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M&T Bank Auto Loan Calculator, Interest Rates & Overview

Updated 27 November 2023

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M&T Bank auto loans overview

M&T Bank offers workable vehicle financing in CT, DE, ME, MD, MA, NH, NJ, NY, PA, VT, VA, DC, and WV. Interest rates start at 7.49% APR, and payment terms are up to 84 months. Plus, borrowers can finance from dealerships and private parties and qualify for rate discounts.

Want to see what an MTB auto loan will cost? Try the M&T Bank auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key M&T Bank auto loan features

Minimum loan amount: $2,000.
Maximum loan amount: Undisclosed.
Interest rates: 7.49% to 15.76% APR.
Loan terms: Up to 84 months.
Loan fees: Undisclosed.
Discounts: Relationship discounts with qualifying M&T Bank consumer checking accounts.

M&T BANK AUTO LOAN OPTIONS

New and used auto loans

No matter if it’s for purchasing or refinancing, M&T offers auto loans for used and new cars and trucks. Rates can range from 7.49% to 15.76% APR and repayment periods stretch up to 84 months. Moreover, the minimum loan amount is just $2,000, so it can be a good choice if you want to refinance a low loan.

Marine and recreational vehicle loans

For your adventure, M&T also has loans tailored for new and pre-owned boats, RVs, motorcycles, snowmobiles, jet skis, and ATVs. You can make loan payments for up to 240 months depending on your vehicle type. APRs start at 7.99% for boats, 8.24% for RVs, 7.49% for motorcycles, and 7.74% for the rest.

M&T Bank auto loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$25,000

Term

60 months

Change

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Featured

Achieva - New Auto Loan

Estimated Month Repayments

$437 Inclusive of fees

Interest Rate

1.89%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$5,000
to $100,000

GO TO SITE

Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.

Featured

Bank of America auto loan

Estimated Month Repayments

$595 Inclusive of fees

Interest Rate

15.00%
APR

Repayment Period

12 months
to 72 months

Loan Amounts

$5,000
to $100,000

GO TO SITE

Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for an M&T auto loan

Eligibility criteria

While the bank doesn’t disclose the criteria, vehicle financing requirements usually include the following:

At least 18 years old
A legal resident
Be employed or have a source of income

Besides the common standards, aim for a term of 66 months or less and a 2022 or newer model. Plus, open an M&T MyChoice Premium or Power Checking account and set up automatic transfers. These will help you qualify for the lowest APRs available in MTB.

What you’ll need to have ready

Personal details

When you apply for auto financing with M&T Bank, you’ll be asked to provide personal information such as:

An email address
Your full name
Address
Social Security number
Employment information
Income details
U.S. citizenship status
A list of monthly expenses

Documents

You may need to provide MTB with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

Try to check your credit score and debt-to-income ratio (DTI), too. These figures influence the rates you qualify for and your chances of securing credit approval from the bank. So, work towards a higher credit score and a lower DTI ratio.

Ways to apply for an M&T Bank auto loan

Apply online by clicking the GO TO SITE link in the table below
Visit a branch
Call 1-800-724-2440

Additional M&T auto loan details

Automatic payment: Available.

Loan approval times: It may take 1 business day to a few weeks based on your application.

Rate discounts: Lowest APR for borrowers who qualify for relationship discounts.

Repayment frequency: Monthly.

Late payment fees: Undisclosed.
Prepayment penalty: Undisclosed.

Co-borrowers allowed: Undisclosed.
Co-signers: Undisclosed.

Hardship program: Payment assistance options. (Find out more)

Ways to repay: Online banking, over the phone, by mail, and in a branch.

Vehicle restrictions and limitations

Maximum vehicle age: Undisclosed.
Maximum vehicle mileage: Undisclosed.
Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

Flexible loan term.
Online application available.
Low minimum loan amount.
Dealership and private party purchases allowed.
Can finance new and used cars, trucks, boats, RVs, motorcycles, snowmobiles, jet skis, and ATVs.
Relationship discounts for qualifying customers with M&T consumer checking accounts.
Purchase and refinance available.
Convenient monthly payment options – online, through the phone, by mail, and in person.

Cons

Undisclosed loan fees.
Vehicle information needed during application.
Only available in CT, DE, ME, MD, MA, NH, NJ, NY, PA, VT, VA, DC, and WV.
Members with low credit scores may receive higher APRs.

FREQUENTLY ASKED QUESTIONS

Are there early repayment fees on M&T auto loans?

M&T Bank isn’t transparent with the loan fees associated with its car loans. You can contact the bank to know if you can pay off your car loan early. It’s also beneficial to clarify if there are other fees, like a loan origination fee.

How to pay my M&T auto loan?

You can make your monthly payments online, by phone, through mail, and in a local branch.

Are there discounts available on M&T Bank vehicle loans?

You may qualify for a rate discount if you have an M&T MyChoice Premium or Power Checking account and set up autopay.

How to apply for an auto loan at M&T Bank?

You can submit your application online or at one of the bank’s branches.

What is the interest rate on a car loan at M&T Bank?

M&T Bank offers auto loans ranging from 7.49% to 15.76% APR. Note though that your final rate will depend on several factors, including your credit profile, collateral, and overall loan.

Can I get a car loan at M&T Bank?

You can finance a new or used vehicle and refinance your existing auto loan at MTB.

Are the auto loans available in all 50 states?

Auto loans are available in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, Washington, D.C., and West Virginia.

Video: Maria Brito | Bridgeport, CT

Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.