AA Personal Loans

Your Guide to Loans from The AA

Who Are The AA?

Established in the early 1900’s The AA are best known for their breakdown cover, however, over the years, they have evolved to offer more services such as loans, vehicle insurance, and driving lessons among other things. 

The AA is technically a broker, as AA loans are provided in partnership with the Bank of Ireland UK. 

Their products currently offer competitive rates, so they are worth considering if you are in the market to compare loans. Read on to find out more about their loans. 

Who Can Apply For An AA Loan?

In order to successfully get a loan with the AA you will need to meet their lending criteria, currently, they outline it as follows;

  • Aged 21 or older and younger than 70 at the end of your loan term

  • Have no county court judgements (CCJs) against your name

  • Have been a resident in the UK for three years or longer

  • Have a regular income which is at £12,000 per year or more

  • Have a UK bank account that is capable of paying direct debits.

How Much Can I Borrow?

With The AA you can borrow anything from £1,000 to £25,000 in increments of £100. To get an idea of repayments why not compare quotes now?

How Long Can I Take A Loan For?

Depending on the value of your AA loan, you can borrow for anything between 1 year and 7 years. 

What Can I Use An AA Loan For?

As an AA loan is a type of personal loan there are many possible uses; buying a new car, home improvements, a holiday, or even debt consolidation. 

As with many personal loans The AA say on their site that it is not suitable to fund day-to-day expenses or use as a deposit for other forms of credit, like a mortgage. 

How Can I Get A Loan From The AA?

You can apply to the AA directly, but we recommend that you use Mo to help you compare the best loans available to you before making a decision.

Why Should I Borrow From The AA?

There are many reasons why you may want to take out a loan with the AA; 

  • Competitive rates of interest.

  • You may be able to borrow a larger sum than you would with a credit card.

  • You can borrow for up to 7 years - remember though, a longer loan term will affect how much interest you pay

  • You will have fixed monthly payments, making it easier to budget and manage your money. 

  • You can use the money for many things, debt consolidation, a new car, a holiday, or home improvements to name a few. 

  • You can get free basic breakdown cover for 12 months. 

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Are There Any Perks To Getting A Loan From The AA?

Yes, currently The AA offers you 12 months basic breakdown cover for no extra cost. You should check with them for the full terms and conditions of this offer. 

If you are an existing AA member you have a few optional add-ons you can choose to add to your membership, these are National Recovery, At Home, or Onward Travel. Your chosen add-on will last the duration of your current membership. 

What Can I Do If My AA Loan is Declined? 

If you're unhappy with the decision, you can ask The AA to reconsider by calling 0345 266 0124.

Or you can write to AA Loans, PO Box 248, Sheffield S98 1QF.

There is no guarantee that The AA will change their decision and you will need to support any appeal by providing additional information that wasn't given to them when you made your initial application. 

How Long Does It Take For An AA Loan To Come Through?

In most cases, you will get a decision on whether you have been accepted immediately online. However, in some cases, more information may be required, if so you should hear from The AA via post within 5 working days. 

Once you are accepted and sign your agreement The AA aim to have funds in your account within 2 working days. 

Can I Pay Off My Loan Early? 

Yes, with an AA loan you can settle your agreement early. You can do this in full or in part at any time. To do so you will need to either call the AA on 0345 266 0124 or write to them at AA Loans, PO Box 248, Sheffield S98 1QF.

If you do wish to make an early settlement payment this may mean paying up to 58 days’ interest. 

Can I Change My Mind?

Yes, with The AA you have 14 days to change your mind and withdraw from your loan agreement. The 14 days start from the date that you receive your acceptance letter. 

If you decide that you want to cancel your loan you will need to contact The AA directly on 0345 266 0124 or write to them at AA Loans, PO Box 248, Sheffield S98 1QF.

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