TD Auto Financing Review and Rates



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TD Auto Financing

Looking at TD Bank when searching for an affordable auto loan is not unusual. TD Bank is one of the top ten banks in North America and second only to RBC in Canada. Therefore, the financial behemoth is expected to offer TD auto financing for potential car owners.

However, there is a catch; TD Bank doesn’t offer auto loans in the most real sense of the word. TD Auto Finance operates autonomously off TD Bank and is more or less an arm or subsidiary of the banking giant.

TD Bank has been in existence for north than 150 years and currently has over 25 million happy customers globally. On the other hand, TD Auto Finance has been the no.1 in dealer satisfaction for three consecutive years among Non-Captive Lenders with Retail Credit. The company offers comprehensive financial solutions that include special rates, payment options, and a vast network of dealers for your vehicle needs.

What you need to know about TD Auto Financing

You first need to know that TD Bank backs TD Auto Finance. Buying a vehicle is a massive purchase, and it instills confidence in the buyer to know a stable financial institution is financing the car.

According to the Financial Stability Board, TD Bank is a global systemically important bank, one of the banks that is considered too big to fail. Banks in that category can trigger a financial crisis when they fail and are heavily protected and regulated by the government.

 TD Auto Finance also offers many payment options for convenience and flexibility. These include chequing accounts, debit cards, auto-debits, and many more.

Other considerations

TD Auto Finance does not lend funds directly. Although this shouldn’t deter you from applying for an auto loan, it can prove unclear for applicants who want a car loan directly from TD Bank.

If you’re going to acquire a vehicle via TD Auto Finance, you need to buy from a car dealer that does business with the auto financing company. It doesn’t matter if you have a TD chequing account; you won’t be able to get TD auto financing without going through a car dealer that works with the auto lender. Luckily, an extensive network of dealers across Canada work with the financial company.

If you prefer to buy a car from a private seller, you’d be out of luck to get a loan from TD Auto Finance. However, you can get a private sale vehicle loan from TD Bank. Let’s dig a little deeper to find out how it works.

Benefits of a Private Sale Vehicle Loan

Firstly, a TD private sale vehicle loan differs from TD auto financing. While the former covers private car sales, the latter focuses on car sales from dealers within the TD Auto Finance network. Some of the benefits of a private sale vehicle loan include:

Upfront Cash: TD Bank allows you to apply for the exact amount of funds you need to purchase the vehicle you want without going out of your budget. Moreover, the loan is good for used or new cars.

Choose your interest rate: Depending on your financial circumstances, you can opt for a variable or fixed interest rate.

Repayment schedule: TD Bank can tailor a repayment schedule that’s right up your alley. You can use a TD Auto Loan Calculator to determine how much you need to pay monthly.

Loans good for old and new vehicles: The private sale vehicle loan is available for used and new cars, whether SUVs, vans, or trucks. Keep in mind the old vehicle mustn’t be over five years old. TD Bank also offers loans for privately sold recreational vehicles.

Eligibility Criteria for TD Auto Finance

You’d be hard-pressed to find useful info on getting a loan through TD Auto Finance. Also, the company does not provide any pre-approval application information. Loan seekers looking to secure an auto loan using

TD auto financing needs to consult the dealer for the eligibility criteria. In most cases, qualifying for a vehicle loan involves checking your credit score, looking at your credit history, overall credit profile, your current financial situation, and the amount of funds you are looking to get.

Buying a Vehicle

Although owning a vehicle for the first time can be exciting, you’d still need to consider your financial options before making a decision. If you want to buy a vehicle through TD auto financing, below are some of the documents you need to bring to the dealership:

  • Valid driver’s license or any other photo identification, excluding a health card
  • T4 or any other proof of income
  • Proof of insurance (required for a new vehicle)
  • Trade-in documents (if you’re looking to trade)

Questions to Ask at the Dealership

Below are some of the questions to ask your dealer to ensure you drive away with the perfect vehicle for you:

  • What other expenses are included in the vehicle price?
  • Does the vehicle have a warranty?
  • What are the long-term maintenance costs?
  • Any additional features?
  • What are the miles/km on the vehicle?
  • Are there any service inclusions or restrictions or both?
  • What is the average miles/km per gallon?

Financing a Vehicle

There’s so much to consider when purchasing a vehicle. These include financing options and other expenses that may be outside your knowledge. Below are a few things to keep in mind to ensure you don’t bite off more than you can chew on the financial side of things:

  • Outline your expenses to understand how much you can afford
  • Do you have a good credit history? Missed loan and credit card payments, including outstanding debt, can negatively impact your credit score.
  • On the strength of your current finances, how speedily can you pay down your auto loan? TD Auto Finance offers payment frequency options.
  • Conduct research on payment rates, financial terms, and amortization. These are some of the factors that can affect your final decision.
  • Do not purchase a vehicle on impulse. The objective is to carefully consider your options before buying a vehicle under an excellent financial plan.
  • Consider the average number of vehicle passengers, travel duration, whether kids are included, and how often you’ll use the vehicle. Each of these must factor into your financing costs.
  • Every car has an additional cost, including maintenance, insurance, parking, or storage.
  • Keep in mind your mortgage/rent payments (if you have any), including entertainment and other recurring bill payments.

TD Auto Financing Considerations

These considerations depend on the vehicle type. Below are some things to keep in mind:

New vehicle: New vehicles are generally more expensive, but the lower maintenance fees cushion the initial cost.

Used vehicle: Used vehicles are generally cheaper but may incur higher expenses and maintenance fees, including anything from windshield wipers to engines.

