AA Car Loan

Like other reviewers, I wanted to counteract the negative reviews. I didn’t read the reviews until after I had applied and had a deadline to meet to buy a car I wanted.

Applied around 10pm Sunday for £17,000, no other debt, credit rating 999. Soft eligibility check indicated 95% chance of getting the best 5% rate. Instant decision online as “accepted” at 5% APR. “Signed” the paperwork electronically and instantly sent it back to them. Email straightaway saying the “congratulations - accepted, sent to underwriter for final decision” or words to that effect Sun evening.

Nervous wait. Rang their customer service Mon AM to ask what timescales. Answered on first ring, very pleasant, advised Underwriter would have picked it up Mon AM earliest and would take 2 days to make final decision. Nervous wait.

Tue AM called again just to give them the opportunity to tell me if declined, again the helpdesk answered first ring. Advised the Undwriter had done some work on it and decision imminent but that he couldn’t see what that decision would be. Told to look out for a text with final decision shortly.

Nervous wait, constantly checking emails and bank account.

Checked bank account around 2pm Tuesday - funds were in my account!

Now Tue evening, have not received any other communication, no email or text or call advising of Underwriters decision, but funds are ready to spend!

Great service, I cannot fault them.

My money arrived quickly as promised (with £50 courier charge, which seemed a little excessive as he only lived 1/2 mile away and was gone in 5 minutes). However, after 1 year I have been receiving monthly Junk mail and phone calls from AA Car Loans asking if I was interested in a top-up loan. I said I'd prefer it if they sent a quote for a top-up loan in writing, but after 3 weeks nothing. The loan terms were good, but there is very little information (if any) on my agreement about early settlement. They also talked about a new type of loan where interest is spread more evenly over the load term, but again nothing sent in the junk mail that has inadequately explained this thus far.

My impression of call centre staff is rather hit or miss. They are helpful whilst on the phone, but it appears they do not seem to want to follow up any information requests which require written correspondence, unless it is a loan application. However, the web site gives some more information, and is useful, and the rates are very competitive.

I borrowed £6,000 with the AA to help towards the cost of a new car. The monthly repayment was only £172 over 4 years (typical APR is 5.9%), which is very good in my opinion.

The cheque arrived within 48 hours of me being approved, and I had a 3 month payment break too.

I am very happy with the service I received.