M&T Bank auto loans review November 2018 | finder.com

M&T Bank auto loans review

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With APRs starting as low as 3.99%, you could be approved for financing in as little as 24 hours.

If you’ve had your eye on a vehicle and can’t afford to cover the cost outright, an auto loan could get you the money you need. With loans starting at $2,000, you could finance your next hatchback or SUV with M&T Bank.

It’s important to look for the most competitive rates to keep your monthly payments down. We look at one of your auto loan choices with M&T Bank to help narrow down your options.

Product NameM&T Bank Auto Loan
Min Loan Amount$2,000
APR3.99%–8.24%
Interest Rate TypeFixed
Maximum Loan Term7 years
  • US Drivers License or non-state ID and a Social Security Card
  • Age 18 years or older
  • Reside in an eligible state

First, do I qualify?

M&T Bank doesn’t offer any eligibility criteria on its site, so to find out whether you qualify for an auto loan with M&T Bank, you’ll need to go through its application process.

What makes an M&T Bank auto loan unique?

With 775 branches spread across nine states, M&T Bank is a large institutional lender with a variety of loan options and terms at its disposal. It offers competitive APRs and even a discount for current customers with a savings account or certificate of deposit.

In addition to its auto loans, M&T Bank offers home loans, business loans, personal loans and education financing options.

What types of car loans does M&T Bank offer?

  • New car loans
  • Used car loans
  • Private party loans
  • Dealership loans

What are the benefits of M&T Bank auto loans?

  • Quick and convenient application. You can complete an application for an auto loan with M&T Bank online in just a few minutes.
  • Fast approval. Once your information is verified, you can be approved in as little as 24 hours.
  • APR discount for M&T customers. If you have a savings account or certificate of deposit with M&T Bank, you could qualify for a discount on your APR.

What to watch out for

  • Limited state availability. Auto loans with M&T Bank are only available in Connecticut, Delaware, District of Columbia, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia.
  • No refinancing option. If you already have an M&T auto loan, you can’t refinance for a lower rate.
  • Lack of fee transparency. M&T doesn’t provide information about potential fees or loan costs on its site, so be wary of hidden penalties and fees.

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Rates last updated November 15th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What do other customers have to say about M&T Bank?

M&T Bank is accredited with the Better Business Bureau, which gives it an A rating. Borrowers with this lender praise its knowledgeable and responsive customer service staff and enjoy online access to manage their accounts. However, borrowers with M&T Bank criticize the lender’s many services fees and warn potential borrowers of hidden penalties and loan charges.

Trustpilot doesn’t have sufficient information to conduct a review of M&T Bank.

What other types of vehicle loans are available with M&T Bank?

In addition to its auto loans, M&T Bank offers loans for other recreational vehicles, including:

  • Boats
  • RVs
  • Motorcycles
  • Snowmobiles
  • Jet skis
  • ATVs

Snowmobile, jet ski and ATV loans could qualify for terms of up to 36 months, while RV and boat loan terms extend up to 240 months.

How do I apply?

Review the Terms and Conditions and submit your online application. If you prequalify for a loan, an M&T Bank loan officer will contact you to verify your submitted information.

Required documentation

  • Social Security number
  • A valid email address
  • Income and employment information
  • Available assets and liabilities
  • The year, make, model, mileage and VIN number of the vehicle you’d like to purchase
    M&T certificate of deposit or savings account number, if applicable

I got the M&T Bank auto loan. Now what?

  • Set up automatic withdrawals. Log in to your online account with M&T Bank and set up automatic loan payments to make sure you never miss a payment.
  • Review your loan information. Stay on top of potential fees and penalties by carefully reviewing your loan terms.
  • Reach out to M&T customer service. Contact M&T’s customer support team but visiting a branch or calling 800-724-2440 from 6 a.m. to 9 p.m. or Saturdays and Sundays, 9 a.m. to 5 p.m. Eastern time.

Bottom line

M&T Bank is a large financial institution with several auto loan types and terms to choose from. With competitive APRs starting at 3.99% and additional APR discounts available for M&T Bank customers, this could be a good choice for those in need of auto financing.

Unfortunately, M&T Bank’s services are limited to only nine states. Make sure you compare your other car loan options with additional lenders, as you may be able to find a loan that better suits your needs.

Frequently asked questions about M&T Bank

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