Grab a 5-year auto loan from PNC as low as 2.24%

Hand putting red car in white piggy bank

PNC Bank has one of the best auto financing deals this summer, with loan rates as low as 2.24% APR for five years.

The 2.24% rate is lower than when we featured PNC last year (at 2.59%) and also much lower than the current national average for new-car loans, which is 4.14% for 60 months, according to our latest national survey of lenders.

If you borrow $20,000 for 60 months at the national average rate of 4.14%, the monthly payment would be about $370. But if you finance the same amount at the PNC Bank rate of 2.24% for a five-year loan, your payment would drop to about $353.

The low rate is for new cars from model years 2013 to 2015.

Search our database of the best auto loan rates from dozens of other lenders in your area to see if you can find a better deal.

Then, use our auto loan calculator to determine what your monthly payment will be for pretty much any financing.

PNC has a blank check program called PNC Check Ready. When you’re approved for financing, you’ll get a PNC check that you can take to the dealer. You can write the check for up to the approved auto loan amount after you pick out your vehicle and agree on a price.

The bank makes new-car loans from $7,500 to $50,000, but to get the best rates, you have to borrow at least $15,000. PNC is offering these loans in the 19 states (plus the District of Columbia) where it has more than 2,700 branches.

(Just for the record, those states are: Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, South Carolina, Ohio, Pennsylvania, Virginia, West Virginia and Wisconsin.)

Knowing about a deal like this makes it much easier to judge any loan you’re offered by a dealership’s finance manager.

If he or she can beat PNC’s deal, then you’re driving home with a real bargain. If not, you still know about PNC, and you don't have to depend on the manager for an auto loan.

If you’re in the hunt for a new auto, read our 5 simple steps to the best deal on a new car or truck to shop smart.

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