M&T Bank auto loans review June 2019 | finder.com

M&T Bank auto loans review

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M&T Bank Auto Loan

Finance your car with APRs starting as low as 4.69% to 13.39% .

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.
Product NameM&T Bank Auto Loan
Min. Loan Amount$2,000
APR4.69% to 13.39%
Interest Rate TypeFixed
  • 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

Updated June 27th, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
Varies by lender
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.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 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.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

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.

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.

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 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.

Frequently asked questions about M&T Bank

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