Musical Instruments Loans

Print this page
Musical Instruments Loans

Take your music to the next level!

Minimum loan amount: $10,000
Maximum loan amount: $250,000

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, and Local 6 in San Diego.  Click here to see our full list of partner groups.

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; see below for details.  Click the rates tab to see today's rates.


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

To get started, click the Apply Now button above.  Have a question?  Call our lending experts at (212) 869-8926, option 4.

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.

Tier One - Loans $10,000 up to $49,999

Maximum Term Current Rate (APR*)
60 months as low as 4.50%

Tier Two - Loans $50,000 up to $250,000

Maximum Term Current Rate (APR*)
240 months as low as 3.25%
*APR = Annual Percentage Rate.  Loan rates are determined by the Wall Street Journal Prime Rate, the borrower's creditworthiness, and credit union's underwriting guidelines.  Loans over $100,000 require a 60-month balloon term.  Ask for complete details.
Rates and terms subject to change without notice. As of 10/06/2022