New auto lending product offered by PNC Bank

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PNC is essentially combining TrueCar’s search and pricing capabilities with PNC’s “Check Ready” program, which provides customers with a check at a branch or by overnight delivery. (Screen shot courtesy of PNC)

Described as a “seamless end-to-end digital car buying experience,” PNC Bank’s newest lending tool is designed to help car buyers navigate the world of car lots.

Called PNC Total Auto Powered by TrueCar (NASDAQ: TRUE), a California-based digital automotive marketplace, the bank said buyers can use computers, tablets or mobile devices to shop for cars from dealers in their area, choose the features they want, find the best prices, apply for a loan and, if approved, receive a check the next day. This all takes place before they head to the car dealer, writes Jeff Blumenthal in the Philadelphia Business Journal. 

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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. auto dealer. PNC assists customers with auto loans of more than $50,000 through other available products.

A PNC spokesman said while the bank has offered online auto lending capabilities, the difference with Total Auto is basically that it’s end-to-end digital.

To read the complete story click here.

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