Auto Loans
Top Companies in 2024
LendingClub vs PNC Bank
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- No origination fees
- Easy pre-qualification with no hard credit inquiry
- Instant rate checking without waiting
- Loan calculator
- Rate discounts
- Online application
- Vehicle restrictions
- Membership requirement
- Refinancing services only (no new car loans or lease buyouts)
- Not available nationwide (restricted in certain states)
- Must apply in person for private sales
- Minimum borrower requirements undisclosed
LendingClub, founded in 2007 and headquartered in San Francisco, initially gained fame as a peer-to-peer lender but shifted away from this model in 2020. The company now specializes in personal loans, business loans, and auto loan refinancing, boasting over 4.7 million members and having facilitated more than $85 billion in loans. LendingClub offers auto loan refinancing ranging from $4,000 to $55,000 and APRs between 4.99% and 24.99%. Notably, the application process is entirely online, allowing potential borrowers to check their rates without impacting their credit scores. The absence of origination fees and penalties for early repayment enhances their appeal. However, LendingClub does not provide new or used car loans and has restrictions based on vehicle age and mileage. Customer feedback highlights a generally positive experience, with a 96% recommendation rate among LendingTree users. The company’s transparency regarding rates and fees is also praised. Despite their limitations—such as availability only in certain states—LendingClub remains a competitive option for those looking to refinance their auto loans. Prospective borrowers can explore LendingClub's website for detailed insights into eligibility and specific terms.
Founded in 1845 and headquartered in Pittsburgh, Pennsylvania, PNC Bank is one of the largest financial institutions in the United States, offering a wide range of banking services, including competitive auto loan options. Their auto loan offerings include financing for new and used vehicles, ranging from $5,000 to $100,000, and flexible repayment terms from 12 to 84 months. A standout feature is the PNC Total Auto program, powered by TrueCar, which allows customers to search for vehicles, compare prices, and receive funding quickly. PNC's Check Ready Auto Loan enables borrowers to secure financing before visiting dealerships, streamlining the purchasing process. Customers can benefit from a 0.25% interest rate discount by setting up automated payments from a PNC checking account. While PNC does not disclose specific credit requirements or offer prequalification, their quick funding timelines and extensive customer service hours enhance the overall experience. With a focus on transparency and customer convenience, PNC Bank’s auto loans are designed to cater to various needs, making it an appealing option for those looking to finance their next vehicle.
- Loan Terms : 84 months or 7 years
- Minimum Accepted Credit Score : 600
- APR : 6.34%
- Loan Terms : Undisclosed
- Minimum Accepted Credit Score : Undisclosed
- APR : Undisclosed
- BBB Rating : A+
- Flexible loan terms tailored to your financial situation
- Transparency and fair lending practices
- No prepayment penalty
- Mobile app integration
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party
- Used Vehicle
- Extended Warranty—Undisclosed
- GAP Insurance—Undisclosed
- Limited Warranty—Undisclosed
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- Mobile Application—Undisclosed
- Online Account Management
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- Hard Credit Check
- Income—Undisclosed
- Minimum Credit Score
- Pre-qualification With Soft Check—Undisclosed
- Hard Credit Check
- Income—Undisclosed
- Minimum Credit Score
- Pre-qualification With Soft Check—Undisclosed
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees—Undisclosed
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- Automatic Payments—Undisclosed
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments—Undisclosed
- Online Payments
- Phone Payments—Undisclosed
- Automatic Payments
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments—Undisclosed
- Online Payments
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- Phone
PNC Bank vs. Lending Club
When comparing auto financing and refinancing, PNC Bank and LendingClub offer distinct services designed to meet the needs of various borrowers. PNC Bank is a traditional financial institution with a broad range of auto loan options, while LendingClub focuses on refinancing existing loans through its peer-to-peer lending platform. Each has strengths and limitations that suit different borrower needs.
Service range and offerings
PNC Bank provides comprehensive auto financing services, including loans for purchasing new and used cars, private-party purchases, and lease buyouts. They also offer refinancing options for borrowers seeking better terms on their current loans. PNC’s Check Ready Auto Loan Program allows customers to secure financing before visiting a dealership, which can simplify the car-buying process. In contrast, LendingClub focuses exclusively on auto loan refinancing, meaning they do not offer new car loans or lease buyouts.
While PNC Bank offers a wider variety of loan types, LendingClub specializes in providing a streamlined refinancing process with flexible loan terms ranging from 24 to 72 months. Borrowers looking for a full range of auto financing solutions might prefer PNC, while those focused on refinancing will find LendingClub’s platform appealing.
Plans and pricing
PNC Bank offers competitive interest rates on auto loans, starting around 2.79% for borrowers who set up automatic payments from a PNC checking account. Their loan terms range from 12 to 84 months, and their pricing model varies based on factors like creditworthiness, loan term length, and the type of vehicle being financed. PNC’s flexible approach allows borrowers to finance various cars with tailored repayment terms, but rates may increase for those with lower credit scores.
LendingClub’s auto loan refinancing rates are also competitive, with APRs ranging from 4.99% to 24.99%, depending on credit score, loan term, and vehicle type. Unlike PNC, LendingClub does not charge origination fees or prepayment penalties, making their loans more cost-effective for borrowers looking to pay off their loans early. However, LendingClub does impose vehicle restrictions, such as limitations on older or high-mileage vehicles, which can narrow the refinancing options for some borrowers.
Advantages and disadvantages
PNC Bank’s key advantage is its wide array of auto loan options, which can accommodate borrowers at various stages of vehicle ownership. The Check Ready program simplifies the car-buying process. PNC’s solid reputation and extensive branch network offer a sense of security for borrowers who prefer working with a well-established financial institution. However, PNC requires in-person applications for private-party loans, which can be inconvenient for borrowers seeking a fully online experience.
LendingClub’s main advantage lies in its straightforward, transparent refinancing process, with no hidden fees or prepayment penalties. Their soft credit inquiry for prequalification allows borrowers to explore refinancing options without impacting their credit score. However, LendingClub’s limited focus on refinancing means it is not an ideal choice for those looking for new vehicle financing or lease buyouts. Additionally, their service is unavailable in certain states, which can restrict access for some borrowers.
In conclusion, PNC Bank is a better fit for borrowers seeking diverse auto loan solutions, while LendingClub is ideal for those focused solely on refinancing.