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M&T Bank: 2023 Auto Loan Review Released 2023-01-01 at 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website come from companies who pay us. This compensation could affect how and where products are displayed on this site, including for instance, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law for our loans, mortgages,, and other home lending products. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time when the review first appeared. Look over the information at the top of this page, and the lender's site for the most recent information.
A glance 3.8 Score: 3.8 stars out of 5
Score of the Bankrate
Availability Rating: 4 five stars out of five
Cost of Affordability: 3.6 stars out of 5
Customer Experience Rating 5 stars out five
Transparency Rating: 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 Unspecified
APR from 6.34%
Funds available in Not specified
M&T Bank pros and cons M&T Bank auto loans boast extensive support and a lower minimal loan amount, but it is essential to take into consideration every aspect before deciding to apply.
PROS Low Minimum loan amount
Discounts available to M&T Bank customers
24/7 support
CONS Limited availability
No prequalification
Information about the vehicle is required for application
Do you qualify? The Buffalo-based bank doesn't make public the requirements for credit score or income minimum, however to be eligible, you must be 18 or more and be a legal resident. To qualify for the most favorable rates, you must Have an loan term of 63 months or less. You must also finance a vehicle that is model year or greater 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 you submit a loan application. We like the low minimum loan amount. Drivers can finance a vehicle starting at $2,000, which is quite competitive when compared with similar lenders. Discounts for banking customers. Borrowers that currently hold an M&T bank account will benefit of the lowest rates. 24/7 support. M&T offers support via phone at all hours of the day and at night. We are not happy with the 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. No prequalification. In contrast to some of its non-banking lender counterparts M&T does not offer applicants the chance to prequalify. Information about your vehicle is required to apply. Before you apply to get an automobile loan you must know what vehicle you would like to finance -- a rare requirement. How do you contact M&T Bank M&T Bank has 24/7 customer support for its customers via phone at 800-724-2440. If you prefer in-person assistance it is possible to schedule an appointment at one of its over 1,600 locations across the country. To keep up with the status of your application or to 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 and refinance auto loans.
New and used car loans Amounts: Starting at $2,000 Terms: Up to 84 months APR: 6.34%-15.99 percent M&T Bank offers new and used auto loans starting at a less than the usual minimum of $2,000. The minimum APR however is quite high, so you should be careful when you aren't within the criteria mentioned. Additionally the applicant must have your vehicle information.
Refinance Amounts: Beginning at $2,000 and extending to 84 months APR: 6.34%-15.99 percent if the credit scores of your clients have improved significantly since signing off on the loan or you received your terms from a dealer, refinancing with M&T will help you lower your monthly payment. M&T offers a quick approval procedure that is particularly beneficial for drivers in a financial pinch.
How do you apply for a loan through M&T Bank According to the M&T Bank site, the application process will take only less than a minute and can be done via the internet or at one of its office branches. Following your request, you'll have until 30 days to make the purchase.
Required application information Social Security number Income and employment information. Assets and liabilities. Email address Year, make model, mileage, and VIN number
M&T Bank FAQs
How do you pay off the M&T Bank auto loan? There are a few alternatives to pay off your loan through M&T such as online, over phone, in person , or by mail. M&T also has recurring payment options that will ensure you don't be late for one month.
Should you refinance a loan through a bank? Refinancing through a bank is recommended in the event that you have had a prior relationship with the institution, since you can get better rates. Otherwise, it is best to shop around at different types of lenders to find the most appropriate loan.
How does Bankrate rate M&T Bank Overall score
3.8
Availability
4.0
Although loans are only available across 13 states M&T holds no dealership requirements and offers a vast selection of options for repayment.
Affordability
3.6
The low APR increases an overall score that is lower due to the unspecified fees as well as the high minimum APR.
Customer experience
5.0
M&T has a perfect score for its long window for shopping and its 24/7 customer support.
Transparency
2.5
Without the option to apply for loan prequalification, and with just a handful of rates made public, M&T receives a low score.
Methodology To determine the best automotive loan lenders, Bankrate considers 18 factors. They consider credit requirements, loan amount, APR ranges, the shopping window along with rate and fee availability. In all, Bankrate reviewed 33 lenders and awarded each one a Bankrate rating. This consists of 4 categories.
Availability. Types of loans, loan amounts and the repayment options are all considered in this class. A broad range of financing options leads to an increase in. Affordability. The rates of interest as well as acceptance criteria and current fees are calculated here. Customer experience. This category concerns online access along with app availability and the hours of customer support. Providers that provide 24/7 support get the top ratings. Transparency. This is the requirement to disclose possible fees as well as the possibility of applying for loan prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Look over the information in the upper right hand corner of the page as well as the lender's site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized 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 promotion of sponsored goods and services or when you click on certain hyperlinks on our website. This compensation could influence the manner, place and when products appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own rules for our website and whether a product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. Although we try to provide a wide range 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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