PNC Bank Auto Loans: Flexible Financing & Rates

PNC Bank at a Glance

PNC Bank, initially founded in 1845, is one of the largest financial services institutions in the United States, providing a range of banking products to millions of customers nationwide. Headquartered in Pittsburgh, Pennsylvania, the bank has a long history of adapting to the needs of their clients, expanding their services to include auto loans and refinancing solutions. PNC aims to offer flexible and accessible financial products that cater to individuals looking for competitive rates, easy loan management, and a smooth application process. Today, PNC serves clients in various regions across the US, with a presence in 21 states and an extensive network of branches.

PNC Bank offers various auto loan services, including financing new and used vehicle purchases, private-party loans, and refinancing options. Their loan processes are straightforward, typically starting with an online or in-person application that provides potential borrowers with personalized loan terms and interest rates. PNC also offers pre-approval through their Check Ready Program, allowing customers to secure financing before visiting a dealership. The bank emphasizes transparency, with clear repayment terms and competitive rates that suit various financial situations. 

They have established a solid reputation in the financial industry, consistently appearing in the rankings of top national banks. While they hold an A+ rating with the Better Business Bureau (BBB), they don't have BBB accreditation. PNC's commitment to compliance, customer security, and a broad range of services contributes to their standing as a respected institution in the banking and auto loan sectors.

PNC Bank Auto Loans Options

Purchasing a new car from a dealership
PNC Bank simplifies financing for those purchasing a new car directly from a certified dealership. They offer loan terms tailored to suit different borrowers' needs. Newer vehicles and shorter loan terms often result in more favorable conditions, while longer loan terms may come with other terms. PNC also allows co-signers or co-applicants, making it easier for those with limited credit history to secure financing for their vehicle purchase.

Buying a used vehicle from a dealership or a private party
PNC Bank provides flexible financing options for purchasing used cars through a dealership or a private seller. They typically finance vehicles with lower mileage, although exceptions can be made for higher-mileage cars under certain conditions. However, PNC explicitly restricts the car's age, with older models generally not qualifying for financing. The bank offers loan terms that suit various needs, making it a good option for used car buyers who prefer longer or shorter loan periods depending on their financial situation.

Refinancing a loan
PNC Bank offers refinancing options for borrowers who want to reduce their loan payments or secure better terms. The refinancing process is available for many vehicles, with loan terms that vary depending on the car's age. Customers with newer vehicles can often extend their loan terms, while refinancing for older vehicles may come with shorter repayment periods. PNC also provides refinancing for substantial loan balances, offering a suitable solution for borrowers looking to restructure their auto loans.

Lease buyouts
PNC Bank’s lease buyout loans give customers the flexibility to purchase their leased vehicles at the end of the lease term. Instead of starting the car-shopping process again, borrowers can use this option to keep their current vehicle. The loan terms are similar to traditional auto loans, offering flexibility for borrowers who prefer long-term vehicle ownership rather than continuing a lease.

Buying a new vehicle
For those interested in purchasing a new vehicle, PNC Bank offers flexible loan terms. Borrowers who choose shorter loan terms or purchase newer vehicles may benefit from more favorable conditions. Additionally, PNC provides the opportunity to set up automatic payments, which can further benefit borrowers. This makes financing a new car through PNC a convenient and attractive option.

PNC Check Ready program
The PNC Check Ready Auto Loan Program provides pre-approved financing, allowing borrowers to receive a blank check they can take directly to the dealership. This flexibility lets customers negotiate as cash buyers, giving them more control over their purchases. The program simplifies car buying by allowing borrowers to secure financing in advance, making the transaction smoother and reducing delays at the dealership.

PNC Total Auto
The PNC Total Auto program lets customers shop for new and used cars directly on PNC’s website. This feature enables users to compare prices, see what other buyers have paid for similar vehicles, and apply for financing all in one place. Once a vehicle is selected, borrowers can print a check and take it to the dealer to finalize the purchase. The tool adds convenience and transparency to the car-buying process, helping buyers make informed decisions.

Prices & Plans

The provider doesn’t offer much information about their prices and different requirements. However, they mention the details of their rates and loan amounts.  PNC Bank's starting rates are highly competitive. Still, 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. The interest rates decrease as the term lengthens. 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 most extended term 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.

Advantages 

Loan calculator: One of the standout features is the auto loan calculator, which allows borrowers to explore different loan scenarios before committing. This tool lets users input figures such as loan amount, interest rates, and loan terms, helping them visualize their financial obligations. By seeing how adjusting factors like the loan length or down payment affect monthly payments, borrowers can make more informed decisions that align with their budgets. 

Rate discounts: Another significant benefit is the availability of relationship discounts for eligible customers. Borrowers who already hold certain checking accounts and choose to set up automatic payments can enjoy lower interest rates on their auto loans. This type of discount rewards loyalty and encourages financial responsibility through automatic payments, offering a tangible benefit to existing account holders.

Online application: The digital application process adds an element of convenience, allowing customers to apply for an auto loan from the comfort of their home, eliminating the need to visit a branch physically. This option is especially useful for those with busy schedules or who prefer a more hands-off, tech-friendly approach. The straightforward process delivers loan decisions quickly, providing applicants with prompt feedback.

No prepayment penalty: Flexibility is a key advantage, as there is no penalty for paying off the loan early. Borrowers who come in for extra money, receive a bonus at work, or simply want to reduce their debt faster can make additional payments without being penalized. This freedom allows customers to shorten their loan term and save on interest costs, making the loan more attractive for those looking to maintain financial flexibility and control.

