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M&T Bank auto loans review

Finance your car with APRs starting as low as 3.49% to 14%.

M&T Bank auto loans could be great if you already bank with this northeastern institution. With loans starting at $2,000, this lender offers member discounts on top of competitive rates. But you’ll have to look elsewhere if you’re interested in refinancing.

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Min. Loan Amount

3.49% to 14%



Min. Loan Amount$2,000
APR3.49% to 14%
Interest Rate TypeFixed
RequirementsUS Drivers License or non-state ID and a Social Security Card, reside in an eligible state, ages 18+

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

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M&T reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.06 out of 5 stars, based on 80 customer reviews
BBB customer complaints 490 customer complaints
Customer reviews verified as of 16 October 2020

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

M&T Bank boat and recreational vehicle loans

Thinking of buying a boat? M&T bank has specific loans for boats, RVs, motorcycles, snow mobiles and jet skis. You can use it to buy a new or used vehicle, which is used as collateral. Amounts start at $2,000 and can cover the majority of your vehicle’s cost. Terms vary depending on your vehicle type:

  • Boats and RVs: Up to 240 months
  • Motorcycles: Up to 72 months
  • Snowmobiles, jet skis and ATVs: Up to 36 months

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.

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 3.49% to 14% 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.

Frequently asked questions about M&T Bank

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