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How to save thousands on your NBT Bank auto loan

You can lower your monthly payments on your NBT Bank auto loan and save $450 every year / $38 every month through refinancing. You are a great candidate for refinancing if (a) you got your current loan at the dealership and/or (b) made all of your loan payments on time.

Instead of making your monthly payment to NBT Bank why not refinance now and save thousands in minutes.

Table of contents


  1. How to make your NBT Bank payment
  2. Some background on NBT Bank
  3. Refinance your NBT Bank auto loan
  4. NBT Bank loan payoff amount
  5. How soon can you refinance your NBT Bank loan
  6. Will refinancing your NBT Bank loan hurt your credit
  7. Can I skip a car payment with NBT Bank
  8. Does NBT Bank have a grace period
  9. How long does NBT Bank take to repossess my car
  10. What happens if I pay extra on my NBT Bank loan
  11. Savings from refinancing your NBT Bank loan
  12. NBT Bank reviews
  13. Does NBT Bank report to the credit bureaus
  14. NBT Bank car loan refinance rates
  15. Can you refinance your NBT Bank loan with the same lender
  16. Refinance your NBT Bank loan now

How to make your NBT Bank payment


If you currently have a loan with NBT Bank paying online is easy. Simply go to https://www.nbtbank.com/personal and top right at Login. You can choose between:

  • Making a one time payment.
  • Enrolling in Autopay from your checking account.

Please note that many banks and financial institutions offer a rate discount for enrolling in autopay (to reduce your interest expense and lower your monthly payment). NBT Bank would have highlighted this option to you to get you into a lower interest rate when you got pre-qualified during your application process for your auto financing.

If you can’t pay online, you’ve also got the option to:

Pay your bill over the phone: Call 1-800-628-2265

Pay your bill through the mail: Send a check to NBT Bank

NBT Bank Loan Operations
P.O. Box 149
Canajoharie, N.Y. 13317

Nicholas Hinrichsen - Published: November 5, 2020

Some background on NBT Bank


Before going into more detail, here a little background about NBT Bank: NBT Bank, N.A., is an American financial institution that was founded in 1856. The bank was originally called the Bank of Norwich, but received a national charter and changed its name to the National Bank of Norwich in 1918.

The name was changed again in 1989 to The National Bank and Trust Company. There are over 150 banking locations in various north-eastern states such as New York, Vermont, Pennsylvania, New Hampshire, and Maine. NBT Bancorp Inc. is the parent company to NBT Bank, both of which are based in Norwich, New York.

In the 160+ years, the bank has been in business, a few of its acquisitions have been L.A. Bank in Scranton, PA, Pioneer Bank in Carbondale, PA, and Central National Bank in Canajoharie, NY. Their biggest merger was with Alliance Bank in Syracuse, NY, in 2013. Also, in Syracuse, NY is NBT Bank Stadium, which the company owns the naming rights to.

NBT Bank targets the segment of American car shoppers with good (i.e. prime) credit and we observed an average auto loan interest rate of 7% (within a range of +/- 3%), while rates vary a lot by credit score. Our NBT Bank auto loan calculator can pre-qualify you hassle-free through a simple credit application and help you get a sense for how much you can expect to save from a NBT Bank auto refinance and the best rates.

Refinance your NBT Bank auto loan


To lower your monthly payments on your NBT Bank (also known as NBT Bancorp Inc or National Bank of Norwich) auto loan, you need to find a lender that can extend your used car loan term or who offers lower auto loan rates before the loan is paid in full. The best way to do so is through an online application that returns your annual percentage rate (APR) immediately. Usually, lenders offer you a lower rate than your current auto loan for one of two reasons:

  1. When you bought your car, the participating dealer marked up your rate. That's common for auto loan originations and to make more money.
  2. You improved your credit over time and now qualify for a lower car payment and interest rate.

