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TD Car Loan Review

Offering fixed and variable rates as well as flexibility on loan terms, TD Bank provides borrowers with a variety of car loan options.

To be eligible for a TD auto loan, you must be a Canadian resident financing a vehicle at a dealership or a private sale.

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If you’ve set your sights on your dream car at the dealership, consider inquiring about a TD auto loan to help you with financing. Here are the highlights of a TD auto loan:

  • Think of a TD auto loan if your priority is a competitive rate and flexible terms.
  • Pick something else if your credit is in bad shape. Canada’s major banks tend to have eligibility criteria that include a high credit score, so you may have to turn to bad credit auto loans to get the financing you need.
  • Keep in mind that TD works with a large network of dealerships across Canada, so you can ask about TD financing while you’re car shopping or you can contact TD directly, over the phone or in person to apply for a loan.

What makes a TD Car Loan unique?

Convenience and flexibility are what make the TD Car Loan shine. Because TD works with such a large network of dealerships across Canada, you can count on a one-stop shop for selecting your dream car and getting the financing you need to drive it off the lot. You can choose either a new or used vehicle, including a boat, RV or motorcycle. Auto loans are also available for people who want to finance a private sale.

Across the board, TD car loans offer fixed and variable interest rates, flexible payment plans and amortization periods of up to 8 years. Regardless of what financing or interest rate option you choose, you can pay down the entire loan at any point with no additional costs. It’s this flexibility that makes it a versatile option for a wide range of borrowers.

First, do I qualify?

To be eligible, you’ll need to meet the following criteria:

  • Be a Canadian resident with a valid Canadian address.
  • Have a valid driver’s licence and be the age of majority in the province you live in.
  • Must be looking to finance a new or used vehicle at the dealership or through a private sale.
  • Have a valid Canadian bank account to make payments on time.
  • Loan eligibility criteria, such as credit score and minimum annual income, aren’t disclosed online. These can be obtained by speaking to TD Bank directly.

Which provinces are TD car loans available in?

TD car loans are available in all 10 provinces and 3 territories across Canada.

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What types of car loans does TD offer?

Your vehicle options are open-ended if you’re hoping to secure financing with TD bank. TD financing provides the following options:

  • New and pre-owned car loans. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from thousands of dealers partnered with TD Bank across Canada. You can choose from various makes and models in stock from manufacturers such as General Motors, Fiat Chrysler, Chevrolet, Buick, Cadillac, Dodge, Jeep and Hyundai. Terms for standard vehicles go up to 96 months.
  • Private sale auto loans. You can also apply for the amount you need, up to $50,000, to purchase a private sale vehicle, regardless of whether it’s new or used. You can apply for a private sale auto loan if you’re buying a car, SUV, truck, van or RV.
  • RV, marine and powersport vehicle loans. TD provides loans to help you buy everything from camper vans to snowmobiles, motorcycles, powerboats and cabin cruisers. Terms vary depending on what you’re aiming to buy. For example, marine vehicles can come with amortization terms of up to 240 months, while watercraft, snowmobiles and motorcycles can come with amortization periods of up to 84 months. TD even offers special rates for customers buying brands such as Textron/Arctic Cat, Argo, Kawasaki, Polaris, Piaggio, Campion Boats and Legend Boats.

What are the benefits of TD car loans?

  • Lengthy terms. This allows you to pay back your loan over a period of up to 84 months if you’re buying a standard car, SUV, minivan or truck.
  • Flexible payment plans. You can choose to pay off your loan in weekly, fortnightly or monthly instalments.
  • Financing is available virtually anywhere. TD works with over 4,500 dealerships across Canada.
  • Large inventory. You can choose from thousands of new and pre-owned cars, trucks, SUVs and minivans on offer from dealerships partnered with TD.
  • No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.

What to watch out for

  • Unclear fees. Despite having an auto loan calculator, it’s not clear how much you’ll have to pay in terms of service or administration fees. You may encounter additional fees and extra costs as you go through the loans process with your lender, depending on which dealer you go with.
  • Rates not listed. TD Bank lists prime rates on its website but doesn’t specify what it charges on its fixed or variable rate car loans.

How do I apply?

If you’re ready to apply for a TD auto loan, follow these steps:

  1. Book an appointment. Either visit a local TD Bank branch or head to the TD website to book an appointment to apply for your loan.
  2. Call. You can also contact TD by calling 1-877-390-5197 to apply for a loan.
  3. Apply online. Head to the TD website, navigate to “Products,” click “Borrowing,” then “Loans” and finally “Car or large purchase.” Select between “Dealership Vehicle Loan” and “Private Sale Vehicle Loan.” Click “Apply Now” and log in with your TD username and password. If you don’t have one, you will be prompted to book an appointment to set up an application and account.
  4. Download the TD Wheels app. You can also apply for a TD auto loan via its dedicated app.

What documents do I need to apply?

To apply for a TD auto loan, you’ll need the following:

  • An idea of how much you want to borrow
  • Your Social Insurance Number (optional)
  • Proof of current address and previous address (if current address is less than 3 years)
  • Proof of income (pay stubs, employment letters)
  • Proof of insurance (this can be done at the dealership or ahead of time)

TD Bank will usually run a credit score to verify your details and determine your creditworthiness.

I got a TD car loan, now what?

You can go ahead and buy the car you’ve been looking for. TD provides upfront financing so you can get the amount you need for the car you want.

You’ll work with a TD loan representative to iron out the details of your loan, including your terms and payment schedule. You can choose between a fixed or variable interest rate too. If you opt into weekly, fortnightly or monthly payments, circle the due dates on your calendar and make sure you have the funds on hand to make your payments. The last thing you want to do is incur late or missed payment penalties and take a hit to your credit score.

Keep in mind, TD lets you pay off some or all of your loan anytime you’d like without facing any prepayment penalties. Keep this information handy for when you have a windfall or extra cash on hand to pay down debts.

Frequently asked questions

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