PNC Auto Loan Review

PNC Bank auto loans at a glance

Note that rates vary by model year, loan amount, loan term and loan type. Please see PNC’s website for more information.

In the states that it does business in, PNC Bank offers a variety of auto loans with competitive interest rates. Here are some of its standout features.

• Lots of loan options: PNC offers new and used auto loans, private-party auto loans, lease buyouts and auto refinancing.
• Large loans: If you have strong enough credit, you could borrow up to $100,000 with a PNC auto loan.
• Preapproved car loans: PNC offers preapproved car loans through its Check Ready program.
• Fast response: PNC can often deliver a lending decision within minutes. If you apply for a Check Ready loan, the PNC can send the check overnight to your address.
• Best for private-party car purchases: It can be hard to find auto financing when buying from a private seller. PNC could help. However, you’ll have to apply at a branch.

PNC auto loan requirements

PNC auto loans are not available nationwide. To get a loan, you’ll need to live in one of the 28 states it does business in (or the District of Columbia).

PNC also doesn’t disclose the credit score you need to buy a car, and it doesn’t offer prequalification. That means you’ll need to agree to a hard credit hit to check your eligibility. This will drop your credit score by a few points.

Like most lenders, PNC Bank places limitations on the cars it’ll finance. The car must be 2016 or newer and have less than 100,000 miles on the odometer. You also need to buy the car from a national franchise dealership or CarMax.

PNC pros and cons

It’s smart to shop for loan rates with banks, credit unions and online lenders to compare with the dealer’s financing offers. To help you decide, here’s a look at the benefits and drawbacks of a PNC Bank car loan.

PNC Bank offers online applications for most loans. However, you’ll need to visit a branch to apply for a private-party loan. And while you can apply for auto refinancing online, you have to finalize the loan in person. When you’re at the bank, consider opening a PNC checking account and enrolling in autopay for a 0.25% APR discount.

If you don’t have an exact vehicle in mind, you could use PNC’s Total Auto program, powered by TrueCar. You can find your car, potentially secure dealer discounts and apply for a loan all in one place.

PNC company overview

PNC Bank was founded in 1852 as the Pittsburgh Trust and Safety Company. Today, PNC Bank is the sixth-largest commercial bank in the U.S. by assets, with retail branches in 28 states and the District of Columbia.

PNC auto loan types offered

PNC offers two types of loans for new and used vehicles: a traditional auto loan and its Check Ready loan.

A Check Ready loan is a preapproved car loan that you get before heading to the dealer. With this, you’ll get a paper check delivered to your home, allowing you to shop like a cash buyer. Once you finalize the sale, you’ll fill out the check for the final amount, up to the amount you were approved to borrow.

A Check Ready loan can help you stick to your car-buying budget. Plus, you can use it as leverage during car negotiations since the dealer will know how much you’re approved to spend.

In addition to loans for new and used autos, PNC Bank also offers auto loan refinancing, private-party loans and lease buyout options.

How to get an auto loan with PNC

The PNC loan application process is fairly standard, and you could get an approval decision within a few minutes. Loan approvals are valid for up to 30 days, and the same goes for a Check Ready check. You can also apply by phone or at a branch.

Before you start the loan application, have the following documents and information available. If you’re applying jointly with another person, you’ll need the same information for your co-applicant.

• Name
• Date of birth
• Address (including recent addresses if you’ve lived at your current residence for less than two years)
• Employment information
• Income information
• Driver’s license or other government-issued form of ID
• Vehicle information for a traditional car loan or lease buyout
• Car and lender information and payoff amount (for refinance loans)
• Dollar amount you’d like to borrow

Is a PNC auto loan right for you?

A PNC loan may be a good fit if you’re looking to finance a private-party purchase or want a preapproved car loan to use at a dealer. Existing PNC members might also be interested in the bank’s 0.25% autopay discount.

However, PNC doesn’t let you check rates with a soft credit hit. You’ll have to go through the entire application process to see the exact rates and terms you will receive. Also, depending on the loan you need, be ready for a long drive if you don’t live near a branch. PNC requires in-person visits for private-party and auto refinance loans.

How PNC auto loans compare

No matter the type of auto loan you need, PNC can likely accommodate. Still, you may be able to find a lower rate or longer loan term with other auto loan lenders. Please note that the information below applies to new car loans only.

As you can see, PNC Bank’s rates are on the higher side, but it does offer large loan amounts. Navy Federal Credit Union has some of the most competitive rates, offers the lowest loan amounts and the longest loan terms. However, you must have military affiliation to become a member.