AAA Banking Loans Frequently Asked Questions

What types of loans do you offer?

We offer a variety of loan types:

• Purchase (new or used Auto)
• Refinance (current Auto)

Are there any types of vehicles AAA Banking does not finance?

Yes. The following vehicles are not eligible for financing

• Vehicles valued at less than $5,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used car value guide such as Black Book for used vehicles)
• Vehicles used for commercial and/or business purposes
• Commercial vehicles like heavy-duty trucks (450/4500 series Trucks and vans)
• Salvaged or branded-title vehicles
• Gray market or lemon law vehicles
• Conversion or delivery vehicles, including Cargo and Sprinter vans 

Do you offer loans in all 50 states?

No, The Auto Club Group only provides AAA Banking services in Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, New York, North Carolina, North Dakota, South Carolina, Tennessee and Wisconsin. 

Are there any specific terms and conditions I should be aware of before applying for a loan?

Specific terms for your loan are determined by a variety of factors, but you should be aware of the following: 

• The minimum amount we finance is $5,000
• The maximum amount we finance is $99,000
• Vehicles 10+ years old are not allowed.
• Vehicles with over 100,000 miles on it
• Term limitations may apply
• Loan-to-value restrictions apply
• A down payment may be required
• Title and state fees may apply

Do I need to be a member of AAA to get a loan?

No, non-members may submit an application online here. 

If I decide to pay my auto loan off early, is there a prepayment penalty?

No. We do not charge prepayment penalties for any financing accounts that it services. 

How do I apply for a loan?

You can apply for your loan online in just a few minutes by clicking here. There's no fee to apply and most decisions are available within a few hours. Some applications may require a more detailed review and we will notify you by email when the decision is ready.

What type of information do you collect when I apply for a loan?

When you apply for a loan, you'll be asked to provide personal information such as:

• Name
• Address
• Social Security Number
• Employment information
• Income
• U.S. citizenship status
• Email address & Phone number

Depending on the specifics of your loan request, the following documents may be required prior to funding:

• Driver’s License
• Proof of Insurance (Auto, RV or Motorcycle)
• Registration

What should I do if I've frozen my credit?

If you have frozen your credit report due to security concerns, you will need to temporarily unfreeze with Equifax to proceed with an application. Please refer to the instructions provided when you freeze your report or contact the individual bureaus for more information.

How soon will I know if my loan application has been approved and how long is the approval good for?

Most pre-approval decisions are available within a few hours. Some applications may require a more detailed review and we will notify you by email when the decision is ready.  

Your loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission.

How do I check the status of my loan application?

You can check the status of your loan application at any time by visiting our secure Applicant Portal. We will also notify you by email when the application status is updated.

What if I decide to decline my offer?

You may cancel your application at any time.

Can I get approved for a loan before I pick out my vehicle?

Yes. Your purchase loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission, which means you know before you shop exactly how much car you can afford.

If I get a vehicle loan from AAA Banking can I use it to buy a vehicle from anyone?

You have a few options when using AAA Banking to finance your loan:

• Franchise dealers: Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others.
• Approved independent dealers: Independent dealers are not affiliated with auto manufacturers
• No Private party

Can I refinance my existing vehicle loan through AAA Banking?

Yes, you may refinance your existing loan whether it's through AAA Banking or another financial institution.

Please Note: Some promotions may not be available when you refinance an existing loan. 

Purchasing from a dealer

1. Present your online preapproval offer to the dealership if required. This offer can be accessed online in the applicant portal through our website at any time.
2. When ready to finalize your purchase, upload the requested documents through the online applicant portal in PDF or JPG format.
3. After we have reviewed your uploaded documents, (typically within one business day, excluding holidays) you will receive an email to sign your loan package.
4. Once your documents have been signed your loan disbursement will be processed.
5. The check payable to the dealer will be sent to the dealership via UPS overnight.

Refinancing an existing car loan

1. Review the terms of your approval.
2. Upload the requested documents through the online applicant portal in PDF or JPG format.
3. When the application is ready to close you will receive an email to sign your loan package.
4. Once your documents have been signed your loan disbursement will be processed and sent via UPS to your current lender.

We will provide you with detailed next steps on how to complete the title process once the loan is complete.

What if I Refinance?

The release of the lien from your prior finance company needs to be sent to Grasshopper Bank along with your title. A signed lien application is also needed. Once we have your title, the release of the lien from your prior lien holder and the signed lien application, all of this is sent to the DMV in your state to release the prior lien holder and add our lien and a new title is issued. If your state is an electronic title state your title will remain as an electronic title.

What if I purchase my vehicle from a dealer?

The dealership is responsible for titling the vehicle in your name and placing Grasshopper Bank, N.A. as a lien holder.

Will there be a cost involved to title my vehicle?

Costs, such as tax, tag and title fees vary by state. Check with your local title agency for specific fee information.

How do I sign up for Online Banking?

You can enroll in Online Banking in just a few minutes.