PNC Bank Auto Loan Review: Process, Eligibility, APR, and More!
PNC Bank Auto Loan Review: Process, Eligibility, APR, and More!
PNC Bank is one of the biggest (sixth largest) banks in the United States, with more than 2,600 branches across the country. PNC offers various types of loans, including auto loans in person, online, and over the phone. It stands out for its PNC Total Auto program, powered by TrueCar. This service allows you to search for vehicles in your area, compare prices, apply online and receive funding overnight. In addition to all of that, PNC offers competitive APR rates and a wide range of repayment options. Read our full PNC Bank Auto Loans review to find out everything this bank has to offer you.
PNC Bank at a Glance
With more than 2,600 locations and branches across the United States, PNC Bank is the sixth-largest bank in the country, currently serving more than 8 million customers. PNC Bank was founded and launched in 1983, and it is a trustworthy bank that is keen on serving its customers to its best ability. PNC Bank is well known for offering competitive APRs and interest rates on its new and used car auto loans, but this only applies if your credit is high and you live within 50 miles of one of its locations.
PNC Bank finances almost all types of vehicles. However, the bank does not finance vehicles like motorcycles or RVs. You must be located within 50 miles of a PNC Bank branch to be entitled to an auto loan or loan refinancing through PNC Bank, although it does offer personal loans or lines of credit to buy a vehicle anywhere. Nevertheless, their rates may be higher, and their maximum loan amounts lower than traditional auto loans. The PNC bank is not accredited by the Better Business Bureau (BBB), but it is rated with an A+.
PNC Bank Auto Loans Options
PNC Bank's starting rates are highly competitive, but the starting APR for auto loans is 2.79%, including a discount of 0.25% that only applies if you make automatic payments via a PNC checking account. Interest rates are also lower the shorter the term is. The terms start at 12 months and extend to 84 months, according to a PNC representative, although the website shows that 72 months is the longest term possible for an auto loan. According to PNC's calculator, you can borrow up to $999,999, but their representative states that the upper limit for an auto loan is usually $200,000.
PNC Bank offers various types of loans, including the following:
- Purchasing a new car from a dealership
- Purchasing a used vehicle through a car dealership or private party
- Refinancing a loan
- Lease buyouts
Purchasing new vehicles
The APRs for buying new vehicles range between 2.79% and 11.14%. As for the loan amount, the minimum loan amount is $7,500. PNC Bank will finance a new car if you purchase it from a certified auto dealer. The newer the vehicle and the shorter the term, the lower the interest rate. However, it is important to mention that higher rates may apply for longer terms like 60 or 72-month loans. Rates also depend on where you are located. It's important to mention that the rates above include the autopay discount. PNC Bank allows a co-signer or co-applicant.
Purchasing used vehicles from dealers
The APRs for buying new vehicles range between 3.39% and 10.94%. As for the loan amount, the minimum loan amount is $7,500. PNC Bank finances used cars that have less than 80,000 miles, though it could be possible to finance cars up to 100,000 miles under special conditions. As has been mentioned earlier, PNC Bank doesn't finance vehicles older than 2011 models. Moreover, PNC does not offer a 72-month term on vehicles that are older than 2014.
Purchasing used cars from a private party
The APRs for buying new vehicles range between 3.09% and 14.99%. As for the loan amount, the minimum loan amount is $5,000. If you wish to buy a car from a private car seller and you are looking for financing, PNC Bank offers private party auto loans in addition to used car loans for dealer vehicles. Vehicles that are manufactured in 2015 or newer can be financed for up to 72 months.
The APRs for buying new vehicles range between 2.94% and 14.84%. As for the loan amount, the minimum loan amount is $5,000. If you're trying to refinance the your car, rates at PNC are competitive, especially for late-model cars. You are allowed to refinance cars that are as old as a 2015 model year for a term that lasts up to 72 months. As for cars older than 2015, you can refinance into a loan for as long as 60 months. PNC Bank will refinance auto loans up to $100,000.
Check ready auto loan.
The APRs for buying new vehicles range between 2.79% and 10.94%. As for the loan amount, the minimum loan amount is $15,000. PNC offers a service by the name Check Ready Auto Loans for new and used car auto loans. This service is available when you buy a new or used car from a certified dealer.
PNC Bank also offers financing online for loans amounting to up to $50,000 through this service. For loans that are above this number, you'll need to call its customer service line. This is mainly a pre-approval program that enables you to print a "blank check" to take to the dealer so they can fill in the amount required.
PNC Total Auto
If you wish to look for and buy a car through PNC Bank, you can browse for vehicles, get financing, and see what other users have paid for the same car, all on the PNC website, then print out a check you take to the dealer to finish your transaction. You can shop for both used and new vehicles.
How to Apply for an Auto Loan: PNC Bank
When you apply for a new or used vehicle from a dealership using PNC's Check Ready Loan, the application can be filled out online on their website, and if you get approved, a check will be mailed to you in less than a day.
The process is different for refinancing and private party auto. For a private party loan, you have to visit a physical branch to apply, and you can then pick your check-up at their branch or ask them to mail it to you as soon as you get approved. As for loan refinancing, you may apply for it online, by calling on the phone, or at a physical branch, but to close your loan, you'll have to visit a branch or have them mail the documents to you.
Be prepared to provide the following documents:
- Your personal details, including your address, salary, and employer
- Vehicle information
- 30-day payoff amount if you're refinancing
- ID, such as a driver's license or a United States passport
- Personal details about your co-applicant if you're submitting a joint application
PNC Bank Customer Support
PNC Bank offers various customer support options to help their customers with their inquiries and issues. They offer phone, Twitter, and in-person support. You can reach out to the PNC support team by phone at 1-888-PNC-BANK (762-2265). You can also contact them on Twitter at @PNCBank_Help. Their working hours are Monday through Friday: 7:00 a.m. - 10:00 p.m. ET. Saturday to Sunday: 8:00 a.m. - 5:00 p.m. ET.
They also have an informative Frequently Asked Questions (FAQs) section that you can explore to find answers to your inquiries. Visit their website to learn everything you might want to.
Bottom Line on PNC Bank
PNC Bank is one of the largest operating banks in the United States. Although it is not accredited by the BBB, it is given an A+ rating by them. They offer various auto loan options, including loans for purchasing new cars, used cars, refinancing auto loans, and many other services. PNC Bank's starting rates are highly competitive, but the starting APR for auto loans is 2.79%, including a 0.25% discount that's only applicable if you make automatic car payments through a PNC checking account. Rates are also lowest for the shortest terms, which start at 12 months and extend as long as 84 months.
The lowest credit score required for a PNC auto loan is 630. Generally, the higher your credit score, the more likely it is that you'll be approved for a loan. A better credit score also results in lower interest rates.
Yes. You can view your PNC auto loan if you sign into your PNC account on the PNC website, and then you will be able to view all of the details of your auto loan.
You can make a payment on your loan several different ways: You can make an electronic transfer through Online Banking via the Transfer Funds tab, or Online Bill Pay through the Pay Bills tab. You can have it automatically withdrawn using our Automated Payment Program. Payments will be withdrawn from any account, including accounts at other banks. You can make a payment over the phone. There is a $7 fee for making a payment over the phone. You can also mail a check or money order.
You can reach out to the PNC support team by phone at 1-888-PNC-BANK (762-2265). You can also contact them on Twitter at @PNCBank_Help. Their working hours are Monday through Friday: 7:00 a.m. - 10:00 p.m. ET. Saturday to Sunday: 8:00 a.m. - 5:00 p.m. ET.