AAA Review

Based in North America, the AAA or American Automobile Association is a group of regional clubs with over 57 million members. Every local club has its own website and branch locations. AAA primarily offers roadside assistance but it has more products and services that members can enjoy, such as life insurance, home loans, and auto loans.

Best for

3 /5

Rating

$ /mo

Starting Price

Visit Site

Table of Contents

130

How do AAA auto finance loans work?

AAA offers auto loans with rates as low as 2.49% APR for a 66-month term. A member's credit score is the primary criterion for approval. The rate will also depend on the down payment, mileage, and model. For qualified AAA members, no down payment is required.

Credit score

Not everyone can avail of the lowest rates that AAA offers. An applicant must have an average or exceptional credit score because creditworthiness is crucial in determining the rates.

How much can you borrow?

The minimum loan amount is $5,000.

What types of vehicles are eligible for financing?

Used and new cars, small trucks, SUVs, minivans, and new recreational vehicles are covered by AAA auto loan financing.

How do I qualify?

Members of the association can avail of the exclusive auto loan rates mentioned on AAA’s website. An excellent credit score is a plus for the approval of a loan with the best rate and term. Non-members of AAA can also apply for auto loans.

What documents do I need?

AAA will need you to provide the following requirements.

Proof of identity such as a driver's license or any government-issued ID
Social Security Number
Employer’s name
Phone number
Annual income

What are the fees?

A loan application fee isn’t mentioned on the website. There are no prepayment penalties so auto loans can be paid off early.

How long does the financing process take?

The application process only takes minutes to complete when you have the requirements at the ready, such as the financing details and vehicle information. After your application, you’ll have 30 days to find your car and complete the process. There are transactions that may require assistance and need a longer time to decide on.

How to apply for an auto finance loan?

You can apply online or call your local AAA branch.

What payment methods are supported?

Automatic payments can be set up from a checking or savings account. Payments can also be made through New Online Pay Bill. To get a complete list of payment methods, you can call a branch near you.

AAA Pros And Cons

Pros

Offers low interest rates for auto loans
No prepayment penalties

Cons

Low rates are given to qualified applicants only
Rates vary without notice

Is AAA right for you?

Being a member of AAA has its perks. It offers a wide range of services and its auto loan rates are competitive. But if your credit score is less than desirable to qualify for an auto loan that fits your budget, you can try Carvana. It’s an auto financing firm with more options and more flexible terms than AAA.