• Calculating Auto Loan Interest

    Before signing the papers on an auto loan from your local credit union, you should take the time to determine how your auto loan interest will be calculated. Your interest rate will depend upon your credit score and your history of repayment on previous loans.

    Watch this video to learn more about calculating auto loan interest. A credit repair specialist demonstrates using the auto purchase price and length of the auto loan’s term to determine the auto loan interest.

    If you’re looking for a competitive rate on an auto loan in O’Fallon , come see us at GCS Credit Union. Our loan officers will guide you through every step of the process to ensure that you fully understand your auto loan terms and interest rate. To learn more about our lending services, contact us today at (618) 797-7993.

  • What Are the Benefits of Credit Unions?

    Many people switch to credit unions because they’re tired of paying high checking account fees and mortgage and auto loan interest rates. Credit unions follow a different business model than traditional banking institutions, and are committed to providing a much friendlier experience for their customers. Here is a look at some of the benefits of choosing a credit union.

    You’ll Pay Lower Interest Rates and Fees

    As a credit union member, you’ll pay lower interest rates on auto loans and home mortgage loans, lower fees for your checking account . You will also enjoy higher interest rates on savings accounts. Most credit unions have a lot of flexibility regarding the fees that they charge members, and will opt to cut unnecessary costs or services rather than increase fees.

    You’re a Shareholder Rather than a Customer

    The members of a credit union are shareholders in the financial institution, and thus credit unions are only accountable to their members, rather than a governing board. The goal of a credit union is to pass along any profits that they make to the customer, rather than making money for the stockholders of the company. This means that your benefits as a credit union member are far more varied and valuable than the benefits offered by most banks.

    You’ll Get Superior Customer Service

    Because credit unions are cooperatives that are partially owned by each member, the employees are invested in providing members with superior customer service. They are non-profit financial institutions, and aim to provide members with affordable services. As a result, the majority of credit union members are incredibly satisfied with the banking services that they receive from their credit union.

    If you’re interested in joining a credit union in O’Fallon , come see us at GCS Credit Union. We have been providing community-powered banking services since 1941, and are a full-service financial institution that offers checking accounts, savings accounts, online banking, auto loans, home mortgage loans, personal loans, credit cards, and IRA and retirement services. To learn more about our credit union, call us today at (618) 797-7993.

  • The Facts About Personal Loans

    If you’re in need of money and don’t have enough in your checking account or savings account, you should consider taking out a personal loan from your local credit union. Credit unions are able to offer incredibly competitive interest rates and low fees on personal loans.

    Watch this video to learn some important facts about personal loans. Matt McKillen, a financial specialist, discusses your personal loan options, and what to consider before taking one out.

    At GCS Credit Union, our credit union in O’Fallon offers great rates on personal loans, lines of credit, auto loans, and home mortgage loans. Our loans are available in a wide range of customizable terms that can be designed to meet your personal financial needs. To learn more about our loan services, call us today at (618) 797-7993.

  • Looking Back at the History of Online Banking

    Almost every bank and credit union now offers an array of convenient online banking and online bill pay services. Electronic banking services were first developed in the 1970s, and banks began offering some form of online banking services in 1985. Here is a look back at the fascinating history of online banking.

    Early Development of Online Banking Services

    Banks first offered home banking services and distance banking services via electronic means in the 1980s. Initial home banking services allowed customers to connect to their checking account or savings account information using a terminal, keyboard and TV, or telephone line. These early services were very primitive, and weren’t accessed by very many banking customers.

    The First Online Banking Services in the U.S.

    Online banking was first introduced in New York City in the early 1980s. The first banks to offer online banking services were Chase Manhattan, Citibank, Chemical Bank, and Manufacturers Hanover. These banks allowed their customers to maintain check registers electronically, check their account balances, and transfer funds between savings accounts and checking accounts. By the late 1990s, customers were more comfortable engaging in financial transactions over the internet, and online banking became more popular.

    Online Savings and Checking Accounts Today

    While online banking services got off to a slow start, a 2009 estimate claimed that about 47% of Americans were banking online. Banks and credit unions that offer online banking and online bill pay now provide comprehensive banking services to their customers via the internet. Some banking institutions only exist online, without local branches or ATMs for customers. With online banking, customers now enjoy 24/7 access to their account information and banking services, lower transaction costs, and the ability to access their accounts anywhere in the world.

    At GCS Credit Union, we offer a variety of convenient online banking services in O’Fallon . If you’re interested in joining a credit union, you should talk to one of our friendly, knowledgeable representatives about getting an online checking account. To learn more about our online banking services, call us today at (618) 797-7993.

  • How to Get a Great Deal on Your Car Loan

    When you’re shopping around for an auto loan, you want to be sure that you choose the best lender for your needs. It’s easy to become overwhelmed as you search for a bank, private lender, or credit union in your area that offers competitive interest rates and auto loan terms. Here are some tips for getting a great deal on your auto loan.

    Be Aware of Your Credit Rating

    Your credit report is one of the most important pieces of information that lenders use to determine if you qualify for an auto loan. Even if you have a large sum of money in your checking account or savings account, your lender will want to know your credit history and credit score. Before applying for auto loans, check your credit report and be familiar with your credit score.

    Look for the Best Auto Loan Interest Rate

    Rather than financing your new car at your auto dealership, you should shop around for the best auto loan interest rate that you can get. Credit unions and community banks often offer the lowest interest rates on auto loans. You can ask different lenders what their typical rates and fees are for someone with your credit history and credit score. They should at least be able to give you a fair estimate.

    Choose a Short-Term Auto Loan

    A long-term auto loan means smaller monthly payments, but you’re also going to end up paying far more money in interest and fees over time. If you can, you should try to limit the length of your auto loan to no more than 48 months. You’ll have a higher monthly payment, but you’ll get out of debt much faster and you’ll pay less in the long term.

    If you’re looking for the best rates on auto loans in O’Fallon , come see us at GCS Credit Union. We offer competitive rates on new and used vehicles, and customizable auto loan terms. To talk to one of our friendly and experienced auto loan experts, call us today at (618) 797-7993.

  • A Guide to Your First Mortgage

    Before you even begin looking for a home, you should investigate your home mortgage loan options. If you have a well-paying job, good credit, and a decent amount of money in your checking account, it shouldn’t be difficult for you to secure a home mortgage loan. If you’ve had some financial difficulties in the past ten years, you may need to begin looking for a loan a year in advance of house hunting.

    Your lender will pull your credit report to determine whether you qualify for a loan, and at what interest rate. If you check your credit report ahead of time for potential problems, you can fix them before visiting a home mortgage loan officer at your credit union. Credit unions often have the most competitive interest rates and the lowest fees for home mortgage loans.

    At GCS Credit union, we offer the most competitive rates on home mortgage loans in O’Fallon . We will help you customize your financing, secure the best rate possible, and we’ll provide educational resources to ensure you understand the terms of your loan. To learn more about our home mortgage loan services, call us today at (618) 797-7993.