Both of these observations are common sense and the reason for why you can save a lot of money, especially if you drive your car for personal use. You improved your credit with the credit bureaus from prime credit (i.e. between 680 and 720 on your credit report) to super prime credit (i.e. above 720), you're not facing any financial difficulties and therefore, your new lender will be likely one of the following ones:


You successfully got out of the prime credit segment (a FICO between 680 - 720 on your credit history) and moved into the super prime credit segment (FICO above 720). Credit Unions love super-prime members. These lenders have a community charter, are FDIC approved and are non-profits providing a great customer experience. Therefore, the rates are as low as they get.

In the following, we will walk you through the exact steps to pay off your NBT Bank loan. If you want to skip the details and refinance now through a simple loan application, get an offer with a few clicks and with no impact on your credit.

NBT Bank loan payoff amount


First and foremost, we need to pull up your NBT Bank loan payoff statement to obtain your loan payoff amount and details. The loan payoff statement is not your outstanding balance. Instead, the loan payoff statement summarizes the following data points:

  • your payoff amount (usually your loan amount balance plus a few small fees)
  • the due date until your payoff is valid to avoid late fees (usually 10 days from when you requested it)
  • the per-diem (how much of daily interest your loan accumulates)
  • your account number (the new lender needs that to payoff your loan)
  • the payoff address (the new lender needs to know where to mail the check to)

There is no such thing as prepayment penalty and all the above information can be found on the official payoff statement, just to be clear. You have multiple payment options but first you need to locate the payoff statement from NBT Bank's customer service reps:

  1. Call the NBT Bank customer service phone number at 1-800-628-2265 and ask to be connected to the loan payoff department.
  2. Log into the online banking at Login (https://www.nbtbank.com/personal, top right) and browse to the 'Loan Payoff' tab. You will be able to download a PDF.
  3. Do a three-way phone call with the new lender and a NBT Bank customer service rep at 1-800-628-2265, which allows the new lender to ask NBT Bank all the questions necessary to pay off your existing loan.

Should you plan to payoff your loan and you are currently in the United States, you can overnight a check to the following address:

NBT Bank Loan Operations
P.O. Box 149
Canajoharie, N.Y. 13317

Once you paid off your auto loan, expect to receive the vehicle title along with a lien release letter in the mail. Car loans are usually secured personal loans and in order to be able to sell your vehicle or refinance it, you need the lien release in hand.

We provided those addresses above because we always struggle to find a service provider's contact information. Just be aware, due to COVID-19, waiting times for customer service reps might be longer than usual. Want us to take care of the refinance for you? We can lower your rate in less than two minutes.

How soon can you refinance your NBT Bank loan


You're eager to refinance your NBT Bank loan? Great, you should absolutely work towards lowering your NBT Bank payments through refinancing.

Car dealerships make most of their money on finance and insurance products. Therefore, there's a good chance that you are overpaying and can save money through refinancing - already the day you drive off the lot! That said, you will save the biggest amount of money from refinancing after you made 12 to 18 payments. That's when you will notice the effect from improving your credit above and beyond good (i.e. prime) credit.

That said, we recommend checking regularly: you can get a free refinance offer with no impact on your credit in three simple steps.

Will refinancing your NBT Bank loan hurt your credit


Refinancing will not hurt your credit! If you have the app CreditKarma installed on your phone, take a peek at what factors determine your credit. You will find the following:

  • Number of Hard Inquiries (less is better)
  • Age of Credit history (more is better)
  • Credit Card Utilization (less is better)
  • Total Accounts (more is better)
  • Derogatory Marks (less is better)
  • Payment History (more is better)

None of these factors is impacted negatively if you obtain a refinancing offer for your NBT Bank loan. Lenders don't need to do a hard credit inquiry to make you a firm refinance offer. Neither do they charge an application fee. From a soft credit pull, we can see your whole credit file and estimate your rate.

Should you decide to accept the refinance offer, the new lender will have to perform a hard inquiry in order to add your new loan to your credit file. The hard inquiry, however, only happens after you have been approved.

