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Mt Bank
M&T Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping 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 manage their finances by providing precise, well-studied information that break down complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare data at no cost – so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website come from companies that compensate us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be available to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review are accurate as of the date of the review. Look over the information at the top of this page, and the lender’s site for the most recent details.
A first glance 3.8 Score: 3.8 stars out of five
Score of the Bankrate
Available Rating: 4 stars out of 5
Cost of Affordability: 3.6 stars out of five
Customer Experience Rating: 5 stars out 5
The Transparency Score: 2.5 stars out of 5
Check auto loan rates
About Capital One Loan amount Starting at $2,000
Min. credit score Not specified
APR from 6.34%
Funds available in Unspecified
M&T Bank pros and cons M&T Bank auto loans boast an extended service and a low minimal loan amount, but it is essential to take into consideration every aspect before deciding to apply.
PROS Low Minimum loan amount
Discounts for M&T Bank customers
24/7 support
CONS Limited availability
No prequalification
Information about the vehicle is required to apply
Do you qualify? The Buffalo-based bank doesn’t disclose requirements for credit score or income minimum, however for you to be eligible, you must 18 or older and be a legal resident. In order to qualify for the most favorable rates, you must: have a loan period of 63 month or less Finance a vehicle that is model year or later Have an M&T bank account Arrange for automatic payments
What we love and what we do not like Take a look at the entire of what M&T Bank has to offer prior to submitting the loan application. What we like Low minimum loan amount. Drivers can finance a vehicle for as little as $2,000, which is competitive compared to similar lenders. Discounts are available for customers who bank. Current customers who have the M&T bank account will benefit from the lowest rates. 24/7 support. M&T offers support via telephone at any time of the day and 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. There is no prequalification. Contrary to other nonbanking lender counterparts M&T is not able to offer applicants the chance to prequalify. Information about your vehicle is required to apply. Before applying for an automobile loan you must know what car you wish for financing — a rare requirement. Contact information for M&T Bank M&T Bank has 24/7 assistance for its borrowers by telephone at 800-724-2440. If you prefer personal assistance it is possible to schedule an appointment at any of the more than 1,600 locations throughout the United States. To track your application or manage your loan simply sign in to your account through the M&T Bank site.
Auto loan types offered M&T Bank offers financing for used and new cars as well as refinancing auto loans.
Used and new vehicle loans Start at $2,000 and extending to 84 months APR 6.34%-15.99% M&T Bank offers new and used automobile loans starting at a lower than average minimum amount of $2,000. But the minimum APR is steep, so be cautious if you do not fall within the criteria mentioned. Additionally the applicant should have the car details.
Refinance Amounts: Starting at $2,000 Terms: Up to 84 month APR: 6.34%-15.99 Percentage If you have a credit rating that has risen significantly following the approval of your loan or you got your terms from a dealership and you are looking to refinance, M&T will help you lower your monthly installment. The bank offers a speedy approval process that is particularly beneficial for drivers who are in financial straits.
How do you apply for a loan with M&T Bank According to the M&T Bank site, the application process should only take less than a minute and can be done via the internet or at one of its branches. Following the application, you will have the option of up to 30 days to complete your purchase.
The information required to apply for a job Social Security number Income and employment information. Assets and liabilities. Email address Year, make model, mileage, and VIN number
M&T Bank FAQs
How can you pay off the M&T Bank auto loan? There are many ways to pay off your loan with M&T such as online, over telephone, in person or by mail. M&T also offers recurring payments which will help you never skip one month.
Should you refinance a loan through the bank? Refinancing through a bank can be a good idea in the event that you have had a prior relationship with the institution, as you may receive lower rates. If not, it’s best to look around at various kinds of lenders to locate the most suitable loan.
How Bankrate rates M&T Bank Overall score
3.8
Accessibility
4.0
Although loans are only available across 13 states M&T does not have a dealership requirement and offers a wide variety of repayment options.
Affordability
3.6
The lower maximum APR can boost the score, but it is based on the unspecified fees as well as the high minimum APR.
Customer experience
5.0
M&T is a top choice for its lengthy time-to-shop and 24 hour customer service.
Transparency
2.5
Without the option to apply for loan prequalification and only some rates disclosed, M&T receives a low score.
Methodology In order to determine the most suitable automotive loan lenders, Bankrate considers 18 factors. This includes credit requirements, loan amount, APR ranges, the shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and assigned each one an Bankrate rating. This consists of 4 categories.
Availability. The types, amounts and repayment options are considered in this class. A variety of financing options results in a higher score. Affordability. The rates of interest, acceptance criteria and the current fees are measured here. Customer experience. This is a category that concerns access to online services as well as app availability and customer support hours of operation. The lenders that offer 24/7 support earn the highest available marks. Transparency. This includes the disclosure of potential fees and the ability to request loan prequalification.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or accepted by any advertising company. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Look over the information at the top of this page, and the lender’s website to find the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls 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 dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched, and well-informed information that breaks down complex topics into manageable bites.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or for you clicking certain links posted on our website. This compensation could affect the way, location 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 home lending products. Other factors, such as our own rules for our website and whether the product is available in your region or within your personal credit score could also affect how and where products appear on this website. We strive to offer an array of offers, 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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