Finance your car with APRs starting as low as 4.69% to 13.39% .
|Product Name||M&T Bank Auto Loan|
|Min. Loan Amount||$2,000|
|APR||4.69% to 13.39%|
|Interest Rate Type||Fixed|
- 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 eight states and Washington, DC 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?
M&T Bank offers financing for cars and trucks from both dealerships and private sellers. These include:
- New car loans
- Used car loans
- Private party financing
Other types of vehicle financing from M&T Bank
In addition to cars and trucks you can also find the following auto financing through M&T Bank:
- Boat loans. Financing from 4.74% – 15.74% APR with terms up to 240 months.
- RV loans. Financing from 4.49% – 15.99% APR with terms up to 240 months.
- Motorcycle loans. Financing from 7.99% – 13.50% APR with terms up to 72 months.
- Snow mobile loans. Financing from 8.24% – 13.50% APR with terms up to 36 months.
- Jet ski loans. Financing from 8.24% – 13.50% APR with terms up to 36 months.
- ATV loans. Financing from 8.24% – 13.50% APR with terms up to 36 months.
What are the benefits of M&T Bank auto loans?
- Fast approval. Once your information is verified, you can be approved in Up to 1 business day .
- 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.
- Buy from a dealer or individual. M&T bank offers both private party and dealership financing so your options aren’t as limited.
- Repayment assistance. If you’re struggling with your loan, M&T Bank has a program to help you get back on top of your repayment schedule.
What to watch out for
- Potentially higher cost with longer term. While an 84 month term might come with temptingly low monthly repayments, you’ll pay more in interest and are in danger of going upside down.
- 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.
Compare car loans
What do other customers have to say about M&T Bank?
M&T Bank has mostly negative online reviews as of June 2019. While gets an A+ rating from the Better Business Bureau (BBB), borrowers give it just over 1 out of 5 stars. It doesn’t have a Trustpilot page, but the bank fares similarly on Yelp, earning between 1 and 4 out of 5 stars, depending on the locattion.
Some borrower praise its knowledgeable and responsive customer service staff and enjoy online access to manage their accounts. However, many criticize the lender’s many services fees and warn potential borrowers of hidden penalties and loan charges.
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.
- 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.
How do I pay off my M&T Bank auto loan?
When you’re ready to fully pay off your auto loan, log into your online account or contact customer service and ask what your payoff amount is. This should be higher than your balance, since it includes interest that hasn’t added up yet. Follow the instructions to make a payment online, or ask about your other options.
M&T Bank is a large financial institution with several auto loan types and terms to choose from. With competitive APRs starting at 4.69% to 13.39% 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 in-person services are limited to the eight states where it has branches and Washington, DC. 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.