• What You Need to Know About Getting an Auto Loan

    When you are in the market for a car, getting the best auto loan can make a big difference in your monthly payment. To find out more about auto loans and how they work, watch this video.

    Before you apply for auto loans, check your credit score. The higher your score, the better interest rate you will get. Next, look around at different rates. Almost always, credit unions can beat rates offered by banks and dealers.

    At GCS Credit Union , we make it easy to apply for auto loans in O’Fallon with a simple, straightforward loan process. To learn more about all of our services, including online banking, call (618) 797-7993.

  • Credit Unions and the Rise of Auto Lending

    Need a new set of wheels? Before you apply for in-house financing at the dealership, head for your local credit union. Dealership financing tends to involve unfavorable interest rates and restrictive terms for borrowers. You’ll find that the interest rates at your local credit union are far more advantageous for your wallet. In fact, during the past few years, credit unions have demonstrated remarkable growth in auto loans .

    Improving Economic Conditions

    According to Forbes magazine, there has been a 30 percent increase in auto lending among credit unions in the U.S. since 2012. During the third quarter of 2014 alone, auto loans from credit unions totaled nearly $225 billion-a figure that includes both new and used autos. This was a significant increase from the third quarter of 2013, which had $193 billion in auto loans. Economists note that improving economic conditions have contributed to the rise of auto lending from credit unions. The unemployment rate has been declining, wages have been increasing, and gas prices have been steadily dropping. All of these factors have given consumers greater confidence in the economy in general and their personal finances in particular.

    Competitive Lending from Credit Unions

    Since the recession, many consumers have made greater efforts to become better informed about their financial decisions. Increasingly, consumers have turned to credit unions for favorable lending arrangements. Credit unions have a reputation for offering interest rates that are consistently lower than auto loans from a bank or financing through a dealership. Additionally, some credit unions offer auto discounts to their members, such as a discount for purchasing environmentally friendly hybrid vehicles.

    When it’s time to shop around for your new or gently used vehicle, stop by GCS Credit Union first and ask about our auto loans in O’Fallon. Our credit union is proud to serve the Metro East community with competitive rates , flexible terms, and exceptional member service. Call (618) 797-7993 or visit our website to view our convenient list of GCS Indirect Auto Dealers, car buying tips, and incredible auto discounts!

  • 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.

  • Knowing When to Refinance Your Auto Loan

    If you want to refinance your auto loan, a credit union in O’Fallon can help. Of course, the first step in refinancing auto loans is knowing when to act. Watch this video to learn about refinancing a vehicle.

    When it comes to auto loans, the best time to refinance is at the end of the lease. Whether you use online bill pay or still mail in your checks, you should refinance when the balloon payment is due. A credit union can provide you with an installment loan. A credit union also generally offers the lowest interest rates around.

    For everything you need to know about auto loans, contact a credit union. You can call GCS Credit Union at (618) 797-7993 to speak directly to a representative.

  • 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.

  • 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.

  • Questions to Ask About Auto Loans

    An auto loan can help you drive the ride of your dreams, but it is important not to get ahead of yourself. There are a few questions that you should always ask your lender before you offer your signature. These are a few questions to ask about auto loans.

    What Is the Total Price of the Vehicle?

    It is easy to get lost in excitement when buying a new vehicle, but it behooves you to take a deep breath and think about the numbers. If you want to understand how much you are paying for your car, it is important to think about more than your monthly price. The terms of your auto loan will determine the amount of interest you will pay on your vehicle, which goes on top of the price of the car itself. Be sure to find out the total amount you will pay for your vehicle.

    Are There Any Penalties?

    Always know exactly what kind of terms you are agreeing to before you put pen to paper; some auto loan contracts involve different types of penalties, and it is helpful to understand them beforehand rather than after the fact. Certain contracts might even penalize you for making early payments, which is tricky because it forces you to extend your interest. Ask your lender if there will be any penalties or hidden fees within your contract, and make sure you fully understand them before you sign.

    Is Credit Insurance Mandatory?

    Although credit insurance is not federally mandated, your lender might insist that it becomes part of your negotiation. If you already have another insurance policy that effectively offers the same coverage, it would be wise to stick with your initial plan. Talk to your lender about credit insurance and find out if it is a requirement of theirs.

    If you are looking for an auto loan, call GCS Credit Union at (618) 797-7993. Our credit union in O’Fallon is happy to help you find auto loans that meet your needs. We also offer home mortgage loans and online checking accounts. Feel free to visit our website for more information.

  • Signs a Home Equity Loan Is Right for You

    Financing a home addition may be difficult if you have nothing but your checking account to work with. If you own your home and work together with your credit union , however, this type of financing may be right for you. Here are a few signs that a home equity loan is right for you.

    You Own Your Home

    If you want to celebrate the fact that you own your home by adding a new pool, deck, or other home addition, you might be able to use your house itself in order to finance the project. As a homeowner you can talk to your credit union about securing a home equity loan, which is like a mortgage except it is not intended to pay for your house. Instead, you receive a check from your credit union with a fixed interest rate and term that you can use for anything you want. This means that your new pool or deck may suddenly become affordable.

    You Have a Single Expense

    New pools and decks are examples of singular expenses, and these one-time purchases may warrant the use of a home equity loan. If you had something else in mind that might require a series of payments, you might be better off with a home equity line of credit rather than a home equity loan. With the single payment that your home equity loan offers, you can spend it and start paying it off immediately.

    Your Credit Is Subpar

    A home equity loan considers your home collateral, so factors like credit score and history are not as important as they are when it comes to getting a mortgage. As long as you have your home appraised and prove your income, you can overcome a shaky credit history and obtain the funds you need.

    For more signs a home equity loan is right for you, call GCS Credit Union at (618) 797-7993. Our credit union in O’Fallon is committed to providing online checking accounts, home mortgage loans, and a range of other services. Feel free to visit our website for more information about our credit union today.

  • What Is Loan Pre-Approval?

    It helps to know about loan pre-approval when shopping for home mortgage loans because it can provide you with substantial leverage. Watch this video to find out what loan pre-approval is.

    When you are pre-approved for a loan, the lender has already looked at your financial information and decided that you are eligible to borrow a certain amount of money. This can be advantageous because sellers do not consider you a risk. Pre-approval can also help you reduce your closing time and move into your new home sooner. This is a nice bargaining chip to have and can be helpful in a range of situations.

    GCS Credit Union is proud to offer online checking accounts and auto loans in O’Fallon. You can find out more about our services by calling us at (618) 797-7993 or stopping in to meet with us. Feel free to visit our website for more information.

  • The Auto Loan Process

    Auto Loan Process Buying a new car can be a thrilling experience. To ensure that you are able to afford the car of your dreams, you may want to explore auto loans in O’Fallon. By working with your credit union to secure an auto loan, you will receive valuable financial assistance towards the purchase of a new car. When you are setting up an auto loan, you will need to start by checking your credit. If you have a good credit score, your bank will be able to get you pre-approved for a loan. With loan pre-approval, you will be ready to visit the car dealership and sign off on your brand new vehicle.

    To learn more about auto loans in O’Fallon , be sure to contact GCS Credit Union by calling (618) 797-7993. Our friendly customer service representatives will be thrilled to tell you more about our online bill pay options, and we can assist you with a full range of other banking services.