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PNC Bank Auto Loans Review
PNC Bank auto loans at a glance
|Lender||Loan Amount||APR||Terms||Key Benefit|
|PNC Bank Auto Loans||$7,500–$50,000||3.44%–5.54%||12–72 Months||Wide variety of auto loans available|
*Rates accurate as of August 12, 2020, and exclude an autopay discount of 0.25%
What we like about PNC auto loans
PNC Bank auto loans give you options — a great benefit when you’re shopping around for a vehicle. You can buy from a dealer, a private seller, buy out your lease or refinance your vehicle with PNC. If you’re buying from either a dealer or a private party, PNC will send you a check you can write up to your approved amount, allowing you to shop like a cash buyer.
When repaying your loan, you can pay it off as quickly as you’d like without having to worry about any prepayment penalties. Also, if you’re already a PNC Bank customer and sign up to auto-pay your car loan, you’ll receive a 0.25% discount off your interest rate.
[Read: Best Auto Loan Rates of 2020]
Things to consider
You might not be able to get a PNC Bank auto loan if you live in a region that PNC doesn’t service. Loan availability varies by ZIP code, but PNC doesn’t make it very easy for you to tell which areas can get a car loan and which ones can’t. You’ll have to enter your ZIP code on its website to see if you live in a qualifying area.
You should also know PNC won’t finance a vehicle more than 8 years old. If you’re buying a car with a model year older than 2012, you’ll have to look somewhere else for financing or save up enough money to pay cash for it.
What you need to know
PNC Bank auto loan rates can be as low as 3.49% if you’re buying a new vehicle from a dealer and as high as 5.54%. It all depends on the car you buy, who you buy it from and the term length you choose — which can be anywhere between 12 and 72 months. You can also lower your rate by 0.25% by signing up for auto-pay through a PNC Bank checking account.
Applying for an auto loan with PNC Bank is an easy process. You can apply either online, over the phone or in-person at a PNC branch. To apply online, follow these steps.
- Navigate to the PNC Bank auto loan webpage.
- Decide whether you need a Check Ready Loan for a dealer purchase or a refinance loan, then click apply. You’ll need to apply in-person for a private seller loan.
- If you’re a current PNC Bank customer, sign in to your account to streamline the process. If not, click “Apply without signing on” at the bottom of the page.
- Enter your ZIP code to see if you live in a qualifying area, then enter details about your purchase including the total cost, your down payment and the term you’re looking for to get a loan amount and interest rate estimate.
- On the next page, enter your personal and financial information to complete your application. You’ll need to provide a form of ID like your driver’s license or passport.
- Once you submit your application, you should receive a decision shortly — usually within just a few minutes.
Collateral and criteria
PNC Bank doesn’t publish a minimum credit score requirement for auto loans online, but its quarterly filing with the SEC shows that 98.7% of PNC Bank auto loans went to customers with credit scores higher than 650. While this isn’t a complete guarantee you won’t be approved if your scores are below 650, it does show that PNC Bank doesn’t offer the best auto loans for bad credit.
PNC Bank auto loans are secured by the vehicle you purchase. If you’d rather use an unsecured loan to buy your vehicle, PNC Bank offers personal loans up to $35,000 — but you’ll pay a significantly higher interest rate.
[Related: What Are Collateral Loans?]
PNC auto loans vs. the competition
Bank of America
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