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*)
180 months as low as 6.50%
*APR = Annual Percentage Rate.  Tier one loan rates are dependent on creditworthiness and underwriting guidelines.  Tier two 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 08/23/2019