At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About Capital One
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Loan amount
Starting at $2,000
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Min. credit score
Not specified
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APR from
6.39%-15.69%
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Funds available in
Not specified
M&T Bank auto loan: 2024 review
Published 2024-10-10 10:44:00
Written by
Edited by
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 that M&T Bank offers
| New auto loans | Used auto loans | Refinance auto loans | |
|---|---|---|---|
| APR | 6.39%-15.69% | 6.39%-15.69% | 6.39%-15.69% |
| Loan amounts | $2,000 | $2,000 | $2,000 |
| Loan terms | up to 84 months | up to 84 months | up to 84 months |
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 to get a M&T Bank auto loan
According to the M&T Bank website, the application process should only take a few minutes and can be done online or at one of its office branches. Following the application, you have up to 30 days to make your purchase.
How Bankrate rates M&T Bank
| Overall score | 3.9 | |
|---|---|---|
| Availability | 4 | Although loans are only available in 13 states, M&T holds no dealership requirement and offers a wide range of repayment options. |
| Affordability | 4 | The low maximum APR boosts a lower score based on unspecified fees and steep minimum APR. |
| Customer experience | 5 | M&T scores perfectly for its long shopping window and 24/7 customer support. |
| Transparency | 2.5 | Without the option to apply for loan prequalification and only some rates disclosed, M&T receives a low score. |
Methodology
Bankrate's trusted auto loans industry expertise
57
years in business
37
lenders reviewed
18
loan features weighed
666
data points collected
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.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
What people across the web are saying about M&T Bank
M&T Bank has very poor ratings on Trustpilot, with an average of 1.4 out of 5 stars. While most reviews are for other banking products, a score this low is notable for potential borrowers. Many complaints mention poor customer service, especially when working in person.
Here is what a customer financing an RV had to say about the online experience:
“Their website is online about 50% of the time. I just paid off my RV loan, and the next day my account and all online statements were gone from the website. I called customer service, and after entering account information, I was told by that the wait time is very long and to try the website and was hung up on. I tried the website, which was down, and called several times and went through the same loop and was hung up on each time. This bank is the absolute worst.”
— trustpilot user
Other borrowers shared similar stories that following loan payoff, there were complications securing proof. Here is what one person had to say, in part:
“Upon paying off our loan, even after the final payment was taken from my bank, M&T refused to give me any sort of proof of payoff. My access to the app and the website was removed "because the account was closed." Yet they refused to email me any proof of payoff. I was in the process of buying a new RV and trading the old one (we just paid off) in, and M&T made me wait 10 business days before they would snail-mail my proof of payoff.”
— trustpilot user
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
Community M&T Bank scores
AUTO LOAN
M&T Bank
Dive into community reviews below and see what others think about M&T Bank.
3.9
22
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
50%
4 stars
18%
3 stars
18%
2 stars
0%
1 star
14%
Score by category
Overall rating
3.9
/ 5
Fees & closing costs
3.7
/ 5
Funding time
3.9
/ 5
Customer service
4.1
/ 5
Application process
4
/ 5
Online portal or mobile app
4.1
/ 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about M&T Bank.
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
I feel happy to deal with them
Describe your experience with the application process
Easy to deal
Loan purpose
New car loan
Score by category
Fees & closing costs
1
/ 5
Funding time
2
/ 5
Online portal or mobile app
2
/ 5
Customer service
3
/ 5
Application process
3
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
Bank used by dealer
Describe your experience with customer service
Very thorough
Loan purpose
Used car loan
Score by category
Fees & closing costs
5
/ 5
Funding time
5
/ 5
Online portal or mobile app
5
/ 5
Customer service
5
/ 5
Application process
5
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Loan purpose
Score by category
Key Questions
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Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
