to have a considerably high income. People who have a low income can also get approval for their loan application. The staff at a credit union is more amenable to the clients’ needs and willing to make minor alterations in terms of the loan.
  • Repay Loan Through Various Channels: A credit union allows you to repay the loan through various channels, such as payroll deduction or direct deposit. You can even skip-a-payment once a year in case of a financial crisis.
Greater Central Texas Federal Credit Union is a leading credit union in Killeen, TX. We offer low interest secured and unsecured loans for homes, vehicles, etc. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Home Loan Tips: Credit Union Killeen, TX

6. October 2015 Administrator Home Loans (0)
Buying a house is a huge and one time investment for most people. Therefore, it is important to choose a home loan provider wisely so that this liability can be eased to some extent. With so many financing options available, it can be difficult to choose the right one. A credit union is a reliable option that can provide you the loan amount at affordable interest rates, the lowering your monthly repayment amount.

Read on to know about some tips for getting a home loan from a credit union.

  • Research thoroughly: It is suggested to carry out complete research before applying for a home loan. Compare the interest rates of various financial institutions so that you are able to find a plan with affordable interest rates, making it easier to repay the loan. Acquaint yourself with the jargons used in home loan agreements so you can understand the terms and conditions properly.  
  • Check your credit score: Your credit score is an important point of reference when it comes to getting a home loan approval. It helps to determine your consistency in repaying loans, paying taxes etc. The interest rate you are likely to be quoted depends a lot upon your credit score.
  • Decide the monthly installment: It is advisable to apply for a loan that fits your budget. Evaluate your monthly income from all sources and the necessary expenditures to determine the amount that you can spare towards your home loan repayment.  
  • Prepare documents: Make sure you have all the required documents at hand before applying for the home loan. The lender may ask for the closing disclosure from previous home sale (if applicable), alimony funds, relocation agreement and retirement statement etc. You should be prepared with all the documents beforehand in order to make the process hassle-free
  • Read the agreement: You must read each and every point mentioned in the home loan agreement thoroughly. The loan tenure, interest rates, EMI amount, due date for payment and other important details should be clearly mentioned therein. Clear all your doubts and if there is anything that you do not understand, make sure you ask the agent to avoid any confusion later on.
We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. We offer low interest rate, easy repayment options and flexible loan plans to suit the requirements of the clients. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.

Questions To Ask Before Applying For A Secured Auto Loan

21. September 2015 Administrator Auto Loans (0)
With so many financial institutions offering secured loans and financing options for vehicles, choosing one can be a daunting task. To make the process less confusing, it is better to understand the stages of the loan process, right from submitting the application to its final repayment and hence, planning well in advance for your financial liabilities.

Seeking answers for the following questions can help you make an informed decision while applying for a secured auto loan:

  • What is the applicable nature of interest rate: You may borrow a loan under fixed or variable interest policy. In the former, the amount you need to pay each month will be fixed and thus enables you to plan your expenses. In the latter, the monthly payment may differ as interest rate may fluctuate based on market trends.
  • Am I required to buy my vehicle from a licensed dealership: Some lenders insist that you buy your vehicle from a particular dealer. Ask them if there is any such pre-condition so you can decide beforehand if you are willing to be flexible regarding the dealer’s choice.
  • Are there any penalties on my loan: You should ask the lender if there are any additional charges levied if you pay off the entire loan amount ahead of its tenure. Also, in case you are facing some temporary financial crisis, verify if they allow you to skip a payment. Do inquire about the terms and conditions for all such conveniences.  
  • What is the precise price that I will be paying at the end of the loan term: It is advisable to know the exact amount that you will end up paying (including the rate of interest) at the termination of loan term. This will help you determine if the loan is reasonably priced or not.
  • What is the exact amount that is being financed: You must know the correct breakup of the amount, both which is being financed and that required from your end as down payment. Some financial institutions require a fixed percentage of the vehicle’s value as down payment.
  • What are the finance charges: Another important part of the loan amount are the additional charges like handling fee, paperwork fee etc. Ask your lender if they have included all the charges in the amount quoted or you need to pay them separately.
If you are looking for a secured auto loan in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer customized loan plans with low interest rates and easy repayment options. For more information, you can call us at (254) 690 – 2274.

Tips To Save On Auto Loan

14. September 2015 Administrator Auto Loans (0)
Purchasing a new car requires a huge financial input that can be shared by an auto loan. However, to ensure that you get the best deal, it is essential that you keep certain tips in mind. You can consider applying at a credit union to get competitive interest rates for your auto loan.

