Things To Consider Before Refinancing
Servicemembers Civil Relief Act
The SCRA provides financial relief and protections to eligible servicemembers and their dependents. PNC is grateful for your service and we would like to help you understand your benefits and protections under SCRA as well as other similar benefits that PNC may be able to provide to you.
To find out more, please contact us at:
Find The Car You Want
Once youve determined how much car you can afford, you can start shopping for a car thats within your budget. Websites like Craigslist, eBay and Facebook Marketplace are all good places to start your search.
Be aware that lenders have restrictions on what cars they will and wont finance. Typically, these restrictions include:
- Age: Lenders usually have a maximum age for cars theyll finance. They also tend to offer higher interest rates and shorter loan terms for older cars.
- Mileage: Many lenders set a maximum mileage for financed vehicles, usually between 100,000 and 150,000 miles. While some lenders will finance higher-mileage vehicles, they usually do so at increased interest rates.
- Condition: Most loan providers wont finance cars that have salvage or rebuilt titles because these cars have a higher likelihood of breaking down.
- Price: Lenders have restrictions on the loan-to-value ratio, or the amount youd owe compared to the value of a vehicle. Even if you think a private sale is a good deal, the bank may disagree and require you to put more money down to have your financing approved.
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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 are buying from a private party. PNC is also good for drivers who are on a short timeline, since its possible to receive a check on the same day you apply or overnight, depending on the type of loan youre applying for.
Frequently Asked Questions About Pnc Bank
Get answers to top questions about this regional banks car loans.
What are the different ways I can make a payment on my PNC Bank loan?
You can pay your auto loan with PNC Bank over the phone, with a check or money order or online using an electronic funds transfer from an external account.
Does PNC Bank accept cosigners on its auto loan applications?
Yes, cosigners are welcome to apply alongside loan applicants.
How do I contact PNC Bank?
You can visit a branch during business hours to speak to a loan representative in person, email customer service for online support or call 888-762-2265 to speak to a PNC Customer Care Consultant, Monday through Friday, 7 a.m. to 10 p.m. and Saturdays and Sundays, 8 a.m. to 5 p.m. ET.
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Important Legal Disclosures And Information
Certain restrictions and conditions apply.
Automated payment must be set up at loan closing from a PNC checking account to qualify for the 0.25% discount. If automated payment is discontinued at any time, you may no longer receive an automated payment discount and your rate will increase 0.25%
May exclude weekends and holidays.
PNC is a registered mark of the PNC Financial Services Group, Inc.
*Check Auto Loan Rates: APRs that will display include a 0.25% discount for automated payment from a PNC checking account. The lowest rates are available to well-qualified applicants. Your actual APR will be based upon multiple factors. Refer to Important Disclosures” under Get Rates for more details.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC
Who Pnc Bank Is Best For
PNC Bank personal loans are best if you:
- Need a small-amount loan. PNC offers personal loans starting at $1,000. While some lenders require that you borrow at least $2,000, PNC lets you take out a smaller amount.
- Want to apply with a co-borrower. Adding a creditworthy co-borrower can help you qualify for a better rate.
- Are already a PNC Bank customer. If you currently hold a PNC account, it might be easier to borrow from your bank than to start over with a new lender. Plus, PNC Bank offers a 0.25% interest rate discount if you set up autopay on your loan via your PNC checking account.
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How The Application Works
You can apply for a PNC Bank auto loan by filling out a form on its website. Within one business day of submitting your information, you should get confirmation from a PNC Bank loan specialist that its been received. Youll also be provided instructions for next steps.
If approved, your funds may be available as soon as one business day after the submission of your loan documents. Or, it offers a Check Ready Auto Loan to qualifying applicants looking to shop for a new car like a cash buyer with a preapproved PNC Bank check in hand before signing off on the loan.
How Pnc Compares To Other Personal Loan Companies
Like PNC, PenFed Credit Union is a traditional financial institution that also offers personal loans. Neither of the lenders charges borrowers prepayment penalties or origination fees, and APR ranges are similar with PenFeds rates extending from 7.74% to 17.99%. That said, the lenders also provide limited qualification information on their websites.
Despite the similarities, there are a few key differences between the lenders:
- PNC applicants can enter their zip code to review available APR ranges since their rates vary by location. On the other hand, prospective PenFed borrowers can view their rates during pre-qualification.
- While PNC does not offer a pre-qualification process, PenFed lets consumers see the rate theyre likely to qualify for with just a soft credit check.
- PenFed personal loans are available up to $50,000, while PNC borrowers are limited to $35,000 loan amounts.
Because PNC does not have a pre-qualification process, PenFed may be the best optionespecially for borrowers who arent sure theyll qualify for a loan and dont want to undergo a hard credit inquiry. PenFed also provides more information about its personal loans online, and it offers more flexible loan amounts and repayment terms than PNC.
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Lowlights Of Pnc Auto Loans
- Select locations only: Mostly in states east of the Mississippi River.
- Strong credit required: PNC is not transparent about its credit requirements.
- Used car restrictions: 2011 or newer vehicles only
- Consumer vehicles only: Small business owners must apply for a business auto loan as if its a personal auto loan.
- Autos only: PNC does not finance RVs, motorcycles or boats.
- Low ratings: PNC Bank loans and auto loan modification get a B- rating at the Better Business Bureau.
Best For Quick Approval
Who’s this for? Discover Personal Loans can be used for consolidating debt, home improvement, weddings and vacations. While there are no origination fees, Discover does charge a $39 late fee if you don’t make an on-time payment each month.
You can lock in a fixed APR at 5.99% to 24.99%, depending on your credit report. Discover doesn’t charge a prepayment penalty, which means you can make extra payments in the same month to cut down on interest charges over the life of the loan.
