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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 specializes in assisting readers to navigate the ways and pitfalls of borrowing money to purchase the car they want.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing concise, well-studied and well-researched content that reduces complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare information for free – so that you can make sound 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 Make Money The offers that appear on this website come from companies that pay us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they may be displayed within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity, and other home loan products. This compensation, however, does not influence the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial deals that could be available to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review are accurate as of the date of the review. Review the data at the top of this page and the lender’s site for the most current details.

At a glance 3.8 Score: 3.8 stars out of 5

Score of the Bankrate

Available Rating 4 stars out of 5

Cost of Affordability: 3.6 stars out of 5

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 starting at 6.34%

Funds available in Unspecified

M&T Bank pros and cons M&T Bank auto loans boast extended support and a low minimal loan amount, but 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 for application

Do you qualify? The Buffalo-based bank does not make public the requirements for credit score or minimum income, but to apply you must be 18 years of age or more and be a legal resident. To be eligible for the most favorable rates, you must be able to afford an loan period of 63 month or less. Finance a car that is model year or later Have an M&T bank account Arrange for automatic payment

What we love and what we do not like Take a look at the entire of the features M&T Bank has to offer before you submit a loan application. What we like Low minimum loan amount. Drivers can finance a vehicle with as little as $2,000 which is competitive in comparison to other 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 at all hours of the day and night. We are not happy with 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. Unlike some of its nonbanking lender competitors, M&T does not offer drivers the option to prequalify. Information about your vehicle is required to apply. When applying for an automobile loan you should know the vehicle you would like to purchase — a rare requirement. Contact information for M&T Bank M&T Bank has 24/7 support for its borrowers over the telephone at 800-724-2440. If you prefer support in person it is possible to schedule an appointment at one of the more than 1,600 branches across the nation. To stay on top of 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 kinds available M&T Bank offers financing for new and used vehicles and refinance auto loans.

New and used vehicle loans Beginning at $2,000 and extending 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. The minimum APR however is steep, so be careful in case you don’t fall in the above criteria. In addition the applicant should have the car information.

Refinance Amounts: Starting at $2,000 Terms: Up to 84 months APR 6.34%-15.99 Percentage If you have a credit rating that has improved significantly since signing off on your loan or you got your terms from a dealership and you are looking to refinance, M&T could help lower your monthly installment. The bank features a fast approval process which is especially beneficial for drivers in a financial pinch.

How to apply for an loan through M&T Bank According to the M&T Bank site, the application process should only take just a few minutes. It can be done online or at one of its branches. After submitting your application, you will have up to 30 days to finish 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 via online, over the telephone, in person or by mail. M&T also has recurring payment options that will ensure you don’t be late for a month.

Do you think it is wise to refinance a loan through an institution like a bank? Refinancing through a bank is an excellent option when you have an existing relationship with the institution since you can get better rates. In other cases, it’s better to look around at various types of lenders to determine the best new loan.

What is the rate at which Bankrate charges M&T Bank Overall score


The availability


Although loans are available only across 13 states M&T does not have a dealership requirement and offers a wide variety of options for repayment.



The lower maximum APR can boost an overall score that is lower due to unspecified fees and steep minimum APR.

Customer experience


M&T has a perfect score for its lengthy window for shopping and its 24/7 customer service.



With no option for loan prequalification, and with only a few rates made public, M&T receives a low score.

Methodology In order to determine the most suitable automobile loan lender, Bankrate considers 18 factors. They consider credit requirements, loan amount, APR ranges, the shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and assigned each one an Bankrate rating. This consists in four areas:

Availability. The types, amounts and repayment options are analyzed in this category. A broad range of financing options leads to an improved score. Affordability. The interest rates, acceptance criteria and present fees are analyzed here. Customer experience. This section is about online access as well as app availability and the hours of customer support. Lenders with 24/7 support carry the highest available ratings. Transparency. This is the requirement to disclose possible fees as well as the possibility to apply for loan prequalification.

Disclaimer Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is accurate as of the date when the review first appeared. Check the data at the top of this page as well as the lender’s site for the most current information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to buy the car they want.

The edit was done 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 the confidence to manage their finances by providing clear, well-researched information that is broken down into complex subjects into digestible pieces.

Auto loans editor



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How we make money is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or for you clicking specific links on our website. So, this compensation can affect the way, location and when products appear in listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, such as our own rules for our website and whether or not a product is available in your region or within your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |


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