AA Money is diversifying out from offering car loans, adding secured personal loans.
AA Money's General Manager Ana-Marie Lockyer says the move follows requests from customers to borrow money for reasons other than buying a vehicle including debt consolidation, refinancing, home renovations, holidays and weddings. AA Money, a joint venture between the Automobile Association (AA) and Suncorp New Zealand, began offering vehicle loans in February.
“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,” Lockyer says.
Interest rates on offer range from 8.95% to 15.95%, with an offer of a 4% discount on all new lending for six months in place. Secured personal loans of up to $50,000, and vehicle loans of up to $100,000, are available. More information on lending criteria, terms, conditions and fees is here.
AA Members receive 25% off the $240 loan establishment fee when providing a valid AA membership number. They also get a 50 cent per litre discount to accumulate on their AA Smartfuel account for a one-time redemption on up to 50 litres of fuel.
You can see more on personal loans here, and more on car loans here.
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