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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 in navigating the ways and pitfalls of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare data at no cost and help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies who pay us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the views of the reviewer. They have not been reviewed nor approved by any advertiser. The information, including rates and fees that are included in the review is correct as of the date when the review first appeared. Check the data at the top of this page, and the lender's site for the most up-to-date information.
At a look 3.8 rating: 3.8 stars out of 5
Bankrate Score
Availability Rating: 4 five stars out of five
Affordability Rating: 3.6 stars out of five
Customer Experience Rating: 5 stars out of 5
A rating of Transparency: 2.5 stars out of 5
Find out about rates for 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 extensive support and a lower minimum loan amount, however it is important to consider all aspects before applying.
PROS Low minimum loan amount
Discounts available to M&T Bank customers
24/7 Support
CONS Limited availability
No prequalification
Vehicle information needed for application
Do you qualify? The bank based in Buffalo does not disclose requirements for credit score or income minimum, however to be eligible, you must be at least 18 years old or older and a legal resident. In order to qualify to receive the best rates, you must have an loan term of 63 months or less. Finance a car that is a 2018 model year or greater M&T bank account Arrange for automatic payments
What we love and what we do not like Think about the full range of what M&T Bank has to offer prior to submitting a loan application. What we like is the low the minimum loan amount. The ability to finance a car starting at $2,000 which is competitive compared to similar lenders. Discounts for customers of banks. Borrowers that currently hold the 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 even at night. What we don't like Limited availability. M&T Bank only serves drivers from 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 counterparts M&T is not able to offer applicants the chance to prequalify. Vehicle information needed to apply. When applying to get the auto loan you must know what vehicle you want to finance -- a common requirement. How do you contact M&T Bank M&T Bank has 24/7 customer support for its customers by telephone at 800-724-2440. If you prefer personal assistance you can make an appointment at one of its over 1,600 branches across the nation. To keep up with your application or manage your loan just log into your account on the M&T Bank site.
Auto loan types available M&T Bank offers financing for used and new vehicles as well as refinancing auto loans.
New and used car loans Start at $2,000 and extending to 84 months APR 6.34%-15.99 percent M&T Bank offers new and used automobile loans starting at a less than the usual minimum of $2,000. But the minimum APR is steep, so be careful in case you don't fall in the above criteria. Additionally, to apply you must already have the vehicle details.
Refinance Amounts: Beginning at $2,000 and extending to 84 month APR: 6.34%-15.99% If the credit scores of your clients have significantly improved since signing off on your loan or you obtained your terms from a dealership and you are looking to refinance, M&T could help reduce your monthly payments. The bank offers a speedy approval process which is especially useful for those who are in financial straits.
How to apply for a loan through M&T Bank According to the M&T Bank site, the application process will take only just a few minutes. It can be completed via the internet or at one of its office branches. Following your application, you have until 30 days to complete your purchase.
The information required to apply for a job Social Security number Income and employment information Assets and liabilities Address for email: Year, make model, model, miles and VIN number
M&T Bank FAQs
How do you pay off the M&T Bank auto loan? There are many alternatives to pay off your loan with M&T: online, by phone, in person , or by mail. M&T also provides recurring payments which will help you never be late for a month.
Is it smart to refinance with an institution like a bank? Refinancing with a bank is recommended in the event that you have had a prior relationship with the institution, because you could get lower rates. In other cases, it's better to shop around at different kinds of lenders to locate the most suitable loan.
How does Bankrate rate M&T Bank Overall score
3.8
Availability
4.0
While loans are available only within 13 states M&T holds no dealership obligation and provides a broad variety of payment options.
Affordability
3.6
The low APR increases an overall score that is lower due to unknown fees and a high minimum APR.
Customer experience
5.0
M&T has a perfect score for its lengthy time-to-shop and 24 hour customer support.
Transparency
2.5
In the absence of the option for loan prequalification, and with just a handful of rates disclosed, M&T receives a low score.
Methodology to identify the top automobile loan companies, Bankrate considers 18 factors. They consider credit requirements, loan amount, APR ranges, the shopping window as well as rate and fee availability. In all, Bankrate reviewed 33 lenders and gave each a Bankrate rating. It is comprised in four areas:
Availability. Loan amounts, types and repayment options are analyzed in this section. A wide range of financing options leads to a higher score. Affordability. The interest rates as well as acceptance criteria and current fees are analyzed here. Customer experience. This is a category that concerns access to online services along with app availability and the hours of support for customers. The lenders that offer 24/7 support earn the best scores. Transparency. This is the requirement to disclose possible fees, as well as the option of applying for loan prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or approved by any advertising company. The information, including rates and fees provided in the review is accurate as of the date that the review was written. Review the data in the upper right hand corner of the page, and the lender's website to find the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-researched, and well-informed information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or for you clicking certain hyperlinks on our site. So, this compensation can influence the manner, place and when products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this website. Although we try to provide an array of offers, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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