PNC Bank Launches Online Direct Auto Lending Portal
PNC Bank is teaming up with online automotive marketplace TrueCar to launch its own digital car-buying service, the bank announced today in a press release.
Dubbed PNC Total Auto, consumers can shop new and used cars from nearby dealers, select the features they want, find the best pricing, and apply for a loan before entering the dealership. PNC Total Auto is available on computers, tablets, and mobile devices.
“We recognize that the negotiating and car buying process can be stressful,” Lakhbir Lamba, head of retail lending products at PNC Bank, said in a press release. “PNC Total Auto better prepares customers to make informed shopping and purchasing decisions by providing a fair, comparable price, and a simplified process.”
Through TrueCar’s search and pricing transparency system, consumers can search for a car and find what price others paid for the same car. They can also explore real pricing on specific models and receive competitive pricing comparisons from TrueCar.
From there, users can apply for a loan through PNC’s “Check Ready” program. If approved, customers can receive a check in the mail by the following day and take it to a participating dealership. The check does not include a final price or a dealer name, allowing the consumer to continue their search.
Check Ready accommodates loans between $7,500 and $50,000 and may be used to purchase vehicles eight years old or newer from any licensed U.S. automobile dealer.
PNC Bank joins the list of banks offering digital retail services in the auto industry. Chase launched its own portal powered by TrueCar called Chase Auto Direct in August 2016 and Ally Financial Inc. — the financial arm of Ally Bank — debuted a direct-lending platform called Clearlane in 2017.
