Have you been thinking about stepping up to a higher-quality violin? A new baby grand? Actors Federal Credit Union has just made it possible for members to make these kinds of purchases, by introducing more affordable musical instrument loans.
Their newly restructured loan program makes it possible to purchase a $50,000 musical instrument for only $338 a month. These low payments, which are guaranteed for the first three years of the loan, are made possible by a very aggressive 6.50 percent annual interest rate.
“Our new rate and loan structure make it possible to own a quality instrument and still pay your rent,” said AFCU Loan Manager Chris Duffy. “Our competitive rate and terms are a great match for our membership.” He pointed out that the new program cuts the monthly loan payment on a $50,000 loan in half – from $682 down to $338 – for savings of over $340 a month.
“Since AFCU expanded our field of membership to include the members of Musician’s Local 802 over 10 years ago, musical instrument loans have been in strong demand,” said credit union President Jeff Rodman. “Unfortunately, until a recent change in regulations, it wasn’t possible to offer as competitive a loan as we now can. Our new musical instrument loans are a good match to the needs of our members.”
The credit union offers a maximum musical instrument loan of $250,000, making it possible to purchase a wide variety and quality of instruments. These loans are available in the form of three-year balloons amortized over 25 years. Borrowers will have the option of paying off the loan at the end of the three years or refinancing at the then-current rate for another three years.
AFCU serves more than 14,500 members and has assets of over $66 million. For more information on Actors Federal Credit Union, visit www.actorsfcu.com.