We argue that the positive impact of refinancing your NBT Bank loan outweigh the negative impact of the hard credit inquiry: after you refinance your NBT Bank loan, you will have a lower rate and lower monthly payments. As a result, the likelihood that you will be able to establish a perfect payment history increases which will drive your score up quickly.

Can I skip a car payment with NBT Bank


You're short on cash and are wondering whether you can skip a car payment with NBT Bank? The answer is yes, you can defer one or more payments on your existing auto loan. You have to talk to NBT Bank about the deferral first though. You can't just not pay or you risk collection calls and ultimately a repossession.

Ideally, you give NBT Bank a call at 1-800-628-2265 and describe your situation. NBT Bank's goal is for you to make your payments throughout the whole term of the loan. Finance charges will continue to accrue on the unpaid loan balance, which means you will end up paying more on your loan after all. But for as long as you communicate well with NBT Bank, they will defer one or more payments out of courtesy and to help you with your repayment.

All that said, you can lower your NBT Bank payments through refinancing if you've made all your latest payments on time. In three simple steps, you can find out how low your payments could be without having to skip a payment or two.

Does NBT Bank have a grace period


The NBT Bank late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.

Late fees vary drastically by loan, the minimum late fee we've encountered was 5% of the monthly payment amount. However, we strongly advise not to take advantage of NBT Bank's grace period unless you have an emergency. You'd be putting your credit at risk, which can have a long-term, negative impact on your personal finances.

Instead, we recommend exploring if refinancing can help you reduce your monthly burden and potentially even provide unexpected cost savings. Provide your phone number and follow our three simple steps to get a firm offer, 100% online and with no hit on your credit.

How long does NBT Bank take to repossess my car


Repossession law varies slightly from state to state and range from 3 to 5 months after you stopped making payments on your NBT Bank loan. Each individual retail and installment contract - the contract you signed when you got your car and NBT Bank loan - states what constitutes a default.

Some states and contracts even trigger a repossession within 45 days (or a month and a half) of being in default. You are in default when you stopped making your payments and for as long as you haven't paid the NBT Bank late fees.

Just catching up with your missed payments making NBT Bank whole doesn't automatically mean you're not in default anymore. You really need to pay NBT Bank everything you owe including fees to be not considered in default any longer.

What happens if I pay extra on my NBT Bank loan


The answer is simple: your loan term will shorten but your monthly payment will stay the same. A number of our customers hope they can reduce their monthly payments through paying extra but no lender will do that.

To lower your monthly payments, you have to refinance your loan. If you haven't considered refinancing your NBT Bank loan yet, you definitely should: not only can you reduce your monthly payments within 2 minutes or less, your total interest expense will go down as well and as a result, you can save $450 every year / $38 every month.

Savings from refinancing your NBT Bank loan


We performed a study on the top 40 auto loan companies to refinance and found that the average NBT Bank loan rate is around 7% (within a range of +/- 3%). If you made your payments for 6 / 12 / 18 consecutive months, you're guaranteed to be able to save money on your NBT Bank loan.

Your new interest rate should be on the order of 4% or below. That means you will save $300 every year / $25 every month if your remaining loan balance is around $10,000 and you refinance. Usually, we see higher loan balances when refinancing our customers, e.g. around $15,000. If your loan balance is around $15,000 you will save $450 every year / $38 every month when you lower your rate by 3%.

For a guaranteed rate in less than 2 minutes, open WithClutch.com, enter your phone number, select your goal (e.g. 'Lower my monthly payment') and click on 'Apply Now'. Our process will not hurt your credit and you'll receive a firm and guaranteed rate with not more than 5 clicks. Should you have any further questions, check out our FAQs.

NBT Bank reviews


If you currently have a loan with NBT Bank, you most likely got the loan at the dealership during the car purchase. You probably used your used vehicle as a trade-in to lower your down payment. The dealer found you your loan and you can make your payments by clicking on Login at https://www.nbtbank.com/personal.

