PNC auto loan rates are up for the first time in years, with the long-term rate increase expected for the third straight year.
In its latest quarterly earnings call, PNC said its long-lived auto loan rate was up 7.3 percentage points to 3.85% in the quarter ending June 30.
The rate increase is a continuation of a trend, Pnc said.
The lender has continued to invest in its business, expanding a number of its loan programs, expanding loan products and introducing new products.
The company is working to help homeowners save on their mortgage costs by reducing loan consolidation and loan consolidation fees, which account for over 50% of total interest costs.PNC is also increasing loan costs on its new auto loan programs.
The lender will offer loan consolidation, which reduces the total amount of loans you have to take on to the lowest possible level.
It will also offer a loan consolidation fee, which will lower the amount of your loan you have paid to PNC.
PNC has been able to reduce the costs of consolidation by increasing the loan amount and reducing the loan fee, it said.
For the fourth quarter, PPC said its car loan rate rose 6.6 percentage points, to 1.64% for the quarter.
The average rate for the same quarter was 1.51%.
PNC is expanding its car loans, offering a new car loan, and offering a $200,000 loan consolidation loan.
The firm said it expects to extend these loans into 2018.
In September, the PNC announced that it would offer a $500,000 car loan consolidation for homeowners with no down payments.
This will allow homeowners to refinance their loans at the same rate they pay on their current loans.
Pincus has also increased the interest rate on the Pincuses new car loans.