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Pros and Cons of PNC Auto Loans
Who is PNC Best For?
PNC is also a great option for borrowers with shakier credit who want to enlist a cosigner, as it allows them on its loans. If you have a poor credit history or simply want to qualify for a better rate, you can add someone with a better credit score to improve your chances or getting approved for a loan.
PNC will also get you your money fast — potentially as soon as the day after the loan is approved.
The lender has a program called PNC Total Auto. You'll see what other people in your area have paid for a specific car to better understand how much money you'll need to take out. Then you can get approved for financing before going to the dealership.
How PNC Auto Loans Compare
Capital One doesn't offer an option for private party purchases, while both Bank of America and PNC allow you to make that choice. Capital One has the lowest loan minimum, while Bank of America has the highest disclosed maximum.
You can't get a Capital One loan if you're located in Alaska or Hawaii, while Bank of America and PNC offer loans to residents of all 50 US states and Washington, DC. The oldest model year for a PNC loan is 2014. Bank of America and Capital One don't offer financing for vehicles more than 10 years old.
Read more about how we rate auto loans >>
How to Apply for a PNC Auto Loan
1. Gather required information. This includes your address, employment, and income details. You'll need to know what car you're after, and if you're looking to buy from a dealer or private party. There are additional options to refinance your loan or buy out your lease.
2. Check the details of the car you want and make sure it qualifies. PNC will only finance a car model year 2015 or newer, with between 80,000 to 100,000 miles on it (depending on your credit profile).
3. Submit a formal application and wait for an approval decision. If you're approved for a loan, you may receive your funds as soon as the same day in some cases if you close the deal at a PNC branch. PNC has branches in 27 states across the U.S.
4. Budget for your monthly payments. Depending on the interest rate you receive, the amount of money you borrowed, and your term length, your monthly payments could be several hundred dollars. Make sure you make a plan to fit auto loan payments into your budget.
Frequently Asked Questions
Is PNC trustworthy?
Keep in mind that a top-notch BBB rating doesn't guarantee you'll have a great relationship with the lender. Reach out to anyone you know who has taken out an auto loan with PNC and learn about their experiences with the company.
Does PNC have good auto loans?
PNC offers great rates on cars you purchase from a dealership, but it has its limitations when it comes to the model of car you're eligible to purchase. You'll get a rate discount for signing up for automatic payments with the bank, and you won't be charged any penalties if you pay off your loan early.
What credit score do you need for a PNC auto loan?
PNC does not disclose the minimum credit score needed for its auto loans. Generally, the higher your credit score, the more likely it is that you'll be approved for a loan. A better credit score also results in lower interest rates.
Can I view my PNC auto loan online?
Yes. Sign into your PNC account on the PNC website, and you'll be able to view all of the details of your auto loan.