PNC Bank has one of the best auto loan deals this season, with rates as low as 2.75% for 5-year, new-car loans.
The APR is much lower than the average cost of these types of loans, which is about 5.51% based on our latest survey of several lenders.
These loans are available in the 15 states, from the Midwest to the Mid-Atlantic, where PNC Bank has more than 2,500 branches.
You can apply online and get a decision in as little as 15 minutes for most applications. If approved, you can have a check in your hand in just one day, except for Sundays and holidays.
If you borrow $20,000 at 2.75% for a 60-month loan, your payment would be about $357. But if you finance the same amount for 60 months at the average rate of 5.51%, your payment would be about $382.
So, taking advantage of PNC’s low rates can save you $25 a month or $1,500 over the life of the loan.
Search our database of the best auto loan rates from scores of other lenders in your area to see if you can find a better deal.
Then, use our auto loan calculator to help you budget your monthly payment.
There is also no origination fee for a PNC new-car auto loan.
When you know about PNC’s auto financing, you’re in a stronger position to negotiate with the dealership’s finance manager. Either the dealer can give you a better loan, or you can close the deal with affordable financing from PNC.
The bank also has a program called the PNC Check Ready Auto Loan. You can get approved for financing from PNC, then walk into the dealership with a PNC-issued “blank” check that’s valid up to your approved loan amount.
When you’re ready to purchase a car or truck, you can use the PNC funds for purchase. That way, you don’t have to negotiate a financing package with the dealer at all.
PNC makes new-car loans from $7,500 to $50,000, but to get the lowest rates, you have to borrow at least $15,000, and the loan term has to be between 49 and 60 months. The auto must be a 2010 model or newer.
If you’re shopping for a new car or truck, use our 6-step plan for driving the best deal. You can shop confidently for a good deal on a new vehicle.
If you’re in the market for a preowned auto, follow our 10 smart moves for buying a used car to help you avoid costly mistakes.
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