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Mt Bank
M&T Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances by providing clear, well-researched information that reduces complicated topics into bite-sized pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation could affect how and where products appear on this site, including the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity, and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be open to you.




Reviewer's disclosures: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is correct up to the date of the review. Check the data on the right as well as the lender's website to find the most up-to-date information.








At a glance 3.8 Score: 3.8 stars out of 5
Bankrate Score

Rating of Availability: 4 5 stars out of 4
Affordability Rating: 3.6 stars out of 5
Customer Experience Rating: 5 stars out 5
The Transparency Score: 2.5 stars out of 5


Find out about auto loan rates


About Capital One Loan amount Starting at $2,000
Min. credit score not specified
APR as low as 6.34%
Funds available in Unspecified



M&T Bank pros and cons M&T Bank auto loans boast an extended service and a low minimum loan amount, but it is important to consider every aspect before deciding to apply.
PROS Low minimum loan amount
Discounts for M&T Bank customers
24/7 support

CONS Limited availability
No prequalification
The information about your vehicle is needed for application





Do you qualify? The Buffalo-based bank does not provide requirements for credit scores or minimum income, but to apply you must be 18 years of age or older and be legally resident. To qualify to receive the best rates, you need to: have an loan period of 63 month or less. Finance a car that is a 2018 model year or greater M&T bank account Arrange for automatic payments

What we like and what don't like Consider the whole of what M&T Bank has to offer before you submit an loan application. We like the low minimal loan amount. Motorists can finance their vehicle with as little as $2,000 which is competitive compared to similar lenders. Discounts for banking customers. Customers who currently have an M&T bank account will benefit of the lowest rates. 24/7 support. M&T provides support via phone throughout the day and night. We don't like the limited availability. M&T Bank only serves drivers in the following states: Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia along with Washington, D.C. No prequalification. Contrary to other non-banking lender rivals, M&T doesn't offer customers the possibility of prequalifying. Information about your vehicle is required to apply. When applying for the auto loan you should know the car you wish to finance -- a rare requirement. Contact information for M&T Bank M&T Bank has 24/7 assistance for its borrowers by phone at 800-724-2440. If you prefer in-person assistance you can make an appointment at one of its over 1,600 branches across the nation. To track the status of your application or to manage your loan simply log in to your account on M&T Bank's website. M&T Bank site.
Auto loan types offered M&T Bank offers financing for used and new cars as well as refinancing auto loans.

New and used vehicle loans Beginning at $2,000 Terms: Up to 84 months APR 6.34%-15.99 percent M&T Bank offers new and used automobile loans starting at a less than average minimum amount of $2,000. The minimum APR however is high, so be wary when you aren't in the above criteria. Additionally the applicant should have the car details.



Refinance amounts: Beginning at $2,000, Terms: Up to 84 months APR 6.34%-15.99 percent if the credit scores of your clients have significantly improved following the approval of the loan or you got the terms of your loan from a dealer, refinancing with M&T will help you lower your monthly installment. M&T offers a quick approval process that is particularly beneficial for drivers in a financial pinch.



How do I apply for a loan with M&T Bank According to the M&T Bank site, the application process should only take a few minutes and can be completed on the internet or in one of its office branches. After submitting your application, you have until 30 days to complete the purchase.


The information required to apply for a job Social Security number Income and employment information Assets and liabilities email address, year of application make model, mileage, and VIN number



M&T Bank FAQs
What is the best way to pay off an M&T Bank auto loan? There are a few ways to pay off your loan using M&T: online, by telephone, in person or via mail. M&T also offers recurring payments which ensure that you do not be late for the month.




Should you refinance with a bank? Refinancing with a bank is an excellent option in the event that you have had a prior relationship with the institution because you could get better rates. If not, it's best to shop around at different types of lenders to find the best new loan.




What is the rate at which Bankrate charges M&T Bank Overall score
3.8
Availability
4.0
While loans are only available across 13 states M&T holds no dealership requirements and offers a vast variety of repayment options.
Affordability
3.6
The low maximum APR boosts the score, but it is based on unspecified fees and steep minimum APR.
Customer experience
5.0
M&T scores perfectly for its lengthy window for shopping and its 24/7 customer support.
Transparency
2.5
With no option for loan prequalification, and with only a few rates are disclosed, M&T receives a low score.


Methodology In order to determine the most suitable automotive loan lender, Bankrate considers 18 factors. This includes the requirements for credit, loan amount, APR ranges, shopping window together with fee and rate availability. In total, Bankrate reviewed 33 lenders and gave each an Bankrate rating. It is comprised in four areas:
Availability. The types, amounts and repayment options are analyzed in this class. A wide range of options for financing results in an improved score. Affordability. The interest rates, acceptance criteria and the current fees are analyzed here. Customer experience. This category concerns online access as well as app availability and customer support hours of operation. The lenders that offer 24/7 support earn the best marks. Transparency. This includes the disclosure of possible fees, as well as the option of applying for loan prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been evaluated or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date that the review was written. Review the data in the upper right hand corner of the page and the lender's website to find the most current information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.






Auto loans editor










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