Luxury vehicle: Luxury vehicles may look stunning and provide an out-of-the-world driving experience but be mindful that spare parts may be harder to find and may cost your entire annual mortgage payments. You’d also need to consider the fuel cost, sell-on value, and more expensive insurance coverage.

Hybrid and Electric Vehicle: EVs like Tesla are currently taking the automotive market by storm because of their environmental benefits and other advantages. Ensure you find out about government incentives if you’re opting for these vehicles.

Types of TD Auto Finance Vehicle Loans

TD Auto Finance offers excellent financial solutions for different categories of vehicles, including Automotive, Recreational vehicles, Marine, Powersport, and Small Business Vehicle Financing. These auto loans are discussed in further detail below:

Auto loans

TD Auto Finance provides financing options tailored to ensure you drive off with the car you want and with the best car loan you can get. Below are some things to consider before making a purchase:

  • Think about your budget and the financial cost before deciding on a used or new car
  • Look ahead and ask yourself if you’d own the car for a long while or if you’d be trading up/in soon.
  • Are you a newcomer to Canada? You can get TD auto financing for your new life in Canada.
  • Do you have bad credit? You may still qualify for TD financing, which can help rebuild your credit history.

RV Loans

TD Auto Financing also applies to recreational vehicles. Below are some things to consider before purchase:

  • Consider storage costs when not on the road and how much of the year your RV will be in use.
  • Pick an RV that suits your lifestyle and budget, from luxurious travel trailers to pop-up campers.
  • Remember additional expenses with camping fees and ensure there’s access to adequate waste disposal and potable water.
  • Be mindful of the miscellaneous expenses of owning an RV, from higher fuel consumption to costly maintenance fees.
  • Insurance fees depend on the RV model, driver’s age, and driving record.

Marine Loans

You can also get TD auto financing for anything from yachts to powerboats and cabin cruisers. Although TD Auto Finance offers custom financing to help you enjoy life on the water, you’d still need to keep a few things in mind:

  • New or used, you’d need to consider the underlying benefits and drawbacks of prioritizing one over the other.
  • Customization and upgrades may require additional costs, or you can buy your craft as-is.
  • Be mindful of additional expenses, including higher fuel consumption, mooring and docking charges, and maintenance fees.
  • Depending on boat size, you may incur additional expenses for winter storage.
  • Up to 240 months in amortization through TD Auto Finance 
  • Marine insurance operates differently from auto insurance. You may need to find underwriters who deal in the marine craft.

Powersport Loans

TD Auto Finance takes care of all kinds of loans for extreme pleasure and recreational sports, including sports bikes, ATVs, and snowmobiles. Below are a few considerations to keep in mind:

  • Think about the benefits of getting a used or new power sport vehicle
  • You may buy as-is or customize your power sports vehicle with added costs.
  • Powersport vehicle insurance operates differently from auto insurance. You may need to find underwriters who deal in power sports vehicle insurance.
  • You can enjoy longer terms, up to 84 months, through TD auto financing.

Small Business Vehicle Financing

You can drive up sales and increase your business profitability by financing your delivery vans or other business vehicles through TD Auto Finance. The company allows you to fund vehicle purchases up to C$250,000 or five vehicles via term loans in your business name. Eligible businesses include sole proprietorships, partnerships, incorporated associations, and corporations. Below are a few things to consider:

  • Competitive variable and fixed rates
  • Up to 84 months of amortization
  • Qualifying vehicles include cars, vans, and light-duty trucks
  • Separate business from personal financial responsibilities
  • Freed-up working capital  can be channeled into other aspects of your business

Advantages of TD Auto Loan over Lease

The TD Bank Group offers financing options for both alternatives. The table below outlines the benefits of an auto loan over a lease.

Loan Lease
The vehicle becomes yours after making all the payments You won’t acquire ownership of the vehicle after the end of the lease term
There’s a likelihood of lower overall cost Higher cost and maintenance fees
More flexible options to customize, upgrade or modify the vehicle Must return vehicle in original condition subject to wear and tear
Unlimited driving Limited miles/km
You have the option of paying off the loan at once or in bits without incurring a penalty Early termination of the lease agreement may prove expensive

TD Auto Finance Fixed Rate for 2015 – 2021 Vehicle Models

Loan term 84 months and below 4.99% – 7.24%
84-month loan term 5.74% – 7.99%
Loan term above 84 months 6.23% – 8.48%

TD Auto Finance Winter Special (January 12, 2021 – February 11, 2021)

Loan term of 60 – 78 months 4.39% – 5.69%
84-month loan term 4.49% – 5.99%
96-month loan term 5.73% – 7.23%

Fixed rate for older model vehicles

2010 – 2012 8.24% – 9.74%
2013 – 2015 6.24% – 7.74%

You can make payments monthly, semi-monthly, weekly, or bi-weekly. Note that rates are subject to change.

Next step after Purchasing a Vehicle

Once you acquire your vehicle through TD Auto Finance, below are the next steps to follow:

  • Register your vehicle: Your dealer can assist you after completing the purchase.
  • Protect yourself: Ensure to select the best insurance coverage to prevent unforeseen events, including modifications and upgrades to your vehicle.
  • Preventive maintenance: Your dealer can set up a maintenance plan to guard against mechanical issues before they come along.


What is TD Auto Finance Canada’s Address?

The address is PO Box 4086, Station A Toronto, ON M5W 5K3.

What is TD Auto Finance Phone Number?

The phone number is 1-866-694-4392

Is TD Bank the same as TD Auto Finance?

No, TD Auto Finance is an arm of TD Bank, and they both belong to the TD Bank Group.

Can I skip payment Payment with TD Auto Finance?

If you meet eligibility requirements, you can defer payment and add it to the end of your loan term.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.