If you have your sights set on a new car but don’t have the finances to pay it off fast, you will want to look into getting an auto loan. Doing so gives you the option of either financing a vehicle or leasing it and paying back specific monthly amounts over a certain length of time. With that in mind, it is a good idea to shop around for various auto loans from different banks and other financial institutions. One of the options available in the United States is the PNC Bank auto loan. Is this particular loan really worth it? Here is a review of the PNC Bank auto loan and what you can expect if you get your loan from PNC Bank.
Advantages of PNC Bank Auto Loan
One of the advantages you get from acquiring your auto loan from PNC Bank is the Check Ready auto loan. This is a deal where you can receive your loan in its full amount on a check from the bank and walk into a car dealership and pay for the vehicle you want. It is easy to apply for this auto loan and you will get a prompt response from PNC Bank. If you are approved, you will receive a packet of information and a blank check in the mail.
The auto loan is good for both new and used vehicles but cannot be used toward vehicles older than 2005. There is also a requirement that the vehicle in question cannot have more than 80,000 miles on it. PNC Bank’s auto loan cannot go toward a trailer, motorcycle, boat, RV or commercial vehicle. The amount of the Check Ready loan cannot be greater than 110 percent of the price of a new car or 105 percent of the price of a used vehicle. Finally, the extended warranty on the car cannot be more than $1,500.
Limitations on the Loan
With that said, there are certain limitations on the auto loan, which is to be expected. You will also have an APR amount to be paid back to the bank. This amount depends on the specific year and price of the car you are considering. For example, if you are considering purchasing a car that is a 2005 to 2008 model and the amount is $7,500 to $14,999, the APR is 4.39 percent. However, if you have designs on a vehicle with the model year 2012 to 2014 and the amount is $7,500 to $14,999, the APR rate would be 2.59 percent.
Who Benefits from the Loan?
Overall, with the PNC Bank auto loan, you are essentially rewarded for spending more money and buying a newer vehicle, even when it is used. This particular deal is not worth it for individuals who have negative equity on a trade in if they choose to trade their current vehicle. This is because you are required to have the cash to make up the difference when you are at the car dealership.
The auto loan from PNC Bank is worth it for consumers who want to be able to more easily purchase a new car, used or brand new. The Check Ready option is a good one as it removes a lot of the hassle associated with purchasing a vehicle.