PNC Bank Car loans Review

PNC Bank View Rates

Suitable For?

PNC may be especially suitable for borrowers who wish to arrange a sale through a private buyer as some competitors don’t offer this facility. Likewise, it could also be a good choice for those who prefer to manage their finances on the go as you can make payments and set up alerts via the bank’s app.

Features

You can use PNC auto loans to purchase new and used vehicles through dealers and private sellers, or to refinance existing leases. As well as traditional loans, the company offers check-ready loans if you have yet to find a vehicle. These essentially give you the ability to shop as a cash buyer. Main loan characteristics include the following:

• A 0.25% discount on your rate if you set up automated payments through a PNC checking account
• Check ready loans available on 2014-2023 models only
• Vehicles must be purchased through eligible dealers
• Used vehicles must be under 8 years old
• Used vehicles must have fewer than 100,000 miles

The company also offers a Total Auto service that allows you to both find and finance your vehicle through PNC. Powered by TrueCar, this feature enables you to see what others have paid for similar cars and to check dealer offers.

Application Process

You can apply for a loan online, over the phone, or in a PNC branch. The first step is typically to review PNC’s loan rates and obtain an accurate value of your vehicle through JD Power.

During the application, you’ll need to provide information such as the below:

• The dollar amount you’d like to borrow
• One form of photo ID (driver’s license, state-issued ID, or US passport)
• Previous address (if you’ve been at your current address less than 2 years)
• Previous employer details (if you’ve been with your current employer less than 2 years)
• Your income details
• The vehicle’s VIN (if refinancing)

If you have a co-applicant, this person will also need to provide these details.

Once you’ve applied, you’ll typically receive your decision within minutes. When you close at a PNC branch, you’ll receive your check on the same day. If you’ve applied over the phone or online, your documents will be sent overnight to your home. 

Remember that you are responsible for transferring the vehicle’s title and placing PNC’s lien on the title if you’re buying out the lease on an existing loan.

Loan Types and Terms

PNC Loans offers 4 loan types: buying from a dealer, buying from a private party, buying out a lease, or refinancing an auto loan. 

The interest rate you pay will depend on the type of loan you take out and start at 5.74% APR.

The following criteria also apply:

• Check-ready loan amounts: $7,500-$50,000
• Traditional auto loan amounts: $5,000-$100,000

Repayment Options

The following loan terms are available:

• 12 to 48 months
• 49 to 60 months
• 61 to 72 months

You can make payments through mail, money order, online banking, in app, or via PNC’s automated payment program. You can also make payments over the phone, but there is a $7 fee for doing so.

If you’re having difficulty making your repayments, you should contact PNC to discuss the possibility of setting up an assistance plan.

How Safe Is It?

PNC has several safeguards to protect your data and your money. These include:

• Security questions when you enroll in online banking
• 2-step verification
• Optional account activity alerts
• A system for customers and partners to report vulnerabilities in the PNC network

There is also a detailed privacy policy on the website.

Help & Support

You can contact PNC by phone, in branch, or through social media. Phone support hours are Monday to Friday, 7am-10pm (ET) and Saturday and Sunday, 8am-5pm. You can contact the company on Twitter Monday to Sunday, 6am-12am.

T: 1-888-PNC-BANK (762-2265)

How PNC Compares

Summary

If you’re looking for a flexible auto loan, PNC has a great deal in its favor. As well as offering the freedom to buy from a dealer or private individual, it can help you find a vehicle that suits your needs and offers check-ready loans if you’re still shopping around. Although PNC does come with a relatively high minimum borrowing amount, this may not be an issue for many borrowers who are keen to benefit from other features such as its 0.25% rate discount and competitive APRs.

Physical Address

249 Fifth Ave, Pittsburgh, PA 15222, United States

PNC Bank View Rates

Disclaimers

Purchase: 

Annual Percentage Rates (APRs) for loans amounts from $5,000 to $100,000 with repayment terms from 12 to 72 months currently range from 5.74% to 22.04 %. Available rates within this range may vary by loan amount, repayment term and model year.

The lowest rates are available to well-qualified applicants. Your actual APR may be higher than the lowest available rate and will be based upon multiple factors such as credit qualifications, loan amount, repayment term, model year, automated payment from a PNC checking account and number of days to first payment.  

APRs include a 0.25% discount for automated payment from a PNC checking account. Automated payment must be set up at loan closing to qualify for the 0.25% discount. If automated payment is discontinued, you may no longer receive an automated payment discount and your rate will increase 0.25%. 

Model Years: Auto Loans to be secured by a 2014-2023 model year non-commercial vehicle with up to 100,000 miles. Repayment term restrictions apply for vehicles with model years 2014-2017. Certain restrictions apply for mileage from 80,000 to 100,000. 

Credit is subject to approval. Certain restrictions and conditions apply. Rates are effective as of 3/30/2023 . Rates, terms and conditions are subject to change at any time. For more information, visit pnc.com/checkready.

Loan Payment Example: The monthly payment per $1,000 borrowed at 5.74 % APR for a term of 72 months would require 72 monthly payments of $16.45 based on 30 days to first payment. The monthly payment per $1,000 borrowed at 5.74% APR for a term of 12 months would require 12 monthly payments of $85.95 based on 30 days to first payment.

NOTE: The credit score ranges utilized to define "Excellent", "Good", "Fair" and "Poor " in the "Credit Score" drop down option are established by BestMoney.com as a guideline. Standards for rating credit scores and associated available rates may vary by lender.

Refinance:

Annual Percentage Rates (APRs) for loans amounts from $5,000 to $100,000 with repayment terms from 12 to 72 months currently range from 5.89% to 23.04%. Available rates within this range may vary by loan amount, repayment term and model year.

The lowest rates are available to well-qualified applicants. Your actual APR may be higher than the lowest available rate and will be based upon multiple factors such as credit qualifications, loan amount, repayment term, model year, automated payment from a PNC checking account and number of days to first payment.  

APRs include a 0.25% discount for automated payment from a PNC checking account. Automated payment must be set up at loan closing to qualify for the 0.25% discount. If automated payment is discontinued, you may no longer receive an automated payment discount and your rate will increase 0.25%. 

Model Years: Auto Loans to be secured by a 2014-2023 model year non-commercial vehicle with up to 100,000 miles. Repayment term restrictions apply for vehicles with model years 2014-2017. Certain restrictions apply for mileage from 80,000 to 100,000.

Credit is subject to approval. Certain restrictions and conditions apply. Rates are effective as of 3/30/2023 . Rates, terms and conditions are subject to change at any time. For more information, visit pnc.com/(URL for auto refinance?}.

Loan Payment Example: The monthly payment per $1,000 borrowed at 5.89% APR for a term of 72 months would require 72 monthly payments of $16.52 based on 30 days to first payment. The monthly payment per $1,000 borrowed at 5.89% APR for a term of 12 months would require 12 monthly payments of $86.02 based on 30 days to first payment.

NOTE: The credit score ranges utilized to define "Excellent", "Good", "Fair" and "Poor" in the "Credit Score" drop down option are established by BestMoney.Com as a guideline. Standards for rating credit scores and associated available rates may vary by lender.

Refinance Loan: Refinancing at a longer repayment term may lower your car payment but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your car payment but may lower the total interest paid over the life of the loan.