What bank is PNC? Is it a credit union? And why 2.24%? Did they originally quote 2.49 and then drop it 0.25 because of direct debit? Sorry, I have a high score like you and I just want to know what rate I should shoot for when I buy my Mercedes in a few weeks. (2014 S class)
Well PNC is a brick and mortar bank with branches all over. I had only heard of them before I got my loan the other day. There are over 2,000 branches. I've seen them around where I live too.
But what I did, is just told them I got my last car at 1.9% with a 700 score and no money down just a year before. No way I would consider a rate that high given that I had a 20k trade-in, title in hand, and they pulled 812 credit score (They were trying to give me 5.5). I just laughed. Plus I had my own credit score with me 808 (non-auto enhanced)
Key is to know your score and your know the numbers on the car. stand your ground. I told them my old truck was fine with me if I couldn't get the deal I wanted I was content to go home. On one paper from a manager I did see 2.9% but when we got back to the finance office, it was 2.24% just like he said it would be. PNC is a bank they found.
Personal opinion based on my last too vehicle purchases. The managers and the finance guys have more leeway with rates than they lead on. The get points for selling loans. They are just hoping you will jump at the first price that sounds good which I bet most people do. ask for the out the door price on paper with all the fees. if you look at the payment you can guess what the rate is just be looking at it. Well I can anyway.. I'm an IT guy and I work for a bank. ;-)
