• How Auto Loan Interest Works

    Like all other types of personal loans, car loans come with interest. However, there are some differences between car loan interest and other types of interest, like home mortgage loans and credit cards. For example, most car loans charge you simple interest rather than compound interest. Car loans also use the principle of amortization, which means a greater amount of your payment goes toward paying interest at the outset of your loan. This video discusses in more detail how auto loan interest works.

    If you need an auto loan, GCS Credit Union can help. Our loan advisors will work hard to help you secure a great rate on an auto loan in O’Fallon . Visit our website to see our current rates, calculate your monthly payments, or even apply for an auto loan online. If you would like to take advantage of the benefits of being a member of our credit union, call us at (618) 219-7091 to speak with us.

  • Financial Tips Every Young Adult Needs to Know

    Financial Tips Every Young Adult Needs to Know in O' Fallon

    Young adults graduate from high school and college with a number of important and valuable skills. Unfortunately, money management typically isn’t one of them. The good news is that it doesn’t take a degree or even very much effort to take control of your personal finances. If you want to do a better job managing your money, your O’Fallon credit union can help. These tips can also help you get started in the right direction.

    Set a Realistic Budget
    One of the most fundamental rules of personal finance is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting. Setting a budget will allow you to see exactly where your money is going so you can find areas to cut back or eliminate so you can put more money aside each month.

    Put Money Aside for an Emergency
    Speaking of putting money aside, another key to good personal finance is to pay yourself first. No matter how much you owe in credit card debt or student loans, you can find some amount of money in your budget to save in an emergency fund each month. Having money set aside for an emergency will help you sleep better at night and can also help you avoid serious financial trouble later on.

    Start Saving for Retirement Early
    You’re never too young to start planning for retirement. The sooner you get serious (and aggressive) about saving for retirement, the more you’ll have later on in life to enjoy during your golden years. Take advantage of any company-sponsored retirement plans you have access to, especially those that match part or all of your contributions.

    Everyone here at GCS Credit Union is committed to your success, which is why we offer all of the tools, products, services, and resources for you to take control of your financial future. Visit a branch in O’Fallon or call us at (618) 219-7091 to learn about the benefits of becoming a member at GCS Credit Union.

  • A Look at Personal Lines of Credit

    When you are looking to make a sizeable purchase or investment but would prefer not to draw from your savings account or checking account in O’Fallon, a personal line of credit may be an option worth looking into. Before taking this route, however, it is important to gain an understanding of the process.

    Unlike a personal loan, a personal line of credit can be repeatedly accessed; as long as you continue to pay it back as you use it, you can enjoy access to additional funds. At GCS Credit Union, personal lines of credit range from $500 to $15,000. You can receive your funds in a variety of ways including by telephone and online banking.

    If you would like a closer look at personal lines of credit , call GCS Credit Union at (618) 797-7993 or visit our website. Our credit union is happy to take care of the O’Fallon area’s online banking needs. We also offer different types of checking accounts and personal loans to satisfy your financial needs.

  • Deciding If You’re Ready for Your First Mortgage

    Owning a home for the first time can be a huge step for you to take, which is why it is important to avoid biting off more than you can chew. If you think it is time to become a homeowner, you will first need to consider your finances and determine what kind of home mortgage loan in O’Fallon you can afford. Read on for a few tips on deciding if you are ready for your first mortgage.

    Determining Comfortable Payments
    Before you begin looking for a home, you must figure out what you can afford. Your total debt, including housing expenses, should come to less than half of your total income. Spending beyond your means and moving into an oversized house is a risky endeavor that can make it difficult for you to keep the lights on. Be logical and responsible in considering your preexisting debt and your ability to make your payments on time.

    Making Down Payments
    If you are the type of person who is financially secure and responsible, you may want to put down as large of a down payment as you can. A larger down payment comes with a number of advantages , including smaller mortgage payments and a greater degree of flexibility in choosing a lender. If you are financially comfortable enough to put down a significant down payment, you may be ready for your first mortgage.

    Planning for the Future
    Financial stability is not the only factor to consider when deciding if you are ready for a mortgage. Think about your future and where you plan to end up. If you do not see yourself living in the same spot for the next decade, it may not be the right time in your life to seek your first mortgage.

    Are you deciding if you are ready for your first mortgage? Call GCS Credit Union at (618) 797-7993. We are happy to discuss home mortgage loans in the O’Fallon area, and we can also set you up with online banking and bill paying. Please visit our website if you are interested in learning more about our member-only credit union.

  • Tips for Tackling Your Checkbook

    If you prefer pen and paper methods to more modern online banking services, keeping your checkbook up to date is an important responsibility. Watch this video for a few tips for tackling your checkbook.

