After seven months in business as a vehicle loan provider, the AA’s new financial service offering has expanded to include another form of affordable finance for Kiwis.
AA Money launched in February 2020 and has since helped hundreds of customers into vehicles through competitive vehicle finance offers. It will now also assist Kiwis in other ways through its new product - secured personal loans with no ongoing account fees.
AA Money General Manager Ana-Marie Lockyer says the launch comes on the back of requests from customers to borrow money for reasons other than a vehicle purchase, such as debt consolidation, refinancing, home renovations, holidays and weddings.
“A Secured Personal Loan uses a vehicle owned by the customer as security against their loan, thereby allowing us to offer a more competitive interest rate,” she says.
“We know many people are looking for affordable borrowing options at this time so we’re currently also providing a limited time offer of 4% p.a. discount on all new lending for six months*, in addition to our normal savings and benefits for AA Members^. This means customers will pay off more principal during the discount period and therefore reduce their overall cost of borrowing.”
Ana says the AA Money team works closely with customers to ensure they get the right finance for their needs.
“We aim to be fair, simple and transparent in all our fees and interactions, and strive to provide our customers with exceptional service that is worthy of the trust New Zealanders have in the AA.
“This includes discussing our customers’ needs and financial situations clearly with them, and ensuring we provide a loan tailored to their unique money needs
“Our customers really appreciate that we manage the entire journey for them, from application to loan funding to customer care and servicing of the loan on an ongoing basis.”
Ana says another advantage of choosing AA Money is they can provide flexible payment arrangements to customers.
“A small percentage of our customers sought hardship relief during Covid lockdowns and all have now returned to normal payment arrangements. It was great to be able to help them through these tough times.”
AA Money vehicle loans cover cars, trucks, motorbikes, caravans, boats and jetskis.
AA Money is a joint venture between the AA and Suncorp New Zealand.
*Standard interest rates range between 8.95% - 15.95%. Lending criteria, terms, conditions and fees apply. More information on AA Money interest rates, and the total cost of borrowing, is available at aamoney.co.nz/our-pricing
^AA Members receive 25% off their loan establishment fee when they provide a valid AA Membership number upon application. AA Members also get a 50c per litre discount to accumulate on their AA Smartfuel account for a one-time redemption on up to 50 litres.