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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 with the ins and outs of securely taking out loans to buy an automobile.
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 with clear, well-researched information that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering financial calculators and interactive tools as well as publishing quality and impartial content. We also allow users to conduct research and compare data at no cost to help you make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on this website, for example the order in which they may appear within the listing categories, except where prohibited by law. Our loans, mortgages,, and other products for home loans. However, this compensation will not influence the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.
Reviewer’s disclosures Reviewers are supervised by staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed nor accepted by any advertiser. 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 on the right and the lender’s website for the most current details.
A glance 3.8 Rating: 3.8 stars out of five
Score of the Bankrate
Availability Rating: 4 five stars out of five
Affordability Rating: 3.6 stars out of five
Customer Experience Rating: 5 stars out 5
Transparency Rating: 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 from 6.34%
Funds available in Unspecified
M&T Bank pros and cons M&T Bank auto loans boast an extended service and a low amount for a minimum loan amount, but it is crucial to think about all aspects before applying.
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 to apply
Do you qualify? The Buffalo-based bank does not make public the requirements for credit score or income minimum, however for you to be eligible, you must 18 years of age or older and a legal resident. To be eligible for the most favorable rates, you need to: have 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 like and what we do not like Take a look at the entire of what M&T Bank has to offer prior to submitting a loan application. What we like Low minimum loan amount. The ability to finance a car for as little as $2,000 which is competitive compared to similar lenders. Discounts for banking customers. Current customers who have the M&T bank account will benefit from the lowest rates. 24/7 support. M&T offers support via phone throughout the day and even at night. We are not happy with 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 nonbanking lender rivals, M&T does not offer customers the possibility of prequalifying. Vehicle information needed to apply. When applying to get an auto loan you should know the vehicle you want to purchase — a common requirement. How do you contact M&T Bank M&T Bank has 24/7 assistance for its borrowers over the phone at 800-724-2440. If you prefer in-person assistance, you can schedule an appointment at one of its over 1,600 branches across the nation. To stay on top of the application process or manage your loan just log into 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 vehicles as well as refinance auto loans.
New and used car 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 beginning at a lower than the usual minimum of $2,000. However, the minimum APR is quite high, so you should be wary if you do not fall within the criteria mentioned. On top of this, to apply you should have the car information.
Refinance amounts: Beginning at $2,000, Terms: Up to 84 months APR: 6.34%-15.99 Percentage If your credit score has improved significantly after you signed off on your loan or you received your terms from a dealership and you are looking to refinance, M&T will help you lower your monthly payment. M&T offers a quick approval process that is particularly beneficial for drivers in a financial pinch.
How do you apply for an loan with M&T Bank According to the M&T Bank site, the application process should only take less than a minute and can be done via the internet or at one of its branches. Following the request, you’ll have up to 30 days to make your purchase.
Required application information 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 the M&T Bank auto loan? There are many options to paying off your loan with M&T such as online, over phone, in person , or by mail. M&T also has recurring payment options which will help you never be late for the month.
Do you think it is wise to refinance through a bank? Refinancing through a bank is an excellent option in the event that you have had a prior relationship with the institution, as you may receive better rates. If not, it’s best to look around at various kinds of lenders to locate 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 available only across 13 states M&T does not have a dealership requirements and offers a vast range of options for repayment.
Affordability
3.6
The low maximum APR boosts the score, but it is based on the unspecified fees as well as the high minimum APR.
Customer experience
5.0
M&T is a top choice for its long window for shopping and its 24/7 customer support.
Transparency
2.5
Without the option to apply for loan prequalification and only some rates made public, M&T receives a low score.
Methodology In order to determine the most suitable auto loan lender, Bankrate considers 18 factors. This includes the requirements for credit, loan amount, APR ranges, shopping window along with rate and fee availability. In all, Bankrate reviewed 33 lenders and gave each an Bankrate rating. It is comprised of four categories:
Availability. The types, amounts and repayment options are analyzed in this class. A variety of financing options leads to an increase in. Affordability. The interest rates as well as acceptance criteria and current fees are measured here. Customer experience. This category concerns online access in addition to app availability as well as customer support hours of operation. Providers that provide 24/7 support get the best scores. Transparency. This covers the disclosure of possible fees, as well as the option of applying for loan prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review is accurate up to the date of the review. Look over the information at the top of this page and the lender’s website to find the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely borrowing money to purchase an automobile.
Edited by 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 confidence to control their finances with clear, well-researched information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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