Here are some tips that can help to save on auto loan:

  • Refinance: If you get a better interest rate, you should consider refinancing your auto loan. You should avoid extending the tenure of the loan lower the monthly payments as it incurs higher interest rates.
  • Research: You should evaluate the different loan amounts, tenures and interest rates offered to get the most affordable auto loan. You can consider a credit union to get the best interest rates and easy approval for the loan.
  • Additional payments: If possible, you can consider making additional payment for your auto loan. This will shorten the overall loan tenure and subsequently lower the amount of interest that needs to be paid.  
  • Do not skip a payment: It is imperative that you make the payment before or on its due date to avoid any late fees. Delaying a payment incurs more interest and increases the cost of the loan.
  • Credit score: You should maintain a clean credit record to ensure a lower interest rate. Previous loans, bank accounts and all other financial transactions should be genuine. The agent will conduct a complete credit check to ensure that you will be able to pay back the loan amount and interest rate.
  • Read the terms: It is advisable to read the terms and conditions carefully to ensure that you are getting the best deal. You should be acquainted with the exact loan amount, interest rate, monthly due dates and any other clauses that may affect your loan amount.
  • Negotiate: You can consider discussing your budget and requirements with the agent to get the best deal. You can also inquire about any factors that can assist in reducing interest rates for the loan amount.
If you are looking for an auto loan in Killeen, TX, contact Greater Central Texas Federal Credit Union. For more information, you can call us at (254) 690 - 2274 or visit our office at 3305 E Elms Road Killeen, TX 76542.

Before You Apply For A Home Loan In Killeen, TX ‬

8. September 2015 Administrator Home Loans (0)
Purchasing a home is one of the biggest investments that a person makes in his lifetime. Getting a home loan can reduce the financial burden involved in the process. However, the costs involved in premiums and interest can take up large amount of all total monthly expenses. Therefore, it is important that you are familiar with the basic factors that can help you get an affordable home loan.  

Here are some points to remember before applying for a home loan:

  • Loan Eligibility: The home loan amount depends on your income and previous loan record. There may be a significant difference in the online quoted amount and the actual loan sanctioned. Thus, you should have a clear idea about the loan plan you are eligible for.
  • Budget: You must evaluate your budget before applying for a home loan. This will help to determine the amount you can pay upfront for the home and the remaining can be applied for as loan. The budget also assists in deciding on a monthly amount that you can afford.
  • Credit Score: You should maintain a clean and dependable credit score. Maintenance of bank accounts, credit card usage, existing loans, payment of bills, all these can affect the interest rate charged on your home loan.
  • Interest Rate: The type of interest rate determines the amount you would have to pay every month. You can select between fixed rate and floating rate home loan. You can make the choice depending on your financial condition and current market rates.
  • Loan Duration: This will determine the interest amount and its portion that you will have to pay every month. A longer tenure will reduce the monthly payments but will eventually result in more interest payments.
  • Documents: You must ensure that you read the documents carefully before signing. All verbal contracts and negotiations must be in written. You should check the applicable charges, processing fee, late charges etc.
  • Research: It is essential to get quotes for different home loan policies and choose the one that best suits your needs. You can consider a credit union for low interest home loans.
  • Extra Charges: You must be aware of any extra charges that may be incurred during the course of the loan repayment. It is important to clarify the queries during the initial stage to avoid paying processing fee at a later stage.
We, at Greater Central Texas Federal Credit Union, offer affordable home loans in Killeen, TX. For more information, you can call at (254) 690 – 2274 or visit 3305 E Elms Rd, Killeen, TX 76542.

Steps To Qualify For An Auto Loan In Killeen

20. August 2015 Administrator Auto Loans (0)
When planning to buy a car, the most important thing that you need to consider is about financing it. Auto loans are a great option to meet the expenses of a new or used car. However, you must keep yourself fully prepared so that you do not face any problems in getting the loan. A lot of people end up financing the car from the dealer but this may make you to pay a huge amount of interest. Instead, you should consider getting pre-approved for auto loan from a credit union.

Here are some tips that can help you qualify for an auto loan:

  • Determine The Loan Amount: Firstly, the most important thing is to determine the amount that you need to borrow from the credit union. Depending upon the price of the car, interest rates and monthly installments, you must figure out the funds that you would be able to pay off easily.
  • Decide The Term Of Loan: Ideally, the duration of an auto loan should be around five to six years. Although a longer tenure can help to lower the monthly payments, but you will end up paying more interest in due course. Therefore, you should settle on a loan term that allows you to manage repayments easily while saving on the interest payments.
  • Know Your Credit Score: Your credit rating has a great impact on the interest you will be charged on your auto loan. Hence, before applying for the loan, you must look at your credit score to check if it reflects any unpaid loans, credit card debt, late payments etc. If possible, devote some time to improve your rating by paying off all the debts and making timely payments. This will help you get a better interest on your auto loan.
  • Get Pre-Approved: Getting a pre-approval for an auto loan will help you decide the price range in which you can buy the car. You should also make allowance for other costs associated with car buying such as taxes, insurance, initial down payment and maintenance expenses.
  • Close The Deal: When you have finalized the amount, tenure and negotiated a fair interest rate, you must now submit the loan application. You may need to provide your proof of income, residence, identity, social security number and other important documents along with the application.
We, at Greater Central Texas Federal Credit Union, provide affordable auto loans in Killeen, TX. We offer customized loan plans with low interest rates as well as easy repayment options. For more information, call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.