    Just like online banking, your checkbook can help you keep track of your finances and maintain a clear idea of your available funds. Refer to your most recent bank statement to look into which checks have cleared, and make sure that the deposits on your statement are reflected in your checkbook. Hold onto any ATM receipts so that you can verify your withdrawals, and list any bank fees that you see on your statement.

    GCS Credit Union is happy to provide online checking accounts and bill paying service in the O’Fallon area. We also specialize in auto and home mortgage loans as well as Visa rewards cards. Please visit our website or call us at (618) 797-7993 for more information on how we can help you take control of your finances.

  • What You Need to Know Before Getting Your First Auto Loan

    There are few more exciting events than getting your first car; the part nobody looks forward to, however, is paying for it. Auto loans in O’Fallon can help you to pay off your first car over time while enjoying it immediately. Here is a quick overview of what you need to know before getting your first auto loan.

    Understanding the Process
    Regardless of how you decide to pay for your car, the first step is always independent research. The Internet can be a helpful resource in finding the right type of car, identifying a reputable dealership, and understanding what the financing process entails. Look into the different types of discounts you may be able to acquire and make sure that you bring all of the necessary information along with you. Familiarizing yourself with the process can reduce any overwhelming or stressful feelings you may have.

    It’s difficult to argue that there is an easier way to pay for a car than providing cash up front. For many people, however, this is not a viable option, especially when it comes to a first car. Although auto loans can provide you with the scaffolding you need to leave the lot with a vehicle of your own, it is your responsibility to choose a car and a payment plan that you can comfortably afford . Carefully consider your income as well as your expenses before negotiating your first auto loan.

    Before attempting to acquire an auto loan, you will have to decide what type of entity to work with. Many car dealerships offer in house financing, while other individuals prefer to work with credit unions or other institutions. Each of these organizations comes with its own pros and cons, but you may be more comfortable with a credit union that you are familiar with.

    GCS Credit Union offers online checking accounts, Visa rewards credit cards, and home mortgage and auto loans in the O’Fallon area. For more information about our services or how to become a member of our credit union, please give us a call at (618) 797-7993 or visit our website today.

  • Tap the Benefits of Kasasa Cash

    When it comes to setting up a checking account in O’Fallon, you are presented with a number of options; on top of choosing between a bank and a credit union, there are typically a few different options offered by each. At GCS Credit Union, one popular checking account option is Kasasa Cash.

    As convenient as having a checking account may be, ATM withdrawal fees can be frustrating. With Kasasa Cash, you can enjoy the unique privilege of ATM refunds from ATMs all over the country. You do not need a minimum balance to keep your account open or earn rewards, nor will you be charged a service fee each month. Kasasa Cash is a free checking system that can offer a substantial return.

    For more information about the benefits of Kasasa Cash, contact GCS Credit Union or visit our website . We are an O’Fallon credit union that offers online banking as well as home mortgage loans. Feel free to give us a call at (618) 797-7993 or stop in and meet with us to learn more about our services.

  • How to Get the Most from Your Credit Card

    As long as you are a financially responsible person, using a credit card with your credit union in O’Fallon can be a great idea. There are a few key components to maximizing your credit card benefits. Keep reading to find out how to get the most from your credit card.

    Make Payments On-Time
    One inherent aspect of financial responsibility is punctuality. It is important that when you borrow money or pay using credit, you pay back the money you owe within the allotted timeframe. Failing to pay off your credit card debt on time can result in late fees and increased interest rates that can quickly add up and become a hassle. Always keep an eye on your calendar and pay attention to your due dates; for many people it helps to set up an automatic payment plan that takes care of itself.

    Spend Within Reason
    Credit cards come with limits, which are essentially spending ceilings. Just like unpaid debts, these overspending episodes can incur penalty fees and interest rates . You may notice that the consequences of paying off your debt late and overspending are similar, but so are the methods you can use to prevent these penalties from occurring. Do your best to keep track of how much you are spending; if you are unsure whether a purchase will put you over the top, use online banking to check your balance before proceeding.

    Capitalize on Rewards
    Many credit cards offer unique benefits and incentives, like the Visa rewards credit card. These types of cards offer various types of rewards for your card use. You can make the most of your credit card by remaining financially responsible with a Visa rewards credit card and reaping the benefits you earn.

    For more tips on how to get the most from your credit card, feel free to call GCS Credit Union at (618) 797-7993. We are an O’Fallon credit union that offers online banking, home mortgage and auto loans, and more. Please do not hesitate to visit our website or come in and see us if you would like to learn more about our services today.