M&T Bank auto loans: 2025 review

Best for small loan amounts

M&T Bank stands out for its smaller-than-usual loan amounts. You can borrow as little as $2,000 for a new, used or refinance auto loan. Loans this small can be hard to find, especially when it comes to refinancing. If you have a low balance remaining but want to get a new loan, M&T is one of the few lenders that can refinance your loan. 

M&T is also a strong choice if you have your sights set on an older car you intend to fix up or just need a small amount to cover part of your purchase.

Types of car loans M&T Bank offers

New and used auto loans

M&T Bank offers new and used auto loans starting at a minimum amount of $2,000. However, the minimum APR is steep, so be cautious if you do not fall under the mentioned qualifications. On top of this, to apply, you must already have the vehicle information. 

Refinance 

If your credit score has improved significantly since signing off on your loan or you received your terms from a dealership, refinancing with M&T can help lower your interest rate and monthly payment. It features a fast approval process, which is especially beneficial for drivers in a financial pinch. 

If you do not live in one of the states that M&T serves or do not meet requirements, consider exploring our best auto loan refinancing rates to find a better fit.

Where M&T Bank stands out 

• Low minimum loan amount: M&T Bank offers loans for as little as $2,000. It can be rare to find a loan amount this low, which makes it competitive compared to similar banks and online lenders.   
• Discounts for customers: If you already have an account with M&T Bank, you may be eligible for a relationship discount. This can help reduce your interest rate and, in turn, save you money over the lifetime of your loan. However, the amount isn’t specified. 
• Customer support: Customer support is available for borrowers 24 hours a day, 7 days a week. M&T’s extensive help options are a comforting perk for borrowers who need extra guidance.   

Where M&T Bank falls short

• Limited coverage: Not all borrowers will have access to M&T auto loans. It only serves drivers in 13 states grouped in the eastern United States. 
• Vehicle information required: You must first enter vehicle information to apply for an auto loan through M&T Bank. This is an uncommon requirement that can make it hard if you are still shopping for the right car. 
• No prequalification: Borrowers are unable to get a prequalified auto loan rate ahead of sign-off. If this is important for you, it’s best to shop elsewhere.   

M&T Bank customer resources

Customer support

M&T Bank has 24/7 support for its borrowers over the phone at 800-724-2440. If you prefer the convenience of in-person assistance, you can schedule an appointment at one of its over 700 locations across the country. To keep up with your application or manage your loan, simply log in to your account on the M&T Bank website.  

Digital experience 

M&T Bank’s website is simple and easy to navigate. The homepage displays current rates and terms, which can help borrowers calculate their expected costs. The application is done directly in this system, and live chat is available throughout the steps. 

How this lender compares

Before moving forward with an M&T auto loan, compare other auto loan rates with other lenders. Depending on your credit history or the state you reside in, you might be able to secure a better rate or term. At the very least, prequalifying with other lenders will help you preview your rate so you know M&T is offering a competitive deal.

M&T Bank vs. Bank of America

If you prefer the convenience of a brick-and-mortar bank, Bank of America is a strong contender. Unlike the minimal coverage that M&T Bank offers, Bank of America serves borrowers in all 50 states. It also offers discounts to Bank of America Preferred Rewards customers, letting you save money if you also bank with Bank of America. However, it does have a much higher minimum loan amount of $7,500. 

M&T Bank vs. USAA

USAA has a reputation for providing great service through its range of banking products. Its auto loans are no different, with a relatively low minimum loan amount of $5,000 and a long shopping window that makes it easy to comparison-shop for a vehicle. The main drawback is the membership requirement. You’ll need some affiliation with the Armed Forces or an immediate family member who is a USAA member to join.

Do you qualify for a M&T Bank auto loan?

The Buffalo-based bank does not disclose credit score or minimum income requirements, but to apply, you must be 18 years of age or older and a legal resident.

In order to qualify for the best rates, you must:

• Have a loan term of 63 months or less
• Finance a vehicle that is a 2023 model year or newer
• Have an M&T bank account
• Arrange for automatic payments 

How Bankrate rates M&T Bank

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.