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M&T Bank: 2023 Auto Loan Review

2023-06-19 00:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 4 stars out of 5
  • Affordability
    Rating: 4 stars out of 5
  • Customer Experience
    Rating: 5 stars out of 5
  • Transparency
    Rating: 2.5 stars out of 5
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About Capital One

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    Loan amount

    Starting at $2,000

  • Credit Good

    Min. credit score

    Not specified

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    APR from


  • Funds available in

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M&T Bank auto loans are best for small loan amounts

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 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.  


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    Low minimum loan amount

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    Discounts for M&T Bank customers

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    24/7 support


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    Limited availability

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    No prequalification

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    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

M&T Bank versus Bank of America

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.

M&T Bank versus USAA

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.

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 14 states grouped in the eastern U.S.
  • 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.

New and used vehicle loans

  • Amounts: Starting at $2,000
  • Terms: Up to 84 months
  • APR: 7.49%-15.76%
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: 7.49%-15.76%
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 interest rate and 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. 

Features and additional perks

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.

Fees and penalties

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.

M&T Bank FAQs

How Bankrate rates M&T Bank

Overall score 3.9
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.


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
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Auto Loans