TD Bank Auto Loans Review: Interest rates, Calculator & Phone Number
When seeking a low-cost vehicle loan, many people turn to TD bank auto loans. TD Bank is one of North America’s top 10 banks, second only to RBC in Canada. As a result, future automobile buyers may obtain TD bank auto loans from the banking behemoth.
However, there is a catch: TD Bank does not provide automobile loans in the traditional sense. TD Auto Finance is a wholly-owned business of TD Bank that works separately from the bank. TD Bank has been around for almost 150 years and has over 25 million pleased clients throughout the world.
For three years in a row, TD Auto Finance ranked first among private lenders in terms of dealer satisfaction. For your automobile needs, the organization provides complete financing solutions with unique tariffs, payment choices, and a large dealer network.
Here is a break down of what we will be covering today.
About on TD bank auto loans
Before we get started, here’s some background information about TD bank auto loans: The financial services firm TD Auto Finance is a division of Toronto-Dominion Bank. Chrysler Credit Corporation of Farmington Hills, Michigan is also owned by the firm.
Dealer services, consumer financing plans, and dealer finance plans are all available via TD Auto. Chrysler Financial was purchased by Toronto-Dominion Bank in 2010 for $6.3 billion and rebranded TD Auto Finance in 2011.
TD Auto Finance employs over 83,000 people to serve over 25 million customers. TD bank auto loans calculator can simply pre-qualify you through a simple loan application and help you get a sense of how much you can save with a TD Auto vehicle refinance and the best interest rates.
What makes a TD Car Loan unique?
The TD bank auto loans are defined by their comfort and flexibility. Because TD has such a broad network of dealerships across Canada, you can be confident that you’ll be able to choose your ideal automobile from a single source and acquire the financing you need to get it off the lot.
You have the option of purchasing a new or used vehicle, such as a boat, RV, or motorbike. For individuals wishing to fund a personal sale, car loans are also accessible. TD bank auto loans often have fixed and variable interest rates, flexible payment options, and repayment duration of up to eight years.
You can repay the full amount at any moment without incurring any additional fees, regardless of the financing or interest rate option you select. Because of its versatility, it is a viable alternative for a wide range of borrowers.
What you need to know about TD Auto Financing
The first thing you should know is that TD bank auto loans Finance is supported by TD Bank. Purchasing a vehicle is a significant investment, and knowing that the vehicle is being financed by a reliable financial institution provides the customer peace of mind.
TD Bank is a global systemically significant bank that is too large to fail, according to the Financial Stability Board. Banks in this category, which are tightly safeguarded and controlled by the government, can cause a financial catastrophe if they collapse.
For added convenience and flexibility, TD Auto Finance provides a variety of payment choices. Checking accounts, debit cards, automated withdrawals, and other financial instruments are included. TD Auto Finance does not directly allocate funds.
While this should not prevent you from applying for a vehicle loan, it may be confusing to candidates seeking TD bank auto loans directly. If you wish to purchase a vehicle via TD Auto Finance, you must do so through a dealership that works with the firm.
You cannot receive TD bank auto loans without contacting a car dealer who collaborates with the car rental firm, regardless of whether you have a TD bank account. Fortunately, the financial institution collaborates with a large network of dealers across Canada.
You won’t be able to get a loan from TD Auto Finance if you opt to buy a car from a private seller. TD Bank, on the other hand, can help you secure a car loan for a personal sale. Let’s look into it a bit more to see how it works.
How TD Auto Finance works
To qualify for a TD Auto Finance loan, you must purchase and finance a vehicle through a TD Auto Finance dealer. You may utilize TD’s Find a Dealer function to look for one, or phone a dealer you’re interested in and enquire.
TD Auto Finance provides finance for automobiles, motorbikes, and power sport vehicles, but not for refinancing or RVs.
What are TD Bank’s auto loan interest rates?
TD does not make its APR, conditions, or loan amounts available to the public, and a representative denied an interview request. Customers are supplied with all TD Auto Finance loan terms, including the APR, by a dealer as soon as they apply for finance.
