PNC car loans are available through PNC Bank's auto lending division, which finances new and used vehicles for customers who meet their requirements
PNC Bank offers auto loans directly to borrowers, meaning you work with PNC rather than through a dealer's financing. The bank finances both new and used cars, and you can borrow money to purchase a vehicle or refinance an existing loan from another lender. PNC handles the loan paperwork, sets the interest rate based on your credit profile, and collects monthly payments for the life of the loan.
The process differs from dealer financing in one key way: you arrange the loan before you buy the car, so you know your exact borrowing limit and monthly payment before you walk onto a lot. This is sometimes called getting "pre-approved" or "pre-may have access to," though PNC uses different terminology depending on the product.
Key Takeaways
- PNC finances both new and used vehicles, and you can borrow to purchase or refinance an existing auto loan from another bank.
- Interest rates depend on your credit score, income, and the age and value of the vehicle you want to buy.
- You can start the process online, by phone, or at a PNC branch, and the bank will tell you how much you can borrow before you shop for a car.
- PNC holds the title to the vehicle until you pay off the loan, which is standard practice for auto lenders.
- Loan terms typically range from 24 to 84 months, and you can pay off the loan early without penalty.
How to start a PNC car loan
You can begin the process in three ways: online through PNC's website, by phone at their auto lending line, or in person at a PNC branch. Online is usually fastest if you have your financial information ready. You will need your Social Security number, income details, employment history, and information about the vehicle you plan to buy (or the vehicle you want to refinance if you already own one).
PNC will pull your credit report during this step, which results in a hard inquiry that briefly lowers your credit score. The bank uses your credit history, income, and debt-to-income ratio to decide how much to lend you and what interest rate to offer. This decision typically takes a few minutes to a few hours online, or the same day if you call or visit a branch.
Once PNC approves you, you receive a loan offer that states the maximum loan amount, the interest rate, and the term length (how many months you have to repay). This offer is usually good for 30 to 60 days, giving you time to find a vehicle that fits your budget.
Interest rates and what affects them
PNC's interest rates vary based on several factors, and the bank does not publish a single rate online. Your credit score is the largest factor: borrowers with scores above 750 typically receive lower rates than those with scores between 650 and 700. Income, employment history, and the size of your down payment also matter.
The vehicle itself affects your rate too. New cars usually may have access to for lower rates than used cars because they hold their value more predictably. A used car from 2015 or earlier may carry a higher rate than a 2020 model, and the mileage on the vehicle influences this as well. PNC also considers the loan-to-value ratio, which is the amount you borrow divided by what the car is worth; borrowing less than the car's value lowers your rate.
The loan term you choose also changes your rate. A 36-month loan typically has a lower rate than a 72-month loan, because the bank recovers its money faster and takes on less risk. You can compare rates by getting multiple offers from PNC and other lenders, though each inquiry will result in a hard credit pull.
What documents you need to provide
PNC will ask for proof of income, which is usually your most recent pay stub or tax return. If you are self-employed, you may need to provide two years of tax returns and a profit-and-loss statement. You will also need a government-issued ID, proof of residence (a utility bill or lease agreement), and your Social Security number.
Once you have found a vehicle, you will need the vehicle identification number (VIN), the purchase price, and the seller's information. If you are refinancing an existing loan, you will need the account number and current balance from your current lender. PNC will contact your current lender to pay off the old loan and transfer the title to itself.
If you are buying from a dealer, the dealer will handle some of the paperwork on your behalf. If you are buying from a private seller, you will need to coordinate the title transfer yourself, and PNC will provide instructions on how to do this.
How the loan closes and when you get the money
After you find a vehicle and PNC approves the final loan, the bank schedules a closing appointment. This can happen at a PNC branch, at the dealership, or sometimes online depending on your state and the type of purchase. At closing, you sign the loan documents, which include the promissory note (your promise to repay), the security agreement (which gives PNC a claim on the car), and disclosure forms that explain the terms.
PNC then funds the loan, meaning it sends the money to pay for the car. If you are buying from a dealer, the money goes directly to the dealership. If you are buying from a private seller, PNC may send you a check or wire the money to an escrow account, depending on the situation. Refinancing works differently: PNC sends the money directly to your current lender to pay off the old loan, and you receive a new loan agreement with PNC.
The entire process from approval to funding typically takes 3 to 7 business days, though it can be faster if you close in person at a branch. During this time, PNC holds the title to the vehicle as collateral, meaning you own the car but PNC has a legal claim on it until the loan is paid off.
Monthly payments and loan terms
PNC auto loans range from 24 months to 84 months, and your monthly payment depends on the loan amount, interest rate, and term length. A shorter term means a higher monthly payment but less interest paid overall. A longer term spreads the cost across more months, lowering the payment but increasing the total interest.
You can set up automatic payments from your PNC checking account or from an account at another bank. PNC also allows you to make extra payments or pay off the loan early without a prepayment penalty, which means you can save on interest if you have extra money. Some borrowers make bi-weekly payments instead of monthly payments to pay off the loan faster.
If you miss a payment, PNC will contact you within a few days. Missing payments damages your credit score and can lead to late fees. If you fall significantly behind, PNC may repossess the vehicle, though the bank typically works with borrowers to find a solution before taking this step.
Refinancing an existing auto loan with PNC
If you already have a car loan from another lender and want to refinance with PNC, the process is similar to getting a new loan. You provide the same financial information, and PNC pulls your credit. The bank then offers you a new interest rate based on your current credit score and the vehicle's current value.
Refinancing makes sense if PNC's rate is lower than your current rate, which saves you money over the life of the loan. It also makes sense if you want to change the loan term—for example, if you want to pay off the loan faster or lower your monthly payment. Keep in mind that refinancing resets the clock on your loan, so if you are halfway through a 60-month loan, refinancing into a new 60-month loan extends your payoff date by another five years.
PNC will contact your current lender, pay off the old loan, and issue you a new loan agreement. The process takes about the same time as a new car purchase, usually 3 to 7 business days.
Frequently Asked Questions
Can I get a PNC car loan if I have bad credit?
PNC works with borrowers across the credit spectrum, but a lower credit score typically means a higher interest rate and possibly a smaller loan amount. You may also need a larger down payment. Contact PNC directly to discuss your situation, as approval depends on your specific credit history and income.
What is the minimum down payment PNC requires?
PNC does not publish a minimum down payment requirement online, as it varies based on your credit, the vehicle, and the loan amount. Some borrowers put down zero percent, while others put down 10 to 20 percent. A larger down payment lowers your interest rate and monthly payment, so it is worth asking PNC what rate you would receive at different down payment levels.
Can I refinance my PNC car loan with another lender later?
Yes. If your credit improves or interest rates drop, you can refinance your PNC loan with another lender at any time. PNC will not charge a prepayment penalty. Your new lender will pay off the PNC loan and issue you a new loan agreement with the new lender.
What happens if I want to sell the car before the loan is paid off?
You can sell the car, but the buyer will need to pay off the PNC loan first, since PNC holds the title. You and the buyer can arrange this at closing by having the buyer's funds go to PNC to pay off the loan, and the remaining money goes to you. PNC will release the title once the loan is paid in full.
Does PNC offer special rates for existing customers?
PNC may offer rate discounts if you have a checking or savings account with the bank, though the discount amount varies. Ask about customer discounts when you get your rate quote, and compare PNC's offer to rates from other lenders to make sure you are getting the best deal.