TD Auto Finance Explained: A Comprehensive Guide

TD Auto Finance is a financing option that allows you to purchase a vehicle with a loan from TD Bank. TD Auto Finance offers financing for new and used vehicles, as well as motorcycles and recreational vehicles.

You can apply for TD Auto Finance online, by phone, or in person at a TD Bank branch. The application process typically takes a few minutes, and you'll need to provide some basic information about yourself and the vehicle you're interested in purchasing.

TD Auto Finance offers a range of loan terms, from 24 to 84 months, and interest rates that are competitive with other lenders. The interest rate you qualify for will depend on your credit score and other factors, such as your income and debt obligations.

By choosing TD Auto Finance, you can enjoy the convenience of financing your vehicle through a single lender, and potentially save time and money on your loan.

TD Bank offers auto loans through over 6,000 participating dealerships in 50 states. You can get your loan and buy your car in one fell swoop, but be sure to receive multiple offers from other lenders before visiting a TD Auto Finance dealer.

To apply for a TD Bank loan, you'll need to provide information and documents commonly required to get an auto loan. This includes your name, date of birth, address, employment information, income information, driver's license or other government-issued ID, vehicle information, and the amount you'd like to borrow.

The F&I manager will access your credit history and submit your loan application, informing you of the results. If you apply jointly with another person, you'll need to offer the same information for your co-applicant.

Here's a checklist of the documents you'll need to get a TD Bank loan:

TD Bank car loans come with benefits and drawbacks, just like any other auto loan.

One advantage of TD Bank car loans is that they offer flexible payment options. You can also get both auto loans and unsecured personal loans through TD Bank.

However, TD Bank car loans have some downsides. You must apply with a dealer to see rates and loan terms, which can be a hassle. The dealer may also inflate your interest rate, taking a cut of the profit.

Another thing to consider is that TD Bank doesn't disclose eligibility requirements or interest rates on car loans. You'll need to apply and see what you qualify for.

If you're looking for an alternative to an auto loan, you can consider a TD Bank personal loan. These loans are available in amounts from $2,000 to $50,000 and with terms from 36 to 60 months.

If you're considering a bank loan, you should know that some banks, like TD Bank, don't offer a way to shop their rates and terms before applying.

You can, however, get preapproved car loans from other lenders, such as banks, credit unions, and online lenders, which can help you comparison shop.

A preapproved offer from another lender can give you a better understanding of whether the bank's loan offer is competitive.

By filling out a single form with a service like LendingTree, you can receive up to five auto loan offers from top lenders, which can help you make a more informed decision.

You may not receive the best available APR for you if you rely solely on the dealer's financing offer, as the dealer can bump up the rate.

So, come prepared with preapproved offers from other lenders before you get the dealer's financing offer, and you'll be in a better position to determine if a bank loan is right for you.

TD is the 4th financier to expand its tech with AutoFi recently.

TD Auto has joined automotive fintech AutoFi's digital platform as an online lender, supporting automated vehicle retailing and financing.

AutoFi's finance technology has attracted multiple lenders over the past year, including Wells Fargo in September 2021, and Truist Bank in December 2021.

In March, Santander Consumer USA (SCUSA) expanded its tech with AutoFi, following in the footsteps of other lenders.