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If you're set on buying a new car, you may be in need of an auto loan. In this TD Bank auto loan review, you’ll learn about its auto loan options, eligibility requirements, customer service and more. With this information, you can make a sound decision about whether a TD Bank auto loan is the best option for you.
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TD Bank Auto Loans Pros and Cons
TD Bank's auto loans are serviced by TD Auto Finance, which provides financing through the institution's dealership partners. This allows the company to provide indirect loans in the U.S. even though it's headquartered in Canada.
Pros
- Provides a convenient online tool for finding local dealerships
- Several payment options
- Offers unsecured personal loans as well as standard auto loans
Cons
- Ambiguous rate terms
- Negative reviews from customers
- No direct lending options available
Pros explained
Provides a convenient online tool for finding local dealerships
TD Bank provides an online tool that helps you find local dealerships offering TD auto financing. This makes it easy to find the best dealership for your needs, no matter where you are.
Several payment options
When it comes to paying off your auto loan, TD Bank offers the following options:
- Pay online with your personal checking account.
- Pay online with debit card or ATM cards with the Star®, Pulse®, Nyce® or Accel® logo.
- Mail your payment in the form of a personal check, cashier’s check or money order.
- Set up automatic payments.
- Pay by phone using your debit or ATM card.
- Visit a TD Bank store and make your payment using CheckFreePay®.
Offers unsecured personal loans as well as standard auto loans
In addition to its auto loan options, TD Bank offers unsecured personal loans for vehicle purchases. This gives you the flexibility to use a portion of your loan for other purposes. For example, if the purchase price of your vehicle is lower than what you anticipated, you can use the remainder of your loan for repairs or other expenses.
Cons explained
Ambiguous rate terms
TD Bank doesn’t provide any auto loan rates on its website, which makes it impossible to compare its loan offers to those of other lenders. You’ll only know the exact rate for a given loan after you have applied for financing at a dealership.
Negative reviews from auto loan customers
Customer reviews from multiple review sites paint a grim picture of TD Bank auto loans. According to the BBB, customers give TD Auto Finance a 1.03 out of 5-star rating, with multiple reviews expressing dissatisfaction with the bank's customer service, loan processing delays and lack of transparency concerning its rates.
On the BBB's complaints board, there were 52 complaints from customers, with only four resolved. The majority of the complaints were also about customer service, loan processing and high interest rates.
No direct lending options available
TD Auto Finance isn’t a direct lender, and you cannot apply for financing directly from the bank. Instead, you can only apply for auto loans through the dealerships. This means you may experience difficulties managing your loans. Additionally, there may be confusion about loan details, as each dealership sets its own loan terms and rates.
TD Bank Auto Loans
TD Auto Finance has two financial products that dealers can offer to customers. We'll go through these options in detail below.
Retail financing and commercial services
Retail financing is the first type of product TD Bank offers its dealership partners.
This product allows customers to apply for a TD auto loan at the dealership. Then, TD Bank's finance team processes the application. Once TD Bank evaluates and approves or denies the application, the dealer notifies the customer about their loan status.
Commercial financing is an option for dealerships with larger fleets of vehicles, such as rental companies and car dealerships with multiple locations.
Commercial financing offers the same rates and terms as retail financing plus additional services and benefits for higher-scale operations.
TD Bank Auto Loan Pricing
TD Bank doesn’t provide any information about the terms or rates for its auto loans on its website. This means that to find out the rate for a given loan, you will have to apply for financing at a dealership and wait for the response. Therefore, it is possible that you may get different rates and terms for the same loan, depending on which dealership you choose. The rate will also depend on other factors like your credit score and loan term length.
TD Bank Auto Loan Financial Stability
TD Auto Finance is part of TD Bank, which has been in business since 1964. Today, TD Bank is one of the largest banking specialists in the United States based on its assets. TD Bank is a public company that trades on the NYSE under the ticker symbol "TD."
In 2022, Fitch Ratings assigned TD Bank a Long-Term Issuer Default Rating (IDR) of 'AA-' and a Short-Term IDR of 'F1+.' These ratings suggest that the bank is unlikely to experience any major financial disruptions in the foreseeable future.
TD Bank Auto Loan Accessibility
As an indirect lender, TD Bank is widely available throughout the U.S. and can be reached online or through the phone or mail. However, according to multiple customer reporting sites, user experience is subpar.
Availability
TD Bank auto loans are available in all 50 states, including Washington, D.C.
Contact information
There are several ways to reach TD Auto Finance:
- To reach TD Auto Finance on the phone, you can call 1-800-556-8172. Its call lines are open from 8 a.m. to 10 p.m. ET on weekdays and 8 a.m. to 7 p.m. ET on Saturdays.
- To contact TD Auto Finance online, you must have a registered account on their website.
- To mail your monthly payment for your TD Bank auto loan, you can use this address:
TD Auto Finance
PO Box 100295
Columbia, SC 29202-3295
User experience
Overall, user experiences with TD Bank auto loans have not been great. Many online reviews mention that TD Bank's website isn’t user-friendly, making finding the information they need difficult. For instance, the website requires you to have an account to get useful information about loans and quotes.
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TD Bank Auto Loan Customer Satisfaction
In terms of customer satisfaction, TD Bank's auto loan service leaves a lot to be desired. There are many negative reviews from customers on numerous review sites citing poor customer service and a lack of transparency regarding TD's auto financing rates.
The Better Business Bureau (BBB) gives TD Bank a C rating based on customer complaints. While the BBB rating doesn't factor in customer reviews, it uses a business's complaints history