Loans

Low cost loans are one of the great benefits of credit union membership. Whether you are financing a car, need moving expenses, paying for a college education, consolidating bills or simply need a vacation, you will find low rates, affordable payments and personal service at Genuine Parts Credit Union.

The Signature Loan provides a special benefit to some of our members.  This loan was created with two specific purposes in mind.  First, it is a quick and easy source of funds for emergencies.  Second, it can help members to either establish or reestablish their credit score.  This loan offers easy qualifying, low payments and no credit check.  Contact the credit union for additional information to see if this loan can benefit you.

  • Unsecured Personal Loans –   We offer personal loans in amounts up to the creditworthiness (credit score and debt-to-earnings ratio) of the member.  These loans are payroll deducted.  Repayment terms vary based on the type of loan – Signature, Vacation or Afford Life loan.
  • New & Previously Owned Vehicle Loans – Enjoy the convenience of payroll deduction on your next loan.  Refinance loans are also available.
  • Motorcycle Loans – We finance new and previously owned motorcycles up to 48 months.
  • Share Savings Secured Loans – Please contact the credit union for details.
  • Stock Certificate Secured Loans – Please contact the credit union for details.

Loans, rates and other services as above.

Unsecured Personal Loans (Signature, Vacation and Afford Life)
Signature Loan ($250 to $500) The maximum repayment term is 12 months. 18.00% APR*
Vacation Loan ($501 to $3,000) The maximum repayment term is 12 months. Base Rate 9.90% APR*
Afford Life Loan ($501 to no limit based on the creditworthiness of the member)
Afford Life Loan repayment term is up to 12 months for every $1,000 not to exceed 60 months.
Base Rate 9.90% APR*

Effective January 1, 2017 members can have one Signature loan every 365 days and can have one Vacation Loan at a time.  Members can have as many Afford Life Loans that they qualify for.  All loans are non-renewable.  Loan applications received by Monday morning will be processed the same week.

THE MAXIMUM INTEREST RATE FOR ANY GENUINE PARTS CREDIT UNION LOAN IS 18.00%.

Vehicle Loans (Vehicles From An Authorized Dealership)
New Vehicles up to 48 months Base Rate 1.75% APR*
New Vehicles up to 60 months Base Rate 2.00% APR*
New Vehicles up to 72 months (minimum loan $25,000) Base Rate 2.25% APR*
Previously Owned Vehicles up to 48 months (2006 or newer)** Base Rate 2.50% APR*
Previously Owned Vehicles up to 60 months (2013 or newer) Base Rate 2.75% APR*
Motorcycles (and RV’s that have a title) Base Rate 7.80% APR*

*APR = Annual Percentage Rate

**The maximum term for 2008 and 2007 vehicles is 36 months.
**The maximum term for 2006 and 2005 vehicles is 24 months.

*Credit Score is used to determine rates.

*The Credit Score ranges we use follows:

680 & above Base Rate
650 to 679 Base Rate plus 2.00%
620 to 649 Base Rate plus 4.00%
580 to 619 Base Rate plus 8.00%
540 to 579 Base Rate plus 11.00% – A SCORE OF AT LEAST 540 IS REQUIRED FOR UNSECURED LOANS
500 to 539 Base Rate plus 15.50% – A SCORE OF AT LEAST 500 IS REQUIRED FOR SECURED LOANS

We obtain credit reports for our applicants from Equifax.

All loans are subject to credit approval. Some restrictions may apply.