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Mt Bank
M&T Bank: 2023 Auto Loan Review published 2023-01-01 00:00:00
Written by Rebecca Betterton Written by 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 taking out loans to buy the car they want.
Edited by 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 control their finances through providing precise, well-studied information that reduces complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and compare data at no cost and help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may be displayed within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the content we publish or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be available to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges that are included in the review is correct up to the date that the review was written. Review the data at the top of this page, and the lender’s website to find the most up-to-date information.
At a look 3.8 rating: 3.8 stars out of five
Bankrate Score
Availability Rating 4 stars out of 5
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
Check rates for auto loan rates
About Capital One Loan amount starting at $2,000
Min. credit score Unspecified
APR from 6.34%
Funds available in Unspecified
M&T Bank pros and cons M&T Bank auto loans boast extended support and a low minimal loan amount, however it is crucial to think about all aspects before applying.
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 be able to apply
Do you qualify? The Buffalo-based bank doesn’t make public the requirements for credit score or income minimum, however for you to be eligible, you must 18 years of age or older and be a legal resident. To be eligible for the best rates, you need to: be able to afford a loan duration of 63 months or less Finance a vehicle with a model year of 2018 year or later Have an M&T bank account Arrange for automatic payments
What we love and what we don’t like Consider the whole of the features M&T Bank has to offer prior to submitting a loan application. What we like Low minimum loan amount. The ability to finance a car with as little as $2,000, which is competitive compared to similar lenders. Discounts are available for customers who bank. Current customers who have an M&T bank account will benefit from the lowest rates. 24/7 support. M&T offers support over the phone at all hours of the day and at night. We don’t like the limited availability. M&T Bank only serves drivers in the following states: Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia along with Washington, D.C. There is no prequalification. Unlike some of its non-banking lender counterparts M&T is not able to offer customers the possibility of prequalifying. The information about the vehicle you need to submit for an application. When applying for an auto loan you need to know the vehicle you want for financing — an uncommon requirement. How to contact M&T Bank M&T Bank has 24/7 customer support for its customers via phone at 800-724-2440. If you prefer the convenience of support in person, you can schedule an appointment at any of its more than 1,600 branches across the nation. To stay on top of the status of your application or to manage your loan simply sign in to your account on the M&T Bank site.
Auto loan types available M&T Bank offers financing for used and new cars as well as refinance auto loans.
New and used car loans Start at $2,000 Terms: Up to 84 month APR: 6.34%-15.99 1 % 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 high, so be wary when you aren’t within the criteria mentioned. Additionally, to apply you must have your vehicle details.
Refinance Amounts: Starting at $2,000 Terms: Up to 84 months APR 6.34%-15.99 percent if the credit scores of your clients have significantly improved after you signed off on the loan or you got your terms from a dealership and you are looking to refinance, M&T can help to lower your monthly installment. The bank offers a speedy approval process that is particularly beneficial for drivers struggling financially.
How do you apply for an loan through M&T Bank According to the M&T Bank site, the application process should only take just a few minutes. It can be completed via the internet or at any of the branches in its office. Following your application, you will have until 30 days to complete the purchase.
Information required for application Social Security number Income and employment information Assets and liabilities Address for email: 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 through M&T such as online, over telephone, in person or by mail. M&T also has recurring payment options that will ensure you don’t skip a month.
Is it smart to refinance through an institution like a bank? Refinancing through a bank is an excellent option if you have a previous connection with that institution, because you could get lower rates. If not, it’s best to look around at various types of lenders to find the most suitable loan.
How Bankrate rates M&T Bank Overall score
3.8
The availability
4.0
While loans are available only across 13 states M&T does not have a dealership requirement and offers a wide range 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 scores perfectly for its long shopping window and 24/7 customer service.
Transparency
2.5
With no option for loan prequalification, and with only a few rates disclosed, M&T receives a low score.
Methodology to identify the top auto loan lender, Bankrate considers 18 factors. They consider credit requirements, loan amount, APR ranges, shopping window together with fee and rate availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating, which consists in four areas:
Availability. The types, amounts and repayment options are analyzed in this category. A wide range of financing options results in a higher score. Affordability. The interest rates, acceptance criteria and present fees are analyzed here. Customer experience. This category concerns online access along with app availability and customer support hours of operation. The lenders that offer 24/7 support earn the highest available ratings. Transparency. This includes the disclosure of potential fees and the ability to apply for loan prequalification.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees provided in the review is correct up to the date of the review. Look over the information on the right, and the lender’s site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing 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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