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

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to buy a car.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-studied information that break down complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. We also allow you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be available to you.




About our reviews Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed nor accepted by any advertiser. The information that is included, including rates and fees, presented in the review are accurate up to the date of the review. Check the data in the upper right hand corner of the page and the lender's website to find the most recent information.








At a first glance 3.8 rating: 3.8 stars out of five
Score of the Bankrate

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


Check rates for auto loan rates


About Capital One's Capital One Loan starting at $2,000
Min. credit score Unspecified
APR starting at 6.34%
Funds available in Unspecified



M&T Bank pros and cons M&T Bank auto loans boast extensive support and a lower minimal loan amount, however it is crucial to think about all aspects before applying.
PROS Low Minimum loan amount
Discounts available to M&T Bank customers
24/7 Support

CONS Limited availability
No prequalification
Information about the vehicle is required to be able to apply





Do you qualify? The bank based in Buffalo does not make public the requirements for credit score or income minimum, however for you to be eligible, you must 18 or more and be a legal resident. To qualify for the most favorable rates, you need to: be able to afford an loan duration of 63 months or less. You must also finance a vehicle that is model year or later Have an M&T bank account Arrange for automatic payments

What we love and what we don't like Consider the whole of the features M&T Bank has to offer before submitting a loan application. What we like Low the minimum loan amount. The ability to finance a car starting at $2,000, which is quite competitive compared to similar lenders. Discounts for banking customers. Borrowers that currently hold an M&T bank account will benefit of the lowest rates. 24/7 support. M&T offers support over the telephone at any time of the day and night. We don't like the limited availability. M&T Bank only serves drivers within the states of Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia along with Washington, D.C. There is no prequalification. In contrast to some of its non-banking lender counterparts M&T does not offer drivers the option to prequalify. The information about the vehicle you need to submit for an application. Before applying to get an automobile loan you need to know the vehicle you would like to purchase -- a rare requirement. Contact information for M&T Bank M&T Bank has 24/7 customer support for its customers by phone at 800-724-2440. If you prefer personal assistance, you can schedule an appointment at one of the more than 1,600 locations across the country. To stay on top of the status of your application or to manage your loan just log into your account on the M&T Bank site.
Auto loan kinds available M&T Bank offers financing for used and new cars as well as refinancing auto loans.

New and used vehicle loans Start at $2,000 and extending to 84 month APR: 6.34%-15.99% M&T Bank offers new and used auto loans starting at a lower than average minimum amount of $2,000. However, the minimum APR is quite high, so you should be cautious in case you don't fall within the criteria mentioned. Additionally, to apply you must have your vehicle details.



Refinance Amounts: Starting at $2,000 Terms: Up to 84 month APR: 6.34%-15.99 percent if you have a credit rating that has significantly improved since signing off on your loan or you received the terms of your loan from a dealer, refinancing with M&T will help you reduce your monthly payments. The bank features a fast approval process which is especially advantageous for those who are in a financial pinch.



How to apply for an loan with M&T Bank According to the M&T Bank site, the procedure for applying should take less than a minute and can be completed online or at any of the branches in its office. Following the application, you have up to 30 days to make your purchase.


Information required for application 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
How can you pay off an M&T Bank auto loan? There are a few ways to pay off your loan through M&T such as online, over phone, in person or via mail. M&T also has recurring payment options which will help you never be late for a month.




Is it smart to refinance a loan through the bank? Refinancing with a bank is an excellent option in the event that you have had a prior association with this institution since you can get better rates. If not, it's best to look around at various types of lenders to determine the best new loan.




How Bankrate rates M&T Bank Overall score
3.8
Availability
4.0
Although loans are only available within 13 states M&T has no dealer requirements and offers a vast variety of repayment options.
Affordability
3.6
The low maximum APR boosts an overall score that is lower due to unknown fees and a high minimum APR.
Customer experience
5.0
M&T scores perfectly for its lengthy shopping window and 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 to identify the top auto loan companies, Bankrate considers 18 factors. This includes the requirements for credit, loan amount, APR ranges, window for shopping as well as rate and fee availability. In total, Bankrate reviewed 33 lenders and awarded each one an Bankrate rating. It is comprised of 4 categories.
Availability. The types, amounts and the repayment options are all considered in this class. A variety of options for financing results in a higher score. Affordability. The rates of interest, acceptance criteria and present fees are measured here. Customer experience. This category concerns online access along with app availability and customer support hours of operation. Providers that provide 24/7 support get the best marks. Transparency. This covers the disclosure of potential fees and the ability of applying for loan prequalification.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or approved by any advertising company. The information such as rates and charges provided in the review is correct at the time when the review first appeared. Check the data on the right, and the lender's website for the most up-to-date information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-researched, and well-informed information that breaks down complex topics into manageable bites.






Auto loans editor










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