AA has decreased the cost of borrowing on its mid-tier personal loan by 0.2% APR, allowing it to sit comfortably among the top 10 of its sector.
A loan of £7,500 to £15,000 over a term of 18 months to five years now has a competitive rate of 3.9% APR, enabling it to retain its status as a Moneyfacts best buy.
Example monthly repayments: £7,500 over five years = £137.55.
Borrowers must be at least 23 years old and have an income of £12,000 per annum in order to apply for this loan. Applications can be made online, by phone or by Smartphone app.
This loan comes with an enticing incentive package of free AA Roadside Vehicle Breakdown Cover for one year for new customers, while existing AA members will receive a half price upgrade to their policy.
Borrowers should remember that rates depend on the amount borrowed, the term chosen and their credit history.
This rate cut has boosted the competitiveness of this loan, something that is sure to catch the attention of borrowers, while the added incentives of free breakdown cover or a half price upgrade further sweeten the deal.
Moneyfacts rating: Excellent
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