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|Range of loan options||Not available in all areas|
|One-stop car shopping and financing||Loans available only for car models from 2012 and newer|
|Ability to shop like a cash buyer||May need good credit to be approved|
What you need to know about PNC auto loans
PNC offers a range of financial services and products, including checking accounts, savings accounts, retirement accounts and credit cards. If you’re considering applying for a PNC auto loan, here are three features that stand out.
1. Many loan options
PNC offers several auto loan options, depending on your needs and eligibility.
2. One-stop car shopping
With PNC Total Auto, which is powered by TrueCar, you can find a new or used car at a participating dealership without leaving PNC’s website. Once you find a car you’re interested in, you can see what others in your area have paid for the same car, see local inventory and pricing, and check for dealer offers.
From there, you can apply for a car loan, and in most cases, you can get a decision within minutes.
3. Ability to shop like a cash buyer
PNC’s “Check Ready” auto loans allow you to shop like a cash buyer. If approved for a loan, you’ll receive a check that you can use — up to the approved loan amount — to buy a car at a dealership.
A closer look at PNC auto loans
When trying to decide if a PNC auto loan is right for you, here are a few more things to consider.
- PNC auto loans are available only in certain areas.
- PNC checking customers who allow for — and maintain — automatic payments receive a 0.25% auto loan interest-rate discount.
- PNC won’t finance vehicles that are made before 2012.
- You can choose from a range of loan terms, from as short as one year and up to six years. Remember that while a longer repayment term could lower your monthly payment, you could end up paying more in interest over the length of the loan.
Is a PNC auto loan the right fit for you?
PNC auto loans can be a convenient option for people who want to do the majority of their car-shopping online and shop like a cash buyer. They might also be ideal if you’re buying a car from a private party or want to buy out your lease.
Keep in mind that you’ll generally need good credit to be approved for a PNC auto loan. In the first quarter of 2020, a majority of auto loans financed by PNC went to those who had FICO® scores of 650 or above, according to the bank’s quarterly report.
How to apply for a loan from PNC
You can apply for a PNC auto loan online, over the phone or at one of the bank’s branches.
You’ll need to have the following ready: Your personal information, including your name, address, Social Security number, date of birth and driver’s license information (or other government ID), and employment and income information.
Before you apply for an auto loan with PNC, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.
Auto loan alternatives to consider
PNC offers a range of auto loans, a convenient car-shopping experience and financing. But if you don’t happen to live in an area where PNC bank operates — or you aren’t sure if a PNC auto loan is the right fit for you — here are some other lenders to consider.
- Bank of America auto loan: A Bank of America auto loan could be good for someone who wants to finance a car that’s up to 10 years old.
- RoadLoans auto loan: RoadLoans may be a good option if you have bad credit or have filed for bankruptcy in the past.