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 or simply need a vacation, you will find low rates, affordable payments and personal service at Genuine Parts Credit Union.                              For your convenience all loan payments are payroll deducted.

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 with low payments.  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.  The loan payments 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 available.
  • Motorcycle Loans – We finance new and previously owned motorcycles for up to 48 months.  Refinancing loans are not available.
  • Share (Savings) Secured Loans – Share Secured Loans are available at very low rates.  Contact the credit union for details.

Loans, rates and other services as above.

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

Unsecured Personal Loans (Signature, Vacation, Afford Life and Light Up Your 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 $10,000)
Afford Life Loan repayment term is up to 12 months for every $1,000 not to exceed 60 months.
Base Rate 9.90% APR*
Light Up Your Life Loan (Holiday Loans) ($501 to $1,000)
Light Up Your Life Loans are available from October 1st through December 10th.
Light Up Your Life Loan repayment begins with the first paycheck in April and ends in September.
Base Rate 9.90% APR*

Members can have only one Signature loan every 365 days and can have only one Vacation Loan and one Light Up Your Life (Holiday loan) at a time.  Members can have as many Afford Life Loans that they qualify for.  All loans are non-renewable.

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

Vehicle Loans must be from a dealership in the member’s state of residence and registered in the member’s name only.                  (Refinance Loans are not Available)
New and Previously Owned Vehicles up to 60 months** Base Rate 2.99% APR*
New Vehicles only up to 72 months (minimum loan $25,000) Base Rate 3.49% APR*
Motorcycles (and RV’s that have a title) (maximum term 48 months) Base Rate 6.49% APR*

*APR = Annual Percentage Rate

**The maximum term for 2011 and 2012 vehicles is 48 months.  **The maximum term for 2009 and 2010 vehicles is 36 months.
**The maximum term for 2007 and 2008 vehicles is 24 months.

*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 for all loans.

All loans except the Signature Loan are subject to credit approval. Some restrictions may apply.