2023 TD Bank Auto Loan Review
TD Bank auto loans at a glance
As an indirect auto finance company, TD Auto Finance may be one of the financing options that the car dealer presents to you. Going through a dealer is the only way to get a TD auto loan because TD Auto Finance doesn’t offer auto financing directly to consumers.
Like most indirect lenders, TD Auto Finance doesn’t publicly disclose APRs and terms, and borrowers can’t prequalify or apply online. You have to apply with the dealer to see the rates and terms available to you.
It’s important to do your homework before you go car shopping to see what rates and terms you may be eligible for with other lenders. By getting an auto loan preapproval from several lenders before visiting the dealership, you’ll be able to assess whether TD’s loan offer is a good deal for you.
- Dealer application: TD Auto Finance offers loans through dealers, making it convenient to buy a car and obtain financing at the same time.
- Dealer locator: Use TD’s convenient dealer locator website to find a participating dealer near you.
- Flexible payment options: TD Auto Finance customers have a variety of ways to submit their monthly auto loan payment, including online, by mail, by phone, in person or by signing up for autopay.
- Best for savvy shoppers: This lender may be right for anyone who is buying a car at a dealership and knows the APR they qualify for before they go shopping. A TD Auto Finance loan may also be right for someone who already has a relationship with TD Bank and would like to keep their accounts in one place.
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TD Bank pros and cons
With any auto loan, you’ll encounter pros and cons when it comes to quality and the overall borrowing experience. We’ll look at the benefits and drawbacks of a TD Auto Finance loan.
| Pros | Cons |
|---|---|
Flexible payment options Easy dealer application Both auto loans and unsecured personal loans are available | Auto loan rates and terms not disclosed Eligibility requirements not disclosed Dealer presents loan details and may inflate your interest rate |
With a TD Auto Finance loan, the dealer stands between you and the loan. Like any other dealer-arranged financing, the dealer is not obligated to offer you the best rates for which you qualify. The dealer can mark up the APR for additional profit, so it may not be possible to know the true APR you may have qualified for from that lender.
On the plus side, TD customers have plenty of options for making their monthly payments, including in-person at a bank branch, by phone, by mail, via automatic payments or online using a checking account or debit card. The application process is handled at the dealership, streamlining your car-buying experience. If you’re interested in a TD Auto Finance loan through your local dealer, just be sure to receive multiple offers from other lenders before your visit, so you can be sure you’re getting a good deal.
As an alternative to a conventional auto loan, TD Bank personal loans are available in amounts from $2,000 to $50,000 and with terms from 36 to 60 months. A personal loan can give you more flexibility in how you use the money but is likely to have a higher APR. You can apply online, but TD Bank personal loans are only available to borrowers in 15 states.
How to get a loan with TD Bank
TD Auto Finance is a unit of TD Bank Group, one of the largest banks in North America. It offers auto loans through more than 6,000 participating dealerships in 50 states. The dealership’s Finance and Insurance (F&I) manager will likely handle your loan application. You’ll need to be ready to provide the information and documents commonly required to get an auto loan.
If you apply for a TD Bank loan jointly with another person, you’ll need to offer the same information for your co-applicant. Use a car loan documentation checklist to make sure you have everything you need ahead of time:
- Name
- Date of birth
- Address (including recent addresses if you’ve lived at your current residence for less than two years)
- Employment information
- Income information
- Driver’s license or other government-issued forms of ID
- Vehicle information
- Amount you’d like to borrow
The F&I manager will access your credit history, submit your loan application and inform you of the results.
How TD Bank auto loans compare
It’s difficult to compare TD Bank auto loans with other lenders that post APRs and terms on their websites and allow you to apply online or prequalify for a loan.
Use an auto loan calculator to compare payments and total costs based on the loan offers you receive.
| TD Bank | Bank of America | PNC Bank | |
|---|---|---|---|
| Starting APR | Not disclosed | 6.14% | 6.84% |
| Loan terms | Not disclosed | 48-72 months | 12-72 months |
| Loan amounts | Not disclosed | From $7,500 | $7,500 to $75,000 |
| Min. credit score | Not disclosed | Not disclosed | Not disclosed |
Is a TD Bank loan right for you?
Like other indirect auto lenders, TD Bank doesn’t provide a way for you to shop their rates and terms before you apply. Come prepared with preapproved offers from other lenders, like banks, credit unions and online lenders, before you get the dealer’s financing offer. Because the dealer can bump up the rate, you may not receive the best available APR for you.
By filling out a single form with LendingTree, you can receive up to five auto loan offers from top lenders. With those offers in hand, you can better understand whether TD Bank’s offer is competitive.
Frequently asked questions
TD Bank doesn’t disclose its credit score requirements for an auto loan, but a lender’s lowest APRs typically go to borrowers with very good credit scores (starting at a 740 FICO Score).
TD Bank doesn’t disclose the interest rate on a car loan. The rates vary depending on your credit history, the amount borrowed and the loan term length.
TD Auto Finance has received a J.D. Power award for dealer satisfaction among noncaptive lenders in the nonprime segment for the sixth consecutive year. TD Bank has an A+ rating with the Better Business Bureau.
However, consumers have rated TD Auto Finance 1.04 out of 5 stars with the BBB. TD Auto Finance may be a reputable lender, but many consumers have been dissatisfied with the customer service they’ve received.