Overview of PNC Auto Loans
PNC Bank is a top 20 U.S. bank offering a variety of lending products including auto loans across the country. With both online and over 2,600 branch locations, PNC aims to make financing vehicle purchases accessible through flexible loan options.
PNC offers new, used, and refinanced auto loans ranging from $7,500 up to $100,000 with competitive fixed rates as low as 6.84% APR. We’ll review PNC auto loan products including pros, cons, rates, and requirements to consider if they can drive borrowers through the car buying journey.
PNC Bank Auto Loan Types
PNC provides the following main auto lending products:
New Auto Loans
Finance new vehicle purchases from franchised dealers through PNC. Loans from $7,500 to $100k over 12-72 month terms.
Used Auto Loans
PNC finances used car purchases from private parties or independent dealers. Same loan amounts and terms as new vehicles.
Auto Loan Refinancing
Refinance existing auto loans through PNC to potentially lower rates or monthly payments.
So whether buying, selling, or looking to save on current loans, PNC offers an array of auto financing suited to different needs and credit profiles.
PNC Bank Auto Loan Requirements
While PNC doesn’t disclose specific auto loan eligibility criteria publicly, below are some common requirements:
No minimum score but you must demonstrate creditworthiness. Prime scores see better pricing.
Should have steady verifiable income able meet monthly payments comfortably.
Cars must be 2014 model year or newer with under 100k miles in most cases. More restrictions when refinancing.
So those with decent credit history, income stability, and newer vehicles should qualify for competitive rates from PNC.
PNC Auto Loan Terms & Rates
PNC discloses their auto loan APR ranges publicly so borrowers know what to expect:
Interest Rates & APRs
All PNC auto loans currently advertise annual percentage rates between:
Minimum APR: 6.84%
Maximum APR: 18.14%
Where your individual APR offer lands within that range depends primarily on your credit score. Prime and good scores see the lowest rates. PNC’s ceiling rates still beat most subprime lenders.
Auto loans at PNC range from:
So PNC financing works for both inexpensive used cars and high-end luxury new models. New car discounts apply for loan amounts over $25k.
Available terms fall between:
Minimum Term: 12 months
Maximum Term: 72 months
Lengthening terms lowers the monthly payment but increases total interest paid over the life of the loan. Determine the term length that best fits your budget.
PNC offers interest rate reductions for enrolling in auto-pay through an eligible PNC checking account. So signing up to have payments automatically withdrawn each month saves money.
How To Apply for PNC Auto Financing
Below we’ll walk through getting a new or used auto loan from PNC Bank:
Check Personal Rates
First visit PNC’s website to check personalized auto loan rates through their fast online form or visiting a branch. This initial check won’t impact your credit score.
Submit Full Application
If happy with rate offers, continue to the full application submitting all required personal, employment, and financial details. Applications can be completed digitally, over the phone, or in person depending on loan type.
Get Approved & Purchase Vehicle
Upon approval, PNC sends a loan check directly to either you or the auto dealer. Then complete your vehicle purchase using PNC financing. New eContracting also allows some borrowers to get funded fully online.
The process from application to purchase takes as little as one day with PNC for a smooth car buying financing experience.
READ ALSO: Autopay: 2024 Auto Loan Review
Refinancing Your Current Auto Loan with PNC
In addition to financing vehicles purchases, PNC allows customers to refinance existing car loans from other lenders to potentially achieve lower interest rates and payments.
To qualify for auto loan refinancing you need:
- Minimum $7,500 loan balance
- Vehicle model year 2014 or newer
- Good credit history
Refinancing steps mimic purchasing. Check rates using the fast online form, choose the best loan offer after applying, then PNC handles paying your old lender and activating the new financing terms.
If current rates are substantially lower than what you originally financed with, refinancing can net meaningful interest savings, especially for higher loan balances.
How PNC Auto Loans Compare to Competitors
PNC Bank faces still competition from other national banks and lenders. How do their auto financing offers stack up?
PNC vs Credit Unions
Credit unions offer lower rates than PNC and work with all credit tiers. But maximum financing limits around $100k. Application processes also vary greatly by credit union, whereas PNC offers consistent online applications.
PNC vs Cars.com
Cars.com connects buyers with lenders offering pre-approvals. However, final applications require in-person dealer coordination. PNC allows entire process online or via their branches, offering fixed rates upfront.
PNC vs Bank of America
As top 10 national retail banks, PNC and Bank of America offer similar new and used auto loans. The biggest difference is Bank of America’s rates skew slightly lower for prime borrowers. However, PNC provides more flexible loan terms – up to 72 months, best for larger purchases.
So while PNC doesn’t always beat competitors, convenience through their nationwide branches and transparent loan details keeps them an attractive financing choice.
To Recap: Who Should Use PNC Auto Loans?
Given loan amounts accommodating both inexpensive transportation and luxury vehicles with fixed rates as low as 6.84%, PNC auto financing makes sense for a few specific borrower types:
In-Person Banking Preferred – PNC’s 2,600+ locations provide personalized service lacked by solely online lenders. Meet advisors face-to-face.
Seeking Auto Loan Refinancing – Online forms let you easily determine if PNC offers savings over current loan terms to justify swapping lenders.
New Car Shoppers Needing Financing – PNC partners with dealers to expedite pairing approved financing with a new vehicle purchase.
While online applications accommodate most, PNC stands apart letting customers handle the entire process in-branch. And those with existing high-rate loans can potentially save money by refinancing with PNC.
Overall their lending accessibility through branches and online combined with rate transparency makes financing your next auto purchase smooth via PNC.
Frequently Asked Questions About PNC Auto Loans
Below are answers to some common questions asked around obtaining financing from PNC Bank:
What is the minimum credit score for a PNC auto loan?
While they don’t disclose firm cutoffs, you generally need fair/average credit – FICO scores over 640 – to qualify for a PNC Bank auto loan. Much lower and you may get rejected or see 18%+ APRs. Prime scores get their advertised low rates.
How fast is PNC’s auto loan funding?
PNC advertises providing loan funding as soon as one day after approval when using online Check Ready loans. Even without Check Ready expect approved loans funded within 5 business days in most cases for quick financing.
Can I get pre-approved for a PNC car loan?
Yes, PNC does provide auto loan pre-approval by initially performing a soft credit check without impacting your score. Pre-approvals allow you to confirm potential loan terms and rates before formally applying. Final approved loans depend on hard credit check results.
Does paying off PNC auto loan early hurt your credit?
No – paying off your PNC Bank auto loan early or ahead of schedule won’t hurt your credit score. Early payoff helps your score and saves money on interest charges. Just avoid penalties by ensuring your loan doesn’t charge extra fees for paying significantly ahead.
How do I manage my PNC auto loan account?
You can manage payments, get statements, even refinance PNC auto loans conveniently through their online portal or mobile apps once funded. This allows handling your auto financing digitally or at one of over 2,600 PNC branch locations.
We hope this overview gives you more confidence navigating the car purchasing journey with PNC Bank auto loan financing. Find a loan that meets your credit needs and monthly budget.
In another related article, RateGenius Auto Loans in 2024: Refinancing Review