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Mt Bank
M&T Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched information that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing quality and impartial content. We also allow you to conduct your own research and compare data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our loans, mortgages,, and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed are only the views of the reviewer. They have not been reviewed or accepted by any advertiser. The information such as rates and charges provided in the review is correct at the time of the review. Look over the information in the upper right hand corner of the page, and the lender’s website to find the most current details.
At a look 3.8 Rating: 3.8 stars out of five
Bankrate Score
Available Rating 4 5 stars out of 4
The Affordability Score: 3.6 stars out of 5
Customer Experience Rating 5 stars out 5
A rating of Transparency: 2.5 stars out of 5
Compare auto loan rates
About Capital One Loan amount starting at $2,000
Min. credit score not specified
APR as low as 6.34%
Funds available in Not specified
M&T Bank pros and cons M&T Bank auto loans boast an extended service and a low amount for a minimum loan amount, however it is important to consider the entire picture before making an application.
PROS Low minimum loan amount
Discounts available to 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 apply you must be at least 18 years old or older and be legally resident. In order to qualify for the best rates, you must: Have a loan duration of 63 months or less. Finance a car with a model year of 2018 year or greater M&T bank account Arrange for automatic payments
What we like and what do not like Think about the full range of the features M&T Bank has to offer prior to submitting an loan application. What we like Low minimum loan amount. Motorists can finance their vehicle for as little as $2,000, which is quite competitive when compared with similar lenders. Discounts for banking customers. Customers who currently have the M&T bank account will benefit from the lowest interest rates. 24/7 support. M&T offers support via telephone at any time of the day and at night. We are not happy with 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 doesn’t offer customers the possibility of prequalifying. Information about your vehicle is required to apply. Before you apply for an auto loan you should know the vehicle you want to finance — a common requirement. How do you contact M&T Bank M&T Bank has 24/7 assistance for its borrowers by phone at 800-724-2440. If you prefer the convenience of personal assistance it is possible to schedule an appointment at any of the more than 1,600 locations throughout the United States. To stay on top of your application or manage your loan simply sign in to your account on M&T Bank’s website. M&T Bank site.
Auto loan types available M&T Bank offers financing for used and new cars as well as refinancing auto loans.
New and used vehicle loans Amounts: Starting at $2,000, Terms: Up to 84 months APR 6.34%-15.99 1 % M&T Bank offers new and used automobile loans beginning at a lower than average minimum amount of $2,000. However, the minimum APR is quite high, so you should be cautious in case you don’t fall under the mentioned qualifications. In addition the applicant should have the car information.
Refinance amounts: Beginning at $2,000 Terms: Up to 84 months APR 6.34%-15.99 Percentage If your credit score has improved significantly following the approval of the loan or you received the terms of your loan from a dealer Refinancing through M&T can help to lower your monthly payment. The bank features a fast approval procedure that is particularly useful for those in a financial pinch.
How do I apply for a 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 completed on the internet or in any of the branches in its office. Following the request, you’ll have until 30 days to complete the purchase.
The information required to apply for a job Social Security number Income and employment information Assets and liabilities email address, year of application make model, model, miles and VIN number
M&T Bank FAQs
How can you pay off an M&T Bank auto loan? There are a few options to paying off your loan through M&T via online, over the phone, in person or via mail. M&T also provides recurring payments which ensure that you do not be late for a month.
Is it smart to refinance with an institution like a bank? Refinancing through a bank is a good idea if you have a previous connection with that institution, because you could get higher rates. If not, it’s best to shop around at different types of lenders to find the most appropriate loan.
How does Bankrate rate M&T Bank Overall score
3.8
The availability
4.0
Although loans are available only in 13 states, M&T does not have a dealership requirement and offers a wide variety of options for repayment.
Affordability
3.6
The low APR increases a lower score based on unknown fees and a high minimum APR.
Customer experience
5.0
M&T scores perfectly for its extended window for shopping and its 24/7 customer support.
Transparency
2.5
With no option for loan prequalification, and with only a few rates made public, M&T receives a low score.
Methodology In order to determine the most suitable automotive loan lenders, Bankrate considers 18 factors. This includes the requirements for credit, loan amount, APR ranges, the shopping window together with fee and rate availability. In all, Bankrate reviewed 33 lenders and gave each a Bankrate rating. It is comprised of four categories:
Availability. The types, amounts and repayment options are considered in this class. A broad range of options for financing results in an improved score. Affordability. The rates of interest, acceptance criteria and present fees are analyzed here. Customer experience. This is a category that concerns access to online services along with app availability and the hours of customer support. The lenders that offer 24/7 support earn the best ratings. Transparency. This includes the disclosure of potential fees and the ability of applying for loan prequalification.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been evaluated or accepted by any advertiser. The information, including rates and fees, presented in the review are accurate at the time when the review first appeared. Review the data at the top of this page and the lender’s site for the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or when you click on certain hyperlinks on our site. This compensation could impact how, where and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether the product is available within your region or within your personal credit score can also impact how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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