The Differences Between Credit Unions and Banks

If you aren’t yet a member of a credit union, it’s time to learn more about them. Being a member of a credit union offers significant advantages compared to being a customer of a bank. Just like at a bank, your deposits at a credit union are insured and backed by the federal government. However, credit unions have a great deal more flexibility than banks regarding their lending decisions. This means that as a member of a credit union, you can enjoy low loan interest rates.

Hear more about the advantages of credit unions by watching this video. It features a financial expert who explains the differences in ownership between banks and credit unions. He also discusses how you can join a credit union.

For superior online banking in O’Fallon, you can turn to GCS Credit Union . Call us at (618) 797-7993 or visit us online to learn more about our secure online banking platform and highly competitive interest rates for our members.

What Is the Process of Getting an Auto Loan?

Auto loans in O’Fallon may seem overwhelming if you do not understand the process. Of course you want your ideal car, but you also have to make sure that you are making a manageable investment. Before you buy a car, work with a credit union that issues auto loans. Keep reading to learn more about how to get an auto loan, including knowing your credit, shopping for loans, and understanding your budget.

Know Credit Well

As your credit union will tell you, the first step in getting an auto loan is knowing your credit . You should also review your full financial history, including your savings and online checking accounts, so you have at least an initial idea of how much you can spend. Your credit union can secure a full credit report for you. It will use this to determine the amount of your loan.

Shop for Loans Separately

Before you even begin shopping for cars, begin the auto loan application process with your credit union. A credit union can almost always offer a significantly lower rate than a bank can, and the dealership is not in the business of saving you money. By getting prequalified for a loan, you can then go to the dealer with what might as well be cash in hand.

Consider Amount Fully

The last step in securing your auto loan is determining how much you would like to take out. Remember, just because your credit union has approved you for a certain amount does not mean you are obligated to take out that much. When you consider maintenance costs and the possibility of repairs, you may not want to make the monthly payments that come with the full amount of the loan.

For the best auto loans in O’Fallon, look no further than GCS Credit Union. Our credit union is committed to helping you get a great deal on your car loan. We also offer competitive home mortgage loans and full online banking services. Find out more by calling us at (618) 797-7993.

Tips for Getting a Home Loan from Your Credit Union

While issuing home loans used to be a job only for banks, a credit union today offers competitive rates for home mortgage loans in O’Fallon. In fact, more and more consumers are turning to a credit union to secure their home mortgage loans for the best home financing options. Keep reading to find out why you should consider your finances, understand your options, and know your rates to get the best home loan.

Consider Your Finances

Before you get a home loan from your credit union, it is important to have a complete understanding of your financial situation . Your credit union may also offer online banking and online checking accounts, so you can consolidate for maximum efficiency. Whether you bank with your credit union or elsewhere, you should review your bank statements, W-2s, and other investment information. That way, you know your budget and are ready to begin applications for home mortgage loans even before you find the home of your dreams.

Understand Your Options

To get the best home loan from your credit union, it is important to research and understand your options. That way, your credit union will see that you are committed to the loan process and are a solid investment for them. You can choose between a 15-year and a 30-year mortgage.

Know Your Rates

After preparing the necessary documents and analyzing your financial situation, you should schedule a consultation to discuss your home mortgage application with a representative from your credit union. The credit union will analyze your credit, income, and financial history to secure the best home loan for you. Because interest rates can fluctuate, you may be able to lock in a good rate if you act quickly.

Are you interested in learning more about how to get the best rates for home mortgage loans? Contact GCS Credit Union of O’Fallon by calling (618) 797-7993 today. Our credit union has been providing loans, savings, and bank services since 1941. Our employees are dedicated to focusing on your financial needs and not making a profit.