AA Loan - has anyone had one recently?

PattyPP

Hello, I am just trying to get a feel for timelines. I applied for a loan on Sunday evening, got accepted, signed electronically and got an email saying sit back and relax, money will be in your account within 2 working days. Ok, so today is the 3rd working day and nothing. I have read that it can take up to 5 working days so I’ll happily wait until close of play Friday but I’ve read reviews and they are all terrible, people waiting weeks and weeks only to be told they haven’t actually been accepted! 

Basically the loan is for 10,000 and is for a car. The 3.9% APR offered to me was much better than the car finance at the garage so I thought a loan would be better. I’ve put a down payment of £500 on the car and now I’m panicking I’ve made a mistake.  My Experian credit score is excellent (999) and AA was one of the loans that Experian offered to me. 

Does anyone have a positive reviews? 

I’m thinking that I can’t even apply for another loan with a different bank at the same time can I as it will harm my credit rating and could stop me getting a loan altogether? I’m so worried now I’m going to lose the car and the money- I’ve told the garage I’m still waiting and my baby is due in 4 weeks so I really need the 5 door car as opposed to my little 3 door.

[Deleted User]

It's standard for the AA.

Apply elsewhere as a back up. Two searches is fine, regardless of any drop in your rating and you're low on options if you don't have the cash.

DCFC79

Really you should have waited until you got the loan to put the deposit down.

bamgbost

it should have come through by now right?

DCFC79

bamgbost said:

it should have come through by now right?

You would think so but they do take a while to process it when other lenders dont have a problem.

Cadders10

Hi,
I had exactly the same with AA 2 years ago.
I went ahead and put a deposit down then started the loan process. Like you I had max credit rating and didn't see any risk of not being accepted. Then frustratingly they took a really long time even to get to approval. At the time I eventually got accepted at 3% and was never a problem but everything was by post too which just added to the process and not what I had experienced with other loan providers.

I think that it is something to do with being underwritten by Bank of Ireland. Then the strangest thing afterwards for last 2 years has never even appeared on my credit record for some reason! I didn't worry about this and not a problem as now paid off early anyway.

I would suggest there isn't a problem but they are slow! For the car I was purchasing I had to ask them to lengthen the agreement time to be able to not lose my deposit while sorting it all out. I got the feeling they thought I was struggling to get the loan but was never the case. It took around 2 weeks from start to finish which by comparison to others is a long time I think.

Hope all works out

Andy

DCFC79

Cadders10 said:

Hi,
I had exactly the same with AA 2 years ago.
I went ahead and put a deposit down then started the loan process. Like you I had max credit rating and didn't see any risk of not being accepted. Then frustratingly they took a really long time even to get to approval. At the time I eventually got accepted at 3% and was never a problem but everything was by post too which just added to the process and not what I had experienced with other loan providers.

I think that it is something to do with being underwritten by Bank of Ireland. Then the strangest thing afterwards for last 2 years has never even appeared on my credit record for some reason! I didn't worry about this and not a problem as now paid off early anyway.

I would suggest there isn't a problem but they are slow! For the car I was purchasing I had to ask them to lengthen the agreement time to be able to not lose my deposit while sorting it all out. I got the feeling they thought I was struggling to get the loan but was never the case. It took around 2 weeks from start to finish which by comparison to others is a long time I think.

Hope all works out

Andy

which credit report did it not appear on ?

There's 3 credit ref agencies so it could be on the other 2.