79% of all Americans with auto loans get their auto loan at the dealership. People shop for new cars, they don't shop for new loans. As a result, auto dealers have a leg up when it comes to giving car shoppers loans. In fact, the same is true for auto insurance and when you inquire about a warranty.

The challenge is this:

  1. the number 1 goal of a car dealer is to sell a car
  2. the number 2 goal of a car dealer is to sell the car at the highest possible margin

Considering the interests of the car dealer and how most car shoppers get their loans, no wonder Americans are overpaying on their interest rates, right?

As mentioned above, NBT Bank is an auto loan and financial services company that specializes on the segment of Americans with good (i.e. prime) credit. We looked at reviews for NBT Bank and found the following:

  • BBB: 1 out of 5 stars and 36 complaints
  • Wallethub: 2.3 out of 5 stars from 20 reviews
  • Glassdoor: 3.4 out of 5 stars from 69 reviews

Ever wondered if NBT Bank treats everyone like you? Sadly, they do. Other loans you might have also qualified for could have been with one of the following auto loan companies:


If you bought your car at a Franchise Dealership, you may have qualified for a loan with one of the Captive Finance companies (i.e. the auto loan companies that are owned by the respective car brand), e.g.:


After you've made your first 6 / 12 / 18 payments, your chance to refinance your loan and lower your monthly payments has come. The challenge with refinancing is that most auto loan companies require you to visit their branch before they can give you any indication of how much money you will be saving. Fortunately, we can help with that.

Does NBT Bank report to the credit bureaus


When you first obtained your auto loan, NBT Bank reported your new loan to the credit bureaus. Your NBT Bank loan shows up as a so called trade-line on your credit report. Through a soft or hard credit inquiry, we can see:

  • When you got your NBT Bank loan
  • What your initial balance was
  • How high your monthly payment is
  • Whether you've made your payments in time and full
  • How high your outstanding balance is
  • How many payments are remaining

If you miss a payment, NBT Bank will very likely report the incident to the credit bureaus. Just like any other auto finance company, NBT Bank will also report to the credit bureaus when you paid off your loan or refinanced it. In both of those cases, your loan will show up as paid off.

NBT Bank car loan refinance rates


We can help you get the following NBT Bank refinance rates:

Credit New car Used car
760+ 2.69% 3.49%
700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Below 550 22.00% 22.00%

As mentioned above, NBT Bank car loan rates vary a lot by credit score, i.e. lowest rate for excellent credit to highest rate for challenged credit. Yet, the rates are usually the same no matter where you live in the United States - be it Hawaii or Maine, Alaska or Florida. We therefore recommend taking a look at your NBT Bank refinance offer for your exact and personalized refinance terms.

Can you refinance your NBT Bank loan with the same lender


The answer is short and sweat: no, you cannot refinance a NBT Bank loan with the same lender. NBT Bank does one of two things with your loan:

  • Keep it and generate profit over the course of the loan and while you are paying your interest.
  • Sell your loan to an institutional investor or the public through a securitization to realize a lump sum profit immediately.

In both of those cases, the institution holding your loan is expecting your monthly payments. When you refinance, however, you change the expected cash flow to NBT Bank, which impacts NBT Bank's bottom line. NBT Bank would not allow that.

Therefore, NBT Bank won't let you refinance your loan with the same lender (i.e. NBT Bank). Instead, you need to find a new lender offering a lower rate.

Fortunately, we recently studied the best car loan refinance companies and wrote a thorough review. In a nutshell, only WithClutch offers a fully digital pre-qualification experience, even for borrowers with minimum monthly income and without charging unreasonable fees. We do our best to give our clients the best auto refinance loans. Our partner lenders can offer the lowest rates and can help with lease buyouts as well as refinancing.

Refinance your NBT Bank loan now


Haven't explored refinancing yet? Take a look at our exhaustive article about all the auto refinance companies and you will realize,
WithClutch.com is the only fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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