Musical Instruments Loans
Take Your Music To The Next Level
Actors FCU is proud to offer musical instrument loans to members of AGMA and the American Federation of Musicians:
- Local 802 and Local 1000 in New York City
- Local 9-535 in Boston
- Local 161-710 in Washington, D.C.
- Local 10-208 in Chicago
- Local 2-197 in Saint Louis
- Local 6 in San Diego
Musical Instruments Loans Details
Our loans can be used for the purchase of high-value musical instruments or to refinance an existing musical instrument loan from a competing financial institution. Often times, refinancing can result in lower monthly payments and/or significant savings on finance charges.
We offer two tiers of musical instrument loans based on loan amount. The amount you need to borrow determines how your loan will be structured.
Tier One
Loans $10,000 up to $49,999
- Borrow up to 75% of the instrument's sale price or appraised value; whichever is lower
- Loan collateral must be a musical instrument or bow
- Your choice of repayment term up to 84 months
- Interest rates are fixed and determined by creditworthiness
- Save 0.25% off your interest rate when you sign up for automatic payments from an Actors FCU account
- Up to 10% of the loan amount may be required in an Actors FCU savings account
- Amplifiers, other musical equipment, and instruments valued below $10,000 can be financed with a Personal Loan
Tier Two
Loans $50,000 up to $250,000
- Borrow up to 75% of the instrument's sale price or appraised value; whichever is lower
- Loan collateral must be a musical instrument or bow
- Repayment term based on loan amount; terms up to 240 months
- Loans over $100,000 will have a 60-month balloon term with the option to refinance or payoff
- Interest rates are variable and determined by the Wall Street Journal Prime Rate and the borrower's creditworthiness
- Save 0.25% off your interest rate when you sign up for automatic payments from an Actors FCU account
- Up to 10% of the loan amount may be required in an Actors FCU savings account
Loan programs and loan rates are subject to change without notice. Membership eligibility must be verified before a loan application can be processed. An Actors FCU savings account must be opened before a loan can be funded.
