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.