Automated payments are loan payments that are automatically deducted from your checking or savings account. It's easy to set up with your lender or loan servicer. You can usually pick which day of the month you want the funds taken out. What's great about automatic payments is you don't have to worry about sending a check each month. Most lenders offer an incentive for borrowers who participate in automatic payment programs. The PNC Solution Loan offers a 0.50% interest rate discount for automatic payments, which can result in savings over the life of the loan.