If you’re approved for a debt consolidation loan, Discover can pay your creditors directly. You’ll just have to link the credit card accounts and provide the amount you’d like paid and the payment address information so Discover can send the money directly.
You can receive your money as early as the next business day as long as your application was submitted without any errors . Otherwise, you’ll receive your funds no later than a week after approval.
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Private Party Auto Loan
If youâre buying a car through a private transaction, you can apply for a loan by calling and scheduling an appointment at a PNC branch. PNC says if youâre approved, you can close and receive your loan check that same day or have the closing documents sent to your home. Once theyâve been signed and returned, youâll get your check in the mail.
In addition to the standard documents needed for a PNC auto loan, borrowers buying a vehicle from a private seller will also have to provide the:
- Vehicleâs selling price, year, make and model
- Vehicleâs trade-in value, year, make and model
- Vehicle identification number
- Down payment amount
Pnc Is Best For Borrowers Who:
Are existing PNC banking customers. All loans and lines of credit require an automatic payment deduction from a PNC business checking account. If youre not an existing business customer, then youll need to be willing to open an account with PNC.
Prefer to work with a traditional bank. If you prefer to work with a conventional bank, PNC is one to consider with its range of lending products. Online and mobile banking are also available to customers who prefer digital banking.
Have an established business. Per PNC credit guidelines, your business will need to have been in existence for a minimum of three years under the same ownership.
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Average Interest Rates By Term Length
Most banks and credit unions provide payment plans ranging from 24 to 72 months, with shorter term loans generally carrying lower interest rates. The typical term length for auto loans is 63 months, with loans of 72 and 84 months becoming increasingly common. The higher APRs of longer term auto loans, however, can result in excessive interest costs that leave borrowers upside downthat is, owing more on the auto loan than the car actually costs.
Heres a closer look at average interest rates across various loan terms for those with the strongest credit.
|Auto Loan Term|
While longer term loans allow for a lower monthly payment, the extra months of accumulating interest can ultimately outweigh the benefit of their lower short term cost, especially for the consumer purchasing an older used car whose value will depreciate quickly.
Terms of 72 and 84 months are also usually available only for larger loan amounts or for brand new models.
For example, when paid over the course of 48 months, a $25,000 loan at a 4.5% interest rate will result in monthly payments of $570 and a total cost of $27,364. When paid over the course of 84 months in $348 monthly payments, this same loan at the same interest rate costs a total of $29,190 more than $1,800 pricier than at 48 months. For higher interest rates, the difference between short and long term payments will be even greater.
How To Apply For A Loan With Pnc Bank
Applying for a new or used vehicle from a dealership using PNCs Check Ready Loan is the easiest option. The application can be filled out entirely online, and if you are 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 youre approved.
For refinancing, you can apply online, by phone or at a branch, but to close your loan you will need to either visit a branch or have the documents mailed to you.
Be prepared to provide:
- 30-day payoff amount if you are refinancing.
- Personal details about your co-applicant if youre submitting a joint application.
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Bottom Line On Private Party Auto Loans
Private party auto loans arent as easy to find as standard used car loans. But buying a car from a private seller can have advantages that might make the extra effort worth it.
As with any loan, the keys to finding the best rates are having a good understanding of your financial situation and comparing offers from lenders.
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Banks And Credit Unions
Most banks who offer auto loans provide similar rates as low as 3% to the most qualified customers. However, there is much variance amongst banks in the highest allowed APR, with top rates ranging from as low as 6% to as high as 25%. Banks who provide higher rate loans will generally accept applicants with worse credit, while more risk averse lenders wont offer loans to applicants with scores below the mid-600s.
The typical large bank has specific eligibility requirements for loans, including a mileage and age maximum for cars, and a dollar minimum for loans.
Generally, credit unions extend loans at lower interest rates than banks, have more flexible payment schedules, and require lower loan minimums . However, credit unions tend to offer loans exclusively to their membership, which is often restricted to certain locations, professions, or social associations.
Apply For A Pnc Personal Loan
Unlike many online lenders, PNC does not offer a pre-qualification option, so youll have to apply for a loan to see your APR. However, PNC adds a level of flexibility by allowing consumers to apply for a personal loan online, over the phone, or at a branch.
Follow these steps to apply for a PNC personal loan online:
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Best Bank For Refinancing Your Pnc Bank Loan
Best Auto Loan Refinance Companies of 2021
- Best for Great Credit: Credit Unions
- Best for Checking Rates Without Impacting Your Credit: Capital One.
- Best Trusted Name: Bank of America, Chase or WellsFargo.
- Best for The Most Options: WithClutch.
- Best for Members of the Military: USAA or Navy Federal CU.
- Best for Peer-to-Peer Loans: LendingClub although not recommendable.
- Digital Credit Union and PenFed.
What Credit Score Do You Need For A Used Car Loan
Theres not a specific credit score you need to get a used car loan. However, many lenders have their own minimum credit score requirements, and they reserve their lowest rates for borrowers with excellent credit. To get the best rates on a used car loan, youll likely need to have a credit score of 661 or above. Some lenders specialize in offering bad credit car loans, but these come with high interest rates.
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What Sets It Apart
PNC Bank offers a wider range of financing options than youll find with most providers. And its online application sets it apart from other regional banks, which often require you to visit an office in person.
But you might be able to find a lender thats more transparent about fees. And where most lenders offer everyone a 0.25% autopay discount, you must have a PNC Bank checking account to get a reduced rate.
Want to look for better rates or just shop around before you apply? Compare more providers with our guide to car loans.
Pros And Cons Of Pnc Bank Auto Loans
- Fast funding timeline. With PNC Banks 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. It lets you see what other people in your area paid for cars, letting you better estimate the loan amount to apply for.
- 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.
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