PNC Bank: 2022 Auto Loan Review

PNC Bank is one of the biggest banks in the U.S., with more than 2,600 branches across the country. PNC offers auto loans in person, online and over the phone. It stands out for its PNC Total Auto program, powered by TrueCar. This service allows you to search for vehicles in your area, compare prices, apply online and receive funding overnight. Along with this, PNC offers competitive APR rates and a wide range of repayment options.

PNC Bank auto loan snapshot

Pros and cons of PNC Bank auto loans

Consider these benefits and drawbacks of an auto loan with PNC Bank before signing off on an application.

Pros

• Fast funding timeline. With PNC Bank’s Check Ready Loan, you can apply online for a new or used car loan and receive a check in the mail overnight. Private party purchases and auto loan refinancing require a branch visit, but you can still pick up your check the same day you apply.
• PNC Total Auto program. PNC Total Auto guides you through the car-purchase experience from car comparison to loan application. The service is particularly helpful if you don’t know which car you’d like yet; it lets you see what other people in your area paid for cars, letting you better estimate the loan amount to apply for. Once approved for a loan, you can head to the dealer with essentially a “blank” check from PNC.
• Large branch footprint. If you prefer in-person service, PNC could be a good option. It has more than 2,600 branches in more than 25 states. 

Cons

• High minimum loan amount. PNC’s minimum loan amounts are on the higher side. If you are looking to finance a new or used car through a dealer, you must be willing to spend at least $7,500, and you must refinance at least $5,000.
• Requirements not specified. PNC does not specify its requirements when it comes to income and credit score. This makes it harder to determine whether you’ll qualify for a loan with the company.
• Branch visit required for some loans. If you’re hoping to purchase a used car from a private seller, you’ll need to visit a branch. If you don’t live in one of the states where PNC operates, this loan option isn’t available to you.

Who is PNC Bank best for?

An auto loan from PNC bank is best for drivers who prefer in-person customer service and who live near a PNC branch; keep in mind that you must visit a branch if you’re buying from a private party. PNC is also good for drivers who are on a short timeline, since it’s possible to receive a check on the same day you apply or overnight, depending on the type of loan you’re applying for.

Types of auto loans offered

PNC Bank offers auto loans for new and used vehicles and for vehicle refinancing.

New/used vehicle loans

PNC offers new and used auto loans for both dealership purchases and purchases from a private seller, although the details are slightly different for each type.

If you’re buying from a dealer, you can apply online for any amount between $7,500 and $50,000. Loan amounts up to $100,000 are available, but you’ll have to call to learn your options. If you’re buying a used car from a private seller, you can borrow anywhere from $5,000 to $100,000. In both cases, you can choose a repayment term of 12 months to 72 months.

Refinance

If you want to refinance your vehicle, PNC lets you choose a loan amount between $5,000 and $100,000 and a term between 12 and 72 months.

Interest rates and terms

PNC offers a discount of 0.25 percent off your interest rate if you set up automatic payments from a PNC checking account. The rates below include this discount.

How to apply for a loan with PNC Bank

Applying for a new or used vehicle from a dealership using PNC’s Check Ready Loan is the easiest option. The application can be filled out entirely online, and if you’re approved, a check can be mailed to you overnight.

The process looks different for private party auto loans and refinancing loans. With a private party auto loan, you need to visit a branch to apply, and you can either pick up your check at the branch or have it mailed to you once you’re approved. For refinancing, you can apply online, by phone or at a branch, but to close your loan you’ll need to either visit a branch or have the documents mailed to you.

Be prepared to provide:

• Personal details, like your address, income and employer.
• Vehicle information.
• Photo ID, such as a driver’s license or U.S. passport.
• 30-day payoff amount if you’re refinancing.
• Personal details about your co-applicant if you’re submitting a joint application.

Auto loan requirements

PNC does not specify its credit score or income requirements to get an auto loan. However, you may use its loans to finance only vehicles with a model year of 2013 or newer, and borrowers using the Check Ready Loan must work with a U.S. franchise dealer.

Customer service

PNC earns an “A+” rating with the Better Business Bureau, which tracks customer complaints and businesses’ responses to those complaints. An A+ is the highest rating given.

PNC has both online and app availability, as well as in-person appointments in its banks. Customer care consultants are available at 888-762-2265 Monday through Friday from 7 a.m. to 10 p.m. ET and on Saturday and Sunday from 8 a.m. to 5 p.m. ET.

How Bankrate rates PNC Bank