PNC Bank Auto Loans Review
Founded in 1845 with headquarters in Pittsburgh, Pennsylvania, PNC bank has delivered financial products and services for well over a century to a customer base of over 8 million. The bank is well known for its competitive PNC auto loan rates, interactive digital banking tools and over 150 years in the industry. Customers looking to purchase a car or refinance an existing loan will be interested to learn about PNC’s competitive interest rates, additional rate discounts for existing customers and its free-to-use car-buying service. PNC Bank works hard to deliver a simple and straightforward auto loan process whether you’re a current bank customer or not.
How PNC Bank stacks up
- Industry-leading rates as low as 3.09%
- Additional rate discounts available
- Convenient car-shopping service
- Limited to 19 states and Washington D.C.
- Autopay discount must be from PNC account
- Unnecessary steps in refinancing
|New Car APR||Used Car APR||Refi APR||Loan Amounts||Terms|
|PNC Bank||Starts at 3.39%||Starts at 3.24%||Starts at 3.09%||$5,00-$100,000||12-72 months|
What’s interesting about PNC Bank
The first thing that jumps out as attractive about this company is the PNC auto loan rates. APRs are available from as low as 3.09% up to 10.14%, with the 0.25% automatic payment discount factored in.
Additionally, PNC Bank offers a car-buying service that rolls financing and selecting a car into one process. The program is known as PNC Total Auto and helps to simplify the entire car-buying process. Total Auto is powered by TrueCar, which does shed a positive light on its ability to help get a fair or favorable deal.
Things to consider
PNC currently only has branches in 19 states and Washington D.C. In order to be able to utilize a PNC auto loan, you’ll need to live in one of these states. PNC Bank does offer quick online car loan applications that don’t require you to head into a branch, so if you happen to live far from a branch location, you can still easily apply. While the loans are limited to residents of the 19 serviced states and Washington D.C., you are able to purchase a car from any licensed dealer located anywhere in the U.S.
The bank offers auto loans to residents in 19 states and Washington D.C. PNC auto loan rates are available starting at 3.09% APR. These figures do include a 0.25% rate discount applied to those who choose to use autopay through a PNC checking account. As is standard across the industry, rates are contingent on your individual creditworthiness as determined by the bank. Repayment terms are between 12 and 72 months, with some older used cars being excluded from longer repayment terms.
Additionally, the website mentions additional restrictions for vehicles with mileage from 80,000 miles to 100,000 miles. These specific restrictions are not publicly stated and should be addressed with the bank on a case-by-case basis if you’re looking to secure a loan to purchase a high-mileage vehicle.
Interested borrowers can apply for a PNC car loan in person at a branch location or through the company’s website. Minimum loans available are $5,000, and the maximums listed are $100,000.
Auto loan refinancing
Refinancing an existing auto loan to get a better rate or change your payment size can be a wise financial move, especially in favorable market conditions. PNC Bank allows those with current loans through other lenders to refinance anywhere between $5,000 and $100,000. Exact refinanced rates will depend on your location, loan size, term length, and creditworthiness. It’s important to point out that the 0.25% rate savings available to PNC customers using autopay to purchase a new car is also available on refinancing deals.
PNC Bank vs. LightStream
LightStream is a subsidiary of SunTrust Bank that has since merged with BB&T to form Truist. LightStream offers very competitive rates on auto loans and its Rate Beat Program states it will beat any existing offer on a purchase or refinance by 0.10% as long as the loan meets a few qualifying conditions. Keep in mind this means they will not match the additional 0.25% autopay customer discount you can get through PNC bank. Compare rates between these two lenders without the added discount included for the Rate Beat Program to determine with which lender you’ll get the best deal.
PNC Bank vs. Bank of America
Bank of America advertises new car loan APR rates as low as 2.99% with additional discounts between 0.25% and 0.50% available for Preferred Rewards members. As you can see, this is a significantly better rate than where PNC’s loans start at 3.09%. Be aware, though; an auto loan option is only a viable option if you’re able to get approved. Additionally, the actual rate you’ll receive can vary greatly from the best-advertised rate for each lender.
PNC Bank vs. ClearLane
Powered by Ally Bank, ClearLane is an online auto loan marketplace similar to LendingTree. With one application, ClearLane is able to source several different auto loan options for you without any negative impact on your credit score. Using an online marketplace like ClearLane alongside individual lenders like PNC Bank is the best multi-tiered approach to finding the best auto loan for your situation.
The final word
For those that live in PNC Bank’s service area, the over 150-year-old bank should be on your radar as a viable option. Low and competitive rates, additional discounts for existing customers, and a helpful car-buying service option should all be reasons to consider utilizing this bank on your next car purchase or for a refinance. Those that are outside of PNC’s service area or those looking to purchase a much older used car should consider other top auto lenders to complete their deal.