Mobile app integration: The mobile app adds another convenience for managing auto loans. Borrowers can track their loan status, make payments, and view their remaining balance directly from their smartphones. This functionality is particularly beneficial for individuals who are always on the move and prefer to manage their finances digitally. The app provides real-time updates, ensuring borrowers stay on their payments and financial commitments.

Disadvantages

Apply in-person for private sales
A key drawback is that PNC Bank requires borrowers purchasing from private sellers to visit a physical branch to apply for a loan. This adds inconvenience, especially for those living far from a branch or preferring a fully online experience. This requirement, in a time when many banks offer digital applications for all types of vehicle purchases, can delay financing and frustrate borrowers who need quick, convenient solutions.

Minimum borrower requirements undisclosed
PNC Bank does not disclose their minimum borrower requirements, such as credit score or income criteria, making it difficult for potential applicants to assess their eligibility upfront. This lack of transparency can lead to wasted time on applications that may not meet internal standards. It makes it harder for borrowers to compare PNC with other lenders who provide more apparent qualification details.

Customer Reviews

Although they have been in business for a long time, customer reviews about them are mixed. On their BBB business profile, they have an A+ with no accreditation and a 1.11 out of 5-star rating from 482 customer reviews. On Trustpilot, they have a 1.3 out of 5 based on 1293 customer reviews. 

It is important to note that a financial institution is a large company that offers many different services. Thus, customer reviews online might not only be about their auto loan services. We have gathered the ones that are.

Positive customer reviews

Many customers have had positive experiences with PNC Bank’s auto loan services, particularly praising the lowest rates offered compared to other lenders. Borrowers appreciate the flexibility in repayment terms, allowing them to choose between shorter repayment terms with lower overall interest or longer repayment terms if they prefer smaller monthly payments. The process of applying for a car loan through PNC's website is often described as seamless, with several customers commending the accuracy of the calculations provided by the bank’s loan calculator, which helps them estimate their total interest over the loan term.

Customers also value the ability to manage their auto loan through a bank account with PNC, which integrates easily with their other financial services group offerings. They note that important disclosures are provided throughout the process, ensuring transparency, particularly for California residents who appreciate the summary of privacy rights made available to them.

In addition to offering competitive financial offers, PNC is known for their low cash mode, which helps customers avoid overdrafts while managing their loan payments. Many found the actual APR offered to them matched closely with what was advertised, avoiding any surprises during the loan application process. Despite encountering unique situations, such as job loss or relocation, several customers noted that PNC was accommodating and provided helpful solutions to meet their needs.

Negative customer reviews

However, some customers have raised concerns about customer service and the types of information shared during the loan process. A common issue was accessing accounts through PNC's online portal, which made managing car loan payments challenging. In some cases, customers reported that incorrect payoff amounts were provided, which complicated their financial decisions when trying to close their loans early.

Additionally, borrowers attempting to make extra payments toward the principal balance of their loans found that it required more effort than expected. They had to call or mail checks to ensure the payments were applied correctly, particularly for those seeking a shorter repayment term to save on total interest. Customers expressed frustration over PNC’s handling of lien releases after the loan was paid off, leading to delays in receiving titles, which can create issues when registering or selling the vehicle.

Several customers also mentioned problems when trying to transfer vehicle titles across states, particularly for those dealing with third-party services. The extra fees associated with this process, which some felt were unnecessary, continued to frustrate borrowers. Some customers also reported issues with legal advice and had to navigate complex procedures without the support they expected. Others noted that their personal information wasn’t always appropriately updated in PNC's records, causing delays when mailing essential documents.

PNC Bank Customer Support

PNC Bank offers multiple ways to get support, including phone, Twitter, and in-person assistance. You can reach their support team by calling 1-888-762-2265 or contacting them on Twitter at @PNCBank_Help. Their customer service hours are Monday through Friday from 7:00 AM to 10:00 PM ET, and Saturday to Sunday from 8:00 AM to 5:00 PM ET.

Additionally, PNC provides a comprehensive Frequently Asked Questions (FAQs) section on their website, offering detailed answers to common inquiries. Visit their website for more information and solutions to your questions.

Bottom Line on PNC Bank

PNC Bank is a well-established financial institution offering a broad spectrum of auto loan services tailored to meet various customer needs. Whether you’re looking to finance a new or used vehicle, refinance an existing loan, or buy out a lease, PNC provides solutions prioritizing convenience and competitive terms. Their Check Ready Program, flexible repayment terms, and attractive interest rates allow borrowers to secure financing quickly and confidently manage their loans. Additionally, the bank's integration with online tools, such as the loan calculator, helps customers understand their loan’s total cost, allowing for better financial planning.

Despite these advantages, some customers have raised concerns over customer service issues, particularly when accessing account information, managing extra principal payments, and delays in title transfers. These areas of frustration can affect the overall experience, especially for borrowers who expect smoother processes. PNC’s interest rate structure and loan conditions can also vary based on location, vehicle age, and loan term, which may not always align with the lowest advertised rates.

Overall, PNC Bank remains a strong contender in the auto loan market due to their flexible loan options, competitive rates, and range of services designed to support borrowers through various stages of the loan process. However, customers should consider potential service challenges and be prepared to ask for clarification during the loan management process. 

For those who value transparency and need personalized financial solutions, PNC Bank’s auto loan services offer a compelling choice. Be sure to read our detailed reviews to learn more about other companies and their offerings and determine if their services meet your specific needs and expectations. Our blog posts offer more information about the industry and how it can help you. Our detailed comparisons provide a unique way to stack companies against each other and find the best fit for you.