Auto Loan FAQs

Receiving an auto loan is the best option for many vehicle buyers to refinance, fund, and achieve their car-related goals.

Commonly Asked Questions About Auto Loans

Whether the vehicle you intend on purchasing is new, used, or in need of refinancing, there are several detailed questions to consider before beginning the process of securing your auto loan.

Continue reading to learn about some of the most commonly asked auto loan FAQs.

1. Can I refinance a new car loan before my first payment?

Yes, you can refinance your car loan at any point. Owners of a new vehicle are free to refinance immediately after purchasing the vehicle, as long as they meet the requirements necessary for securing a new loan.

2. Do I have to have an account with you to apply for an auto loan?

Yes, you must open a savings account and become a member of Greater Texas Credit Union before you can apply for an auto loan. Basic savings accounts require a minimum of $5 to open and have no monthly service fees. This is a simple process that begins with a few steps.

Many benefits accompany having a savings account with our credit union, including full access to our services and member discounts.

Once you are a member with a funded savings account, you can immediately apply for an auto loan.

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3. Do you have to have good credit to apply for an auto loan?

Your credit score is only one factor in our auto-approval process. While maintaining a good score is important, it may not necessarily keep you from receiving an auto loan through Greater Texas Credit Union.

Please contact our Loan Department at (800) 749-9732 to discuss your loan options.

4. How can I find out the status of my loan application?

The status of your loan application will be answered in one business day by loan officers. If you have not heard from us and would like to receive an update on your loan application, please contact our Loan Department at (800) 749-9732.

5. How long is my pre-approval good for?

Getting pre-approved for an auto loan before purchasing a car is a great way to better understand the optimal price range for your vehicle. Once you have been pre-approved by loan officers, your loan pre-approval will last for up to 30 days.

When you have decided on your vehicle, inform your dealer that you have been pre-approved for an auto loan from Greater Texas Credit Union.

6. What is the procedure for purchasing a car from a private seller?

Both buyer and seller transactions at Greater Texas Credit Union require that all parties be present at one of our branches to sign and produce the following:
  • Copy of ID of all parties named on the title
  • Sign all title work (with original signatures)
  • Copy of ID for buyer(s)
  • Copy of proof of auto insurance
Once the necessary documents have been collected and signed, our loan officers will:
  • Collect 6.25% sales tax
  • Collect $35.50 in title fees
  • Determine the amount and term the credit union will finance the vehicle
This procedure must be done in the correct order. An auto loan will not be finalized until the applicant has completed the previous steps.

How do I make a payment?

We have several convenient options for you to make your auto loan payment accurately and on-time.
  • One-Time Payment: This option supports loan holders while making a single payment through our website.
  • Online Banking: Members can transfer funds from their savings or checking account into the balance of the loan.
  • Automatic Payments: Auto loan payments may be scheduled weekly, biweekly, or monthly through the Greater Texas Credit Union website.
  • Other Payment Options: Mailing in or dropping off payments at one of our branches is free of charge. Payment via phone with the help of a representative will result in a $10 convenience fee. To make a payment by phone, call our main contact center at (800) 749-9732
Payment options utilized after 8 PM CST will not be processed until the following day.

7. How much will my payments be?

Your auto loan payment will be calculated through the total cost of your vehicle, the current auto loan interest rate, and your loan term. Lowering the total cost and interest paid is possible through making extra payments on the auto loan. Estimate My Payments

8. Should I make extra payments on my auto loan?

Making extra payments on your auto loan is an excellent way to pay off the loan faster, reduce your total interest, and achieve your financial goals. However, this may not be the right process for everyone. Determining if you are in the right place financially for extra payments can be determined through the use of the GTFCU extra payments calculator.

9. How do I submit proof of insurance?

Please submit proof of insurance for your auto loan to the address below. Proof of insurance must show that we are the lien holder on the vehicle with full coverage insurance and the amount of deductibles for comp and collision protection.

Phone: 866-463-0810

Fax: 877-489-7614


Mail: Po Box 924358, Fort Worth, TX 76124

Reach Your Financial Goals With Greater Texas Credit Union

Finding the right car for your lifestyle and personal needs may be a challenging process, but finding a reputable lender for your financial needs should not.
When you’re ready to begin moving forward on your next vehicle purchase or refinance, trust Greater Texas Credit Union for the safe management of your auto loans, refinancing, and more.