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M&T Bank: 2023 Auto Loan Review published 2023-01-01 00:00:00
Writen 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 details of taking out loans to buy a car.







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

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct your own research and compare data at no cost and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website come from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial deals that could be accessible to you.




About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges that are included in the review is accurate at the time when the review first appeared. Check the data at the top of this page and the lender's site for the most current details.








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

Availability Rating: 4 5 stars out of 4
Cost of Affordability: 3.6 stars out of five
Customer Experience Rating: 5 stars out of 5
Transparency Rating: 2.5 stars out of 5


Compare auto loan rates


About Capital One Loan amount Starting at $2,000
Min. credit score Not specified
APR from 6.34%
Funds are available in not specified



M&T Bank pros and cons M&T Bank auto loans boast extended support and a low minimal loan amount, however it is important to consider the entire picture before making an application.
PROS Low Minimum loan amount
Discounts for M&T Bank customers
24/7 Support

CONS Limited availability
No prequalification
Vehicle information needed to be able to apply





Do you qualify? The Buffalo-based bank does not provide requirements for credit scores or minimum income, but to be eligible, you must be 18 or older and be a resident of the state of New York. In order to qualify for the most favorable rates, you need to: be able to afford an loan term of 63 months or less. You must also finance a vehicle that is a 2018 model year or later Have an M&T bank account Arrange for automatic payment

What we like and what do not like Think about the full range of the features M&T Bank has to offer before you submit the loan application. What we like Low minimum loan amount. Motorists can finance their vehicle with as little as $2,000, which is competitive compared to similar lenders. Discounts for customers of banks. Customers who currently have an M&T bank account will benefit from the lowest interest rates. 24/7 support. M&T offers support over the phone at all hours of the day and even at night. What we don't like 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. There is no prequalification. Contrary to other nonbanking lender competitors, M&T does not offer applicants the chance to prequalify. The information about the vehicle you need to submit for an application. When applying to get an auto loan you must know what vehicle you want to finance -- an uncommon requirement. How do you contact M&T Bank M&T Bank has 24/7 customer support for its customers by telephone at 800-724-2440. If you prefer personal assistance you can make an appointment at any of its more than 1,600 locations across the country. To keep up with your application or manage your loan just log into your account on M&T Bank's website. M&T Bank site.
Auto loan kinds available M&T Bank offers financing for used and new vehicles as well as refinancing auto loans.

Used and new vehicle loans Beginning at $2,000 Terms: Up to 84 month APR: 6.34%-15.99 1 % M&T Bank offers new and used automobile loans starting at a less than the usual minimum of $2,000. But the minimum APR is steep, so be careful if you do not fall within the criteria mentioned. On top of this the applicant should have the car information.



Refinance amounts: Beginning at $2,000 Terms: Up to 84 months APR: 6.34%-15.99 Percentage If you have a credit rating that has significantly improved after you signed off on the loan or you got the terms of your loan from a dealer, refinancing with M&T could help lower your monthly payment. M&T offers a quick approval procedure that is particularly advantageous for those who are who are in financial straits.



How do I apply for a loan with M&T Bank According to the M&T Bank site, the application process should only take just a few minutes. It is possible on the internet or in any of the branches in its office. Following the request, you'll have until 30 days to make the purchase.


The information required to apply for a job Social Security number Income and employment information. Assets and liabilities. Email address Year, make, model, mileage and VIN number



M&T Bank FAQs
How do you pay off the M&T Bank auto loan? There are many ways to pay off your loan with M&T via online, over the telephone, in person or via mail. M&T also provides recurring payments that will ensure you don't miss a month.




Is it smart to refinance through an institution like a bank? Refinancing with a bank is recommended when you have an existing association with this institution, because you could get higher rates. Otherwise, it is best to shop around at different types of lenders to determine the best new loan.




What is the rate at which Bankrate charges M&T Bank Overall score
3.8
Availability
4.0
Although loans are only available across 13 states M&T has no dealer obligation and provides a broad selection of payment options.
Affordability
3.6
The low APR increases an overall score that is lower due to the unspecified fees as well as the high minimum APR.
Customer experience
5.0
M&T has a perfect score for its extended window for shopping and its 24/7 customer support.
Transparency
2.5
In the absence of the option for loan prequalification and only some rates are disclosed, M&T receives a low score.


Methodology To determine the best automotive loan lenders, Bankrate considers 18 factors. These include credit requirements, loan amount, APR ranges, the shopping window as well as rate and fee availability. In all, Bankrate reviewed 33 lenders and gave each an Bankrate rating. It is comprised of four categories:
Availability. Loan amounts, types and repayment options are considered in this section. A broad range of options for financing results in an improved score. Affordability. The interest rates as well as acceptance criteria and current fees are analyzed here. Customer experience. This section is about online access as well as app availability and the hours of support for customers. The lenders that offer 24/7 support earn the top marks. Transparency. This covers the disclosure of potential fees and the ability to apply for loan prequalification.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been evaluated or accepted by any advertising company. The information such as rates and charges that are included in the review are accurate up to the date when the review first appeared. Look over the information at the top of this page and the lender's website to find the most recent information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to buy the car they want.
Edited by 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 the confidence to manage their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.






Auto loans editor










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