Skip to Main Content

M&T Bank: 2023 Auto Loan Review

2023-01-01 00:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 4 stars out of 5
  • Affordability
    Rating: 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
See rates

About Capital One

  • Moneybag

    Loan amount

    Starting at $2,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from


  • Funds available in

    Not specified

M&T Bank pros and cons

M&T Bank auto loans boast extended support and a low minimum loan amount, but it is important to consider all aspects before applying.  


  • Checkmark

    Low minimum loan amount

  • Checkmark

    Discounts for M&T Bank customers

  • Checkmark

    24/7 support


  • Close X

    Limited availability

  • Close X

    No prequalification

  • Close X

    Vehicle information needed to apply

Do you qualify?

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:

  • Have a loan term of 63 months or less 
  • Finance a vehicle that is a 2018 model year or newer 
  • Have an M&T bank account 
  • Arrange for automatic payments

What we like and what we don’t like

Consider the whole of what M&T Bank has to offer before submitting a loan application. 

What we like

  • Low minimum loan amount. Drivers can finance a vehicle for as little as $2,000, which is competitive compared to similar lenders.  
  • Discounts for banking customers. Borrowers that currently hold an M&T bank account will benefit from the lowest rates.  
  • 24/7 support. M&T offers support over the phone at all hours of the day and 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.
  • No prequalification. Unlike some of its nonbanking lender competitors, M&T does not offer drivers the option to prequalify. 
  • Vehicle information needed to apply. Before applying for an auto loan you must know what vehicle you would like to finance — an uncommon requirement.

How to contact M&T Bank

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. 

Auto loan types offered

M&T Bank offers financing for new and used vehicles as well as refinance auto loans.

How to apply for a loan with M&T Bank

According to the M&T Bank site, the application process should only take a few minutes and can be done online or at one of its office branches. Following the application, you have up to 30 days to make your purchase. 

M&T Bank FAQs

How Bankrate rates M&T Bank

Overall score 3.9
Availability 4 Although loans are only available in 13 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.


To determine the best auto loan lenders, Bankrate considers 18 factors. These include credit requirements, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating, which consists of four categories:
  • Availability. Loan amounts, types and repayment options are considered in this category. A wide range of financing options results in a higher score.
  • Affordability. The interest rates, 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. Lenders with 24/7 support carry the highest available marks. 
  • Transparency. This covers the disclosure of potential fees and the ability to apply for loan prequalification. 
Editorial disclosure: All reviews are prepared by 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.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Auto loans editor