M&T Bank: 2023 Auto Loan Review

Name: M&T Bank: 2023 Auto Loan Review
Item: M&T Bank
Rating: 3.9
Author: Rebecca Betterton

Published 2023-01-01 00:00:00

Written by

Rebecca Betterton

Edited by

Rhys Subitch

At a glance

3.9

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

Loan amount

Starting at $2,000
Min. credit score

Not specified
APR from

6.34%
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.

PROS

Low minimum loan amount
Discounts for M&T Bank customers
24/7 support

CONS

Limited availability
No prequalification
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.

Amounts: Starting at $2,000

Terms: Up to 84 months

APR: 6.34%-15.99%

M&T Bank offers new and used auto loans starting at a lower than usual minimum amount of $2,000. But the minimum APR is steep, so be cautious if you do not fall under the mentioned qualifications. On top of this, to apply you must already have the vehicle information.
Amounts: Starting at $2,000

Terms: Up to 84 months

APR: 6.34%-15.99%

If your credit score has improved significantly since signing off on your loan or you received your terms from a dealership, refinancing with M&T can help to lower your monthly payment. The bank features a fast approval process which is especially beneficial for drivers in a financial pinch.

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.

Social Security number

Income and employment information

Assets and liabilities

Email address

Year, make, model, mileage and VIN number

M&T Bank FAQs

There are a few options to paying off your loan with M&T: online, by phone, in person or by mail. M&T also offers recurring payments which will help you never miss a month.
Refinancing through a bank is a good idea if you have a previous relationship with the institution, as you may receive better rates. Otherwise, it is best to shop around at different types of lenders to find the best new loan.

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.

Methodology

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 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.