Hello,
For a simpler explanation of this problem:
As cPanel is installed on the
VPS Hosting, you can enable GD from whm itself.
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Go to WHM > Update Apache > Click "Load Previous Config" (if you have that option). If you don't have that option, it means you haven't updated Apache since WHM/Cpanel installation.
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Make sure that GD is checked, also make sure that "Freetype support" towards the bottom of the PHP module options is also checked.
When you've finished selecting your options, choose Start Build.
After Apache finishes rebuilding and restarts itself, you should have GD installed with Freetype Support (TrueType).