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AA Car Loans terms and conditions

All AA Car Loans are subject to normal credit and lending criteria and a documentation fee. A documentation fee applies when you draw down your AA Loan and currently is $321. Other fees may apply.


The minimum loan amount is $5000.

Pre-Approval 

  • AA withholds the right to withdraw pre-approval of finance in the event of:
  • Any of the below documentary requirements not being met;
  • Any information provided being incorrect or misleading;
  • Any occurrence, that in opinion of AA adversely affects the loan proposal
  • Any change in the borrower's financial circumstances during the pre-approval period.
  • Documentary requirements 

AA requires the following documentation before settling a loan application.

Identification

All borrowers must provide current identification in the form of a New Zealand Drivers Licence.

Driver licence 

Car Loan borrowers must have a valid i.e. not expired Restricted or Full New Zealand Driver Licence (learner licence is not acceptable).

Confirmation of income

Borrower(s) must provide proof of current income in the form of pay slips, bank statements, or company financials (if self-employed).

Insurance

Borrower(s) must have the vehicle being used as security comprehensively insured prior to loan drawing down. AA Vehicle Insurance is optional (you may choose another provider). 

Bank details

Borrowers must provide bank account information in order to establish Direct Debit payments on their account. These include the bank name, branch and account number.

Suitable vehicle as security 

AA require a vehicle (or suitable asset) to be used as security for all car loans. Vehicles being used as security must not be older than 12 years at the inception of the loan.

Registration check and clear title

Before providing a loan, AA reserves the right to confirm that no finance is owing on the vehicle being used as security and no other parties have an interest in the vehicle. 

Dealer vehicle purchases

Customers purchasing a vehicle from a car dealership will be required to provide a Vehicle Offer and Sale Agreement from a licensed motor vehicle trader, prior to being provided with loan.

Private vehicle purchase

Customers purchasing a vehicle in the private market, will be required to provide an appraisal from a Registered Motor Vehicle Trader or the AA. The AA Appraisal is a visual inspection prior to the loan draw down. All private vehicle purchases will also require a Sale and Purchase Agreement. Sale and Purchase Agreement forms can be obtained from AA Car Loans, however they may also be drafted by the buyer and the seller. For a Sale and Purchase Agreement to be accepted by AA, it must include the following -

  • Date of sale
  • Be addressed to MARAC Finance
  • Buyer's full name and address
  • Seller's full name and address
  • Vehicle Make, Model, Year, Registration, Mileage, Colour
  • Vehicle sale price
  • Any conditions
  • The signatures of both parties

Privacy Disclosure

Borrowers will be required to sign a Loan Application that includes a Privacy Act Disclosure. This document authorises MARAC Finance to make all necessary enquiries in relation to the borrower's application for finance

Credit Card limits 

In certain circumstances AA may also require evidence that credit card limits have been reduced. This must be in the form of a statement from the bank on company letterhead confirming the reduced limit. 

Personal references

AA will require the name, address and phone number of two personal references. Referee's will not be contacted during the application process, but may be called upon in the event that the borrower cannot be contacted.

More information

AA car loans