Auto Loans Bank of M&T Bank Reviews 2023
M&T Bank is a regional bank with a presence in 14 states. The bank offers a variety of financial products, including auto loans. M&T Bank auto loans can be a good option for borrowers who live in the bank’s service area and have good credit. Auto Loans Bank of M&T Bank Reviews 2023
Here is a sheet table on the article:
| Feature | M&T Bank Auto Loans |
|---|---|
| Minimum loan amount | $2,000 |
| Starting APR | 4.24% for borrowers with excellent credit |
| Shopping window | 60 days |
| Customer support | 24/7 |
| Prequalification | No |
| Prepayment penalty | May apply |
| Availability | 14 states |
Pros of M&T Bank Auto Loans
- Low minimum loan amount: M&T Bank has a low minimum loan amount of just $2,000. This makes it a good option for borrowers who only need to borrow a small amount.
- Competitive interest rates: M&T Bank offers competitive interest rates on auto loans. The bank’s current starting APR is 4.24% for borrowers with excellent credit.
- Long shopping window: M&T Bank gives borrowers a 60-day shopping window. This means that you have 60 days from the time you apply for a loan to lock in the interest rate.
- 24/7 customer support: M&T Bank offers 24/7 customer support. This means that you can get help with your loan at any time of day or night.
Cons of M&T Bank Auto Loans
- No prequalification: M&T Bank does not offer prequalification for auto loans. This means that you won’t know your interest rate until you apply for a loan.
- Prepayment penalty: M&T Bank’s auto loans may have a prepayment penalty. This means that you may have to pay a fee if you pay off your loan early.
- Limited availability: M&T Bank auto loans are only available in 14 states.
Overall, M&T Bank auto loans can be a good option for borrowers who live in the bank’s service area and have good credit. The bank offers competitive interest rates and a long shopping window. However, M&T Bank does not offer prequalification and some loans may have a prepayment penalty.
Here are some additional things to consider when evaluating M&T Bank auto loans:
- Your credit score: Your credit score will have a big impact on the interest rate you qualify for. The higher your credit score, the lower your interest rate will be.
- The amount of money you need to borrow: The amount of money you need to borrow will also affect your interest rate. The more money you borrow, the higher your interest rate will be.
- The term of your loan: The term of your loan is the length of time you will have to repay the loan. The longer the term, the lower your monthly payments will be, but the more interest you will pay over the life of the loan.
If you are considering an M&T Bank auto loan, be sure to compare rates from other lenders before you make a decision. You can use an online loan calculator to estimate your monthly payments and the total amount of interest you will pay.
Here are some other lenders that offer auto loans:
- Bank of America
- Chase
- Wells Fargo
- Capital One
- PenFed
FAQs:
The minimum loan amount for an M&T Bank auto loan is $2,000.
The starting APR for an M&T Bank auto loan is 4.24% for borrowers with excellent credit.
The shopping window for an M&T Bank auto loan is 60 days. This means that you have 60 days from the time you apply for a loan to lock in the interest rate.
No, M&T Bank does not offer prequalification for auto loans. This means that you won’t know your interest rate until you apply for a loan.
Some M&T Bank auto loans may have a prepayment penalty. This means that you may have to pay a fee if you pay off your loan early.
