At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Capital One
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Loan amount
Starting at $2,000
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Min. credit score
Not specified
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APR from
7.49%-15.76%
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Funds available in
Not specified
Loan amount
Starting at $2,000
Min. credit score
Not specified
APR from
7.49%-15.76%
Funds available in
Not specified
Many auto lenders aren’t willing to offer small loans, especially if you want to refinance. Some won’t even look at your application unless you want to refinance a loan of $10,000 or more. M&T Bank has a low minimum loan amount of just $2,000, making it a strong choice if you have a low balance on your loan but still want to refinance.
M&T Bank auto loans boast extended support and a low minimum loan amount, but it is important to consider all aspects before applying.
Low minimum loan amount
Discounts for M&T Bank customers
24/7 support
Limited availability
No prequalification
Vehicle information needed to apply
The Buffalo-based bank does not disclose requirements for credit score or minimum income, but to apply you must be 18 years of age or older and be a legal resident.
In order to qualify for the best rates, you must:
Bank of America is another large brick and mortar bank that offers auto loans. While it has a much higher minimum loan at $7,500, it is available in all 50 states, which isn’t true of M&T. It also offers strong discounts to Bank of America Preferred Rewards customers, letting you save money if you also bank with Bank of America.
USAA has a reputation for great service and for offering strong loan and other banking products. Its auto loans are no different, with a relatively low minimum loan amount of $5,000 and a long shopping window that makes it easy to comparison-shop for a vehicle. It also has reasonable rates. The main drawback is the membership requirement. You’ll need some affiliation with the Armed Forces, or an immediate family member who is a USAA member, to join. For more help choosing, see our M&T Bank vs. USAA breakdown.
Consider the whole of what M&T Bank has to offer before submitting a loan application.
M&T Bank has 24/7 support for its borrowers over the phone at 800-724-2440. If you prefer the convenience of in-person assistance, you can schedule an appointment at one of its over 1,600 locations across the country. To keep up with your application or manage your loan simply log in to your account on the M&T Bank site.
M&T Bank offers financing for new and used vehicles as well as refinance auto loans.
M&T Bank offers a relationship discount for borrowers who have other accounts at M&T Bank, though the amount isn’t specified. Its loans can be used to purchase from either dealerships or private parties, which isn’t the case for all bank loans. And once your loan is approved, you’ll have up to 30 days to finalize your approval.
A major drawback of M&T Bank’s auto loans is that it isn’t transparent about the fees it charges. It may charge an origination fee or prepayment penalty, but won’t disclose that until you’ve applied for the loan.
Overall score | 3.9 | |
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Availability | 4 | Although loans are only available in 14 states, M&T holds no dealership requirement and offers a wide range of repayment options. |
Affordability | 4 | The low maximum APR boosts a lower score based on unspecified fees and steep minimum APR. |
Customer experience | 5 | M&T scores perfectly for its long shopping window and 24/7 customer support. |
Transparency | 2.5 | Without the option to apply for loan prequalification and only some rates disclosed, M&T receives a low score. |
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 approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.