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Mt Bank
M&T Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with clear, well-researched information that reduces complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with financial calculators and interactive tools as well as publishing quality and impartial content, by enabling you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.
Reviewer’s disclosures: All reviews are prepared by our staff. Opinions expressed therein 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 at the top of this page and the lender’s website for the most up-to-date information.
A glance 3.8 rating: 3.8 stars out of five
Score of the Bankrate
Available Rating 4 stars out of 5
Cost of Affordability: 3.6 stars out of five
Customer Experience Rating: 5 stars out 5
Transparency Rating: 2.5 stars out of 5
Check auto loan rates
About Capital One’s Capital One Loan starting at $2,000
Min. credit score Unspecified
APR as low as 6.34%
Funds available in Unspecified
M&T Bank pros and cons M&T Bank auto loans boast extensive support and a lower amount for a minimum loan amount, however it is essential to take into consideration every aspect before deciding to apply.
PROS Low minimum loan amount
Discounts for M&T Bank customers
24/7 support
CONS Limited availability
No prequalification
Information about the vehicle is required to be able to apply
Do you qualify? The Buffalo-based bank does not provide requirements for credit scores or minimum income, but to be eligible, you must be at least 18 years old or older and a legal resident. In order to qualify for the best rates, you must have an loan duration of 63 months or less Finance a vehicle that is a 2018 model year or greater M&T bank account Arrange for automatic payments
What we like and what we do not like Take a look at the entire of the features M&T Bank has to offer prior to submitting a loan application. What we like is the low minimal loan amount. Drivers can finance a vehicle with as little as $2,000 which is competitive compared to similar lenders. Discounts for customers of banks. Customers who currently have the M&T bank account will benefit from the lowest interest rates. 24/7 support. M&T offers support over the telephone at any time of the day and even at night. We don’t like 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 rivals, M&T is not able to offer customers the possibility of prequalifying. The information about the vehicle you need to submit for an application. Before you apply for an automobile loan you should know the vehicle you want for financing — a rare requirement. How to contact M&T Bank M&T Bank has 24/7 support for its borrowers over the telephone at 800-724-2440. If you prefer the convenience of in-person assistance it is possible to schedule an appointment at one of its over 1,600 branches across the nation. To track your application or manage your loan simply log in to your account on the M&T Bank site.
Auto loan kinds available M&T Bank offers financing for new and used vehicles as well as refinancing auto loans.
New and used car loans Amounts: Starting at $2,000 Terms: Up to 84 months APR 6.34%-15.99 1 % M&T Bank offers new and used auto loans starting at a less than average minimum amount of $2,000. The minimum APR however is steep, so be careful in case you don’t fall under the mentioned qualifications. Additionally for you to be eligible, you should have the car information.
Refinance Amounts: Beginning at $2,000 and extending to 84 month APR: 6.34%-15.99 Percentage If you have a credit rating that has risen significantly following the approval of your loan or you received your terms from a dealership Refinancing through M&T can help to lower your monthly installment. M&T offers a quick approval process that is particularly advantageous for those who are struggling financially.
How do you apply for an 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 done online or at one of its office branches. After submitting your application, you have up to 30 days to complete the purchase.
Required application information Social Security number Income and employment information. Assets and liabilities. Address for email: Year, make, model, mileage and VIN number
M&T Bank FAQs
How do you pay off an M&T Bank auto loan? There are a few ways to pay off your loan with M&T such as online, over phone, in person or via mail. M&T also has recurring payment options which will help you never miss one month.
Should you refinance a loan through an institution like a bank? Refinancing with a bank is recommended when you have an existing association with this institution since you can get better rates. In other cases, it’s better to look around at various kinds of lenders to locate the most suitable loan.
What is the rate at which Bankrate charges M&T Bank Overall score
3.8
Accessibility
4.0
While loans are only available within 13 states M&T does not have a dealership requirement and offers a wide range of repayment options.
Affordability
3.6
The low maximum APR boosts a lower score based on unknown fees and a high minimum APR.
Customer experience
5.0
M&T is a top choice for its extended time-to-shop and 24 hour customer service.
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 determine the best automobile loan companies, Bankrate considers 18 factors. These include credit requirements, loan amount, APR ranges, shopping window as well as rate and fee availability. In total, Bankrate reviewed 33 lenders and awarded each one an Bankrate rating, which consists of 4 categories.
Availability. The types, amounts and the repayment options are all considered in this class. A wide range of financing options leads to a higher score. Affordability. The rates of interest as well as acceptance criteria and current fees are analyzed here. Customer experience. This is a category that concerns access to online services in addition to app availability as well as the hours of support for customers. Lenders with 24/7 support carry the highest available scores. Transparency. This covers the disclosure of possible fees, as well as the option to apply for loan prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review is accurate at the time when the review first appeared. Review the data on the right 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 is a specialist in helping readers with the ins and outs of securely using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-researched, and well-informed information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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