Musical Instruments Loans

Take Your Music To The Next Level

ActorsFCU 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

View Musical Instruments Loan Rates

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 ActorsFCU account
Up to 10% of the loan amount may be required in an ActorsFCU 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 ActorsFCU account
Up to 10% of the loan amount may be required in an ActorsFCU 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 ActorsFCU savings account must be opened before a loan can be funded.