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M&T Bank Auto Loan Review

M&T Bank offers fairly competitive rates on car, motorcycle, boat and RV loans with amounts starting as low as $2,000. But some critical pieces of information, including credit requirements, vehicle restrictions and loan fees, if any, aren’t disclosed on the bank’s website. Plus, you’ll have to be a resident of one of eight qualifying states or Washington, D.C., and know what car you want to buy, before you can apply for an auto loan. You may have an easier time borrowing elsewhere.

How M&T Bank auto loans work

You need to be a resident of Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia or Washington, D.C. to qualify for an auto loan from M&T Bank. Its lowest rates go to those who set up automatic car payments from an M&T Bank checking account. While its starting loan amounts are low, M&T does not disclose the maximum amount you may borrow or its minimum loan terms. M&T did not respond to requests for information.

M&T Bank auto loans: Rates and terms at a glance

  • APRS between 3.94% and 12.84%
  • Terms up to 84 months
  • Loan amounts starting at $2,000

M&T Bank offers financing for new and used cars from a dealer or a private party. APRs start at  3.94%, although several conditions must be met in order to receive this lowest advertised rate:

  • Agree to a loan term of 63 months or less.
  • Purchase or refinance a 2018 or newer model.
  • Set up an M&T MyChoice Premium or Power Checking checking account and deposit $25 before applying for your loan.
  • Set up automatic payment deductions from any M&T checking account.

Plan to buy an older car? It’s not clear what your starting APR might be for vehicles 2017 or older. The bank does not disclose mileage or other vehicle restrictions.

Here’s a closer look at what we do know about the various types of vehicle loans offered:

Type of Loan APR Range Terms Loan Amounts
New and used auto 3.94%–12.84% Up to 84 months Starting at $2,000
Motorcycle 7.74%–13.25% Up to 72 months Starting at $2,000
Recreational vehicle 3.99%–15.49% Up to 240 months Starting at $2,000
Boat 4.24%–15.49% Up to 240 months Starting at $2,000
Snowmobile, jet ski, ATV 7.99%–13.25% Up to 36 months Starting at $2,000

The fine print on bikes, boats, RVs and powersport vehicles

Like car loans, the lowest rates on loans for motorcycles, RVs, boats and powersports vehicles go to those who choose newer vehicles and relatively short terms. Here’s what else you should know about these vehicles.

Motorcycle loan terms must be 60 months or less on a 2018 or newer model in order to qualify for the lowest APR.

RV loans cover motorhomes, truck campers, travel trailers and camping trailers. To qualify for the lowest APR available, the loan-to-value (LTV) ratio must be 80% or less and the loan amount must be $250,000 or more.

Boat loans qualifying for the lowest rates ​are those up to 80% LTV with loan amounts of $250,000 or more.

Powersports vehicles include snowmobiles, jet skis and ATVs. The best rates go to those with terms of 36 months or less or 2018 or newer vehicles.

How to apply for an M&T Bank auto loan

Buffalo, N.Y.-based M&T Bank Corp. has branches in Connecticut, Delaware, New York, New Jersey, Pennsylvania, Maryland, Virginia, West Virginia and Florida as well as Washington D.C.

To apply online you must choose your state of residence and submit the following documents and information:

  • Social Security Number
  • Income and employment information
  • Assets and liabilities
  • E-mail address
  • Year, make, model, mileage and VIN number of the vehicle you’re purchasing

No preapprovals. In order to apply for an auto loan, you have to enter information about the exact vehicle you wish to buy. This makes it difficult to compare auto loan rates ahead of time. The Consumer Financial Protection Bureau (CFPB) encourages would-be buyers to get preapproved for a loan before shopping for a car. That way, you walk into the dealership knowing the amount and rate for which you qualify — if the dealer offers something better, great, you’re probably getting a good deal.

Is auto financing through M&T Bank worth it?

M&T offers a low minimum loan amount and decent rates on car, boat and RV loans, assuming you’re willing to choose a late model vehicle for a relatively quick payoff period using auto draft. But the bank doesn’t disclose all loan details on its website or offer much information about credit requirements or vehicle restrictions, if any.

Some banks and credit unions offer lower starting APRs than M&T Bank. Before you apply for a loan through M&T, make sure to compare rates and terms available through other lenders and see where you can get the best deal. You could fill out a single form at LendingTree and receive up to five offers from lenders, depending on your creditworthiness.

In the meantime, here are some additional benefits and drawbacks to M&T Bank vehicle loans:

Pros

  • Competitive interest rates on new and used cars and on certain recreational vehicles.
  • Low minimum loan amount compared to some other banks and credit unions.

Cons

  • Loans are only available to residents of certain states and the District of Columbia.
  • Credit requirements, loan fees and vehicle restrictions, if any, aren’t disclosed up-front.
  • You have to choose your vehicle before you apply for a loan.

Who is an M&T Bank car loan best for?

Auto loans from M&T may be best for pre-existing bank customers who have already determined they live in a qualifying region and likely have the checking account necessary to qualify for the lowest rates.

M&T Bank is also an option to consider if you need a small auto loan amount. Look elsewhere, however, if you’re in the market for a motorcycle, jet ski, snowmobile or ATV — we’ve seen better rates at other lenders, particularly if your credit is strong.

Check with your own bank or credit union to see what APRs and rate discounts are available there. You may find a better deal, convenience and a more transparent borrowing experience somewhere other than M&T Bank.

 

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