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.  Vehicle loans are available for the purchase of a new or used vehicle in the members state of residence.  Refinancing loans are not currently available.
  • Motorcycle Loans – We finance new and previously owned motorcycles for up to 48 months.
  • Share (Savings) Secured Loans – Share Secured Loans are available at very low rates.  Contact the credit union for details.
  • Stock Certificate Secured Loans – Contact the credit union for details.

Loans, rates and other services as above.  We finance CLASSIC VEHICLES.  Contact the credit union for details.

New York state residents are not currently eligible for loans from Genuine Parts Credit Union.

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*

Members can have only one Signature loan every 365 days and can have only 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 in the Member’s State of Residence)
New and Previously Owned Vehicles up to 60 months** Base Rate 2.24% APR*
New Vehicles only up to 72 months (minimum loan $25,000) Base Rate 2.40% APR*
Motorcycles (and RV’s that have a title) (maximum term 48 months) Base Rate 5.90% APR*

*APR = Annual Percentage Rate

**The maximum term for 2010 and 2011 vehicles is 48 months.  **The maximum term for 2008 and 2009 vehicles is 36 months.
**The maximum term for 2006 and 2007 vehicles is 24 months.  **Only classic vehicles manufactured before 2006 can be financed.

*Credit Score is used to determine rates.

*The Credit Score ranges we use follows:

720 to 818   Base Rate
680 to 719   Base Rate plus 2.00%
640 to 679   Base Rate plus 4.00%
600 to 639   Base Rate plus 8.00%     A CREDIT SCORE OF AT LEAST 600 IS REQUIRED FOR AN UNSECURED LOAN
560 to 599   Base Rate plus 12.00%   A CREDIT SCORE OF AT LEAST 560 IS REQUIRED FOR A MOTORCYCLE LOAN
520 to 559   Base Rate plus 16.00%   A CREDIT SCORE OF AT LEAST 520 IS REQUIRED FOR ALL OTHER VEHICLE LOANS

We obtain credit reports for our applicants from Equifax.

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