You may compare this interest rate to the average vehicle loan rate offered by the Lending Tree platform, which is 8.06 percent, however interest rates might vary based on your creditworthiness.
Receiving a pre-approved auto loan before heading to the dealer is the greatest method to ensure you’re getting a good bargain. If the dealer can match that price with one from TD Auto Finance or another lender, you’re probably getting a fair bargain.
TD bank auto loans calculator
The TD bank auto loans calculator will offer you a fast estimate of your monthly payments. Simply input the loan amount and the deposit amount. Then change the term and interest rate to rapidly calculate monthly payments and total interest.
On their website, TD Bank has a vehicle loan calculator that may help you determine the loan amount and compare financing possibilities.
Eligibility Criteria for TD Auto Finance
It will be difficult to locate valuable information on how to obtain a loan from TD Auto Finance. Furthermore, the firm does not disclose any information on pre-approval. Those that are looking for an auto loan.
TD Auto Finance must inquire about the qualifying requirements with the dealer. A credit check, a look at your credit history, your overall credit profile, your current financial condition, and the amount you want to borrow is usually required to qualify for a vehicle loan.
What types of car loans does TD offer?
If you want to get finance from TD Bank, your car selections are virtually limitless. The following TD financing options are available:
New and used car loans
Get finance to buy a new or used vehicle, truck, SUV, or minivan from one of the hundreds of TD Bank-affiliated dealers throughout Canada. Manufacturers like General Motors, Fiat Chrysler, Chevrolet, Buick, Cadillac, Dodge, Jeep, and Hyundai have a variety of brands and models in stock. Standard automobiles have maturities of up to 96 months.
Private Sale Vehicle Loan
You can also claim up to $ 50,000 toward the cost of a private automobile, whether new or old. When buying a vehicle, SUV, truck, van, or RV, you can qualify for a house sale auto loan.
RV, marine and powersport vehicle loans.
RVs, snowmobiles, motorbikes, motorboats, and cabin boats are all available for purchase via TD. Depending on what you wish to buy, the terms will differ. Ocean-going boats, for example, might have a payback time of up to 240 months, whereas watercraft, snowmobiles, and motorcyclists can have up to 84 months.
Customers that purchase Textron / Arctic Cat, Argo, Kawasaki, Polaris, Piaggio, Campion Boats, and Legend Boats receive special prices from TD.
How do I apply for a TD car loan?
You and, if appropriate, your co-signer must complete TD bank auto loans application at the dealer with the following information:
- Personal information includes phone numbers, addresses, and social security numbers.
- Employer: Current and former employers, as well as their contact information
- You may be asked to show proof of recent pay stubs and other sources of income.
Note that TD Auto Finance or a lender may want additional papers as evidence of residency, such as a driver’s license or a utility bill stating your name and address.
TD Bank has a huge network of dealers all across the country. This is how you may submit your application:
- Request a TD auto loan from a dealer near you.
- Download the new TD Wheels app and use it to locate a dealer.
- Call TD Bank to get answers to your questions and assistance with your loan application. 1-866-694-4392 is the phone number to call.
Before you sign TD bank auto loans, shop around! In seconds, our comparison tool generates quotations from dozens of lenders. Find the most affordable pricing for you.
How to make payments
You have numerous alternatives for paying your car payment when you take out a loan with TD Auto Finance:
- Online using your TD auto loan login, by mail, via phone, or in person.
- TD can deduct toll-free automatic payments from your checking account until you request a refund.
- If you pay using your checking account online, there is no cost until your purchase is refunded.
- Debit cards featuring the Star®, Pulse®, Nyce®, and Accel® logos are accepted online. A fee may be charged by the debit card issuer.
- By Mail – You can mail a personal check, cashier’s check, or money order using your Payment Coupon. There is no payment from TD for this service.
- Call 800-556-8172 to talk with a person, or utilize the phone system to collect a charge from your Star®, Pulse®, Nyce®, or Accel® Withdraw pay ATM or debit card.
- In person at a CheckFreePay agent location – For a charge, you can make a payment at a CheckFreePay agent location.
- Visit a TD Bank location in person. You may pay off your auto loan at any TD office in the United States. The TD Store Locator may be found here.
The address for regular payments differs from the one for accelerated payments and withdrawals.
- TD Auto Finance Payments: TD Auto Finance, PO Box 100295, Columbia, SC 29202-3295.
- TD Auto Finance expedited payments: TD Bank Lockbox, TD Auto Finance – 16039, Mailstop ME2-074-017, 6 Atlantis Way, Lewiston ME 04240.
Pros and Cons of TD car loans?
|Long terms: If you buy a regular vehicle, SUV, minivan, or truck, you can repay your loan over a period of up to 84 months||Interest Rates Aren’t Listed: While TD Bank publishes the primary interest rates on its website, they don’t reveal what they charge for fixed and adjustable-rate vehicle loans.|
|You have the option of repaying your loan in weekly, bi-weekly, or monthly payments.||Uncertain Costs: Even using a vehicle loan calculator, it’s unclear how much you’ll have to pay in service or admin fees. During the financing procedure, your lender may incur additional fees and expenses depending on the dealer you pick.|
|TD bank auto loans work with over 4,500 dealers across Canada, so funding is accessible almost anywhere.|
|Large Inventory: Choose from thousands of new and used cars, trucks, SUVs, and minivans available from TD-affiliated dealers|
|No deposit: You may get a loan without putting down any money to secure your automobile.|
TD bank auto loans reviews
If you presently have a TD Auto loan, it was most likely obtained when you purchased a car from a dealer. You’ve probably utilized your old car as a trade-in to lessen your down payment.
The dealership is where 79 percent of Americans acquire their vehicle loans. People do not buy new loans, but they do buy new automobiles. This offers auto dealers an advantage when it comes to financing to car customers. This also applies to questions about auto insurance and warranties.
TD Auto is a vehicle loan and financial services firm that caters to the part of the American population that has strong (or exceptional) credit. We looked over the TD bank auto loans reviews and discovered the following:
- BBB: 1 out of 5 stars and 228 complaints
- Yelp: 1 out of 5 stars from 51 reviews
- Indeed: 3.7 out of 5 stars from 211 reviews
Alternatives to TD Bank auto loans
Although TD Auto Finance offers car loans to consumers through certain car dealerships, TD Bank does not offer direct car loans through its branches or online.
If you’re looking to secure financing before you buy a car, we’ve rounded up some great banks with features like competitive interest rates, different repayment terms, and a range of car loan products.
Bank of America
According to a Federal Reserve rating dated March 2021, Bank of America, like TD bank auto loans, is among the top ten US banks by assets. Bank of America has branches throughout the areas covered by TD Bank, with locations in 37 states and Washington, D.C.
In comparison to other banks and internet lenders, Bank of America’s initial APR on vehicle loans is low. The bank’s vehicle loan start rates, on the other hand, are only available to people with the finest creditworthiness.
SunTrust Bank’s consumer finance business, LightStream, offers car loans through its online lender. LightStream provides vehicle loans for new automobiles, used cars purchased from a dealer or a private party, antique cars, motorbikes, and lease purchases, among other things.
You can also use another lender to refinance an existing auto loan. To qualifying candidates, LightStream also provides unsecured auto loans, which means your car will not be utilized as security.
Capital One Auto Finance
Capital One Auto Finance, like TD bank auto loans, would consider you for a loan even if your credit score isn’t ideal. Capital One Auto Finance offers a prequalification service. You may examine the anticipated interest rate and probable payback conditions if you are prequalified without compromising your creditworthiness.
This makes comparing pricing and terms with those offered by other lenders much easy. Prequalification, on the other hand, does not ensure that you will be accepted for a loan, and if you are, it may be on different conditions than you qualified for.
Frequently Asked Questions on TD Bank Auto Loans
Can I get a TD car loan with bad credit?
What is the address of TD Auto Finance Canada?
Is there an origination cost with TD Auto Finance?
What is the phone number for TD Auto Finance?
Is it possible to pay off my TD Auto Finance debt early?
Is it possible to postpone payment on a TD vehicle loan?
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