PNC Bank auto loans review November 2018 | finder.com

PNC Bank auto loans review

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Get up to $50,000 for the car of your dreams with APRs of 3.89% to 4.19% (as low as).

If you’re raring to hit the open road with a brand new car but don’t have the cash to cover it, an auto loan could be a practical funding solution.

Whether you’re investing in your future with a car that will grow alongside your budding family or simply want an upgrade from what you’ve been driving the past few years, an auto loan from PNC Bank could help.

Product NamePNC Bank Auto Loans
Min Loan Amount$5,000
Max. Loan Amount$50,000
APR3.89% to 4.19% (as low as)
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term6 years
RequirementsUS citizen or permanent resident with a valid driver’s licence and a personal credit score of 630+ purchasing a vehicle that is 8 years old or less.
  • Vehicle must be 8 years old or less
  • Credit score of 630+
  • Valid driver’s license
  • US citizen or permanent resident

Do I qualify?

To be eligible for an auto loan from PNC Bank, you meet the following criteria:

  • You must have a valid US driver’s license.
  • You must have a personal credit score of at least 630.
  • The vehicle you wish to purchase must be no more than eight years old.
  • You must be at least 18 years old and a US citizen or permanent resident.

PNC Bank auto loans overview

PNC Bank is a Pittsburgh-based financial services group that currently operates over 2,500 branches across 19 states and Washington, DC. PNC Bank offers a wide array of banking products and services to its customers, including checking and savings accounts, credit cards, home loans and auto loans.

You can use an auto loan from PNC Bank to purchase a new car from a dealership or private seller as well as buy out a lease or refinance your current loan. It offers the Check Ready Auto Loan to qualifying applicants looking to shop for a new car like a cash buyer with a preapproved PNC Bank check in hand.

5 types of car loans offered by PNC

  • New car loans. Enjoy the convenience and ease of shopping for a new car from the dealership with a preapproved check from PNC Bank.
  • Used car loans. Use your PNC Bank auto loan at any licensed dealer to purchase a used car with APRs of 3.89% to 4.19% (as low as).
  • Auto refinancing loans. Apply for a loan with PNC Bank online to refinance a preexisting loan on your vehicle and potentially lower your monthly payments.
  • Private party loans. If the car you want is available from a private seller, use your PNC Bank auto loan to cover the upfront cost.
  • Lease buyout loans. Use PNC Bank’s car lease buyout loan to fully purchase the vehicle you’re leasing.

Compare more car loan options

Rates last updated November 19th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What are the benefits of a PNC Bank auto loan?

  • Check Ready Auto Loan. PNC Bank offers borrowers loans that allow you to purchase your vehicle with the flexibility and convenience of a cash buyer with check in hand.
  • Convenient online application. There’s no need to book an appointment with a loan specialist to apply for your PNC Bank loan when you can complete your application entirely online.
  • Receive a decision in minutes. After filling out your PNC Bank auto loan application, you can expect to receive a decision in as little as 15 minutes.
  • APR discount. Receive a 0.25% discount on your APR when you sign up for auto payments from your PNC checking account.
  • No prepayment fees. Pay your loan off as soon as you’d like without the hassle of early payment penalties.

What to watch out for

  • Limited availability. Currently, PNC Bank auto loans are only available in 19 states and Washington, DC.
  • Lack of fee transparency. While PNC Bank provides plenty of information on its application process and funding turnaround, it is woefully lacking in its fee schedule transparency.
  • Older vehicles ineligible for funding. PNC Bank doesn’t offer auto loans for vehicles older than eight years.

What do customers say about PNC Bank?

PNC Bank isn’t accredited by the Better Business Bureau, and it has a B- rating on the website with over 95% negative customer reviews. However, some borrowers with PNC Bank say that the its interest rates are competitive and that loan officers are flexible should you run into trouble repaying your loan. They also caution potential applicants against additional fees and charges on loans that can be tedious to negotiate.

How do I apply?

Review your submitted information and PNC Bank’s Loan Application Agreement and Disclosures. Click Submit.

You should hear from a PNC Bank loan specialist within one business day to confirm your submitted information. If approved, your funds may be available as soon as one business day after the submission of your loan documents.

What information and documents do I need to apply?

  • Social Security number.
  • A valid email address.
  • A valid US driver’s license.
  • Proof of residence, including government-issued ID with your current address.
  • Income and employment information, including recent pay stubs.
  • Available assets and liabilities.
  • Your most recent tax return.

I got the PNC Bank auto loan. Now what?

Once you have your loan, take these steps to save yourself time and money.

  • Sign up for automatic withdrawals. If you have a PNC Bank checking account, you can receive a 0.25% discount on the APR of your loan when you make automatic payments.
  • Contact PNC Bank customer service. Should you have any questions or run into difficulty repaying your loan, reach out to PNC customer service.

Bottom line

PNC Bank auto loans can help get you the funds you need when you’re looking to purchase your next vehicle or refinance your loan. Keep your eye out for loan fees and penalties as PNC doesn’t offer this information on its website. If you aren’t a member or want to compare more loan options, your can read our comprehensive guide to car loans.

Frequently asked questions about PNC Bank

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2 Responses

  1. Default Gravatar
    RonnieOctober 3, 2018

    Does the check ready auto loan act as the down payment on the car? In other words after I get this check and have the car I want do I still need to give a down payment?

    • finder Customer Care
      CharisseOctober 3, 2018Staff

      Hi Ronnie,

      Thanks for reaching out to finder.

      A check ready auto loan from PNC bank will let you shop like a cash buyer using a “blank” check up to an approved loan amount to finance your car purchase. If you get approved for PNC bank check ready auto loan, they will provide you a check which you can use to pay for your new car’s down payment or even full payment, provided your approved loan amount allows you to pay in full.

      You can contact PNC bank if you need more information on their check ready auto loan offer.

      I hope this helps.

      Cheers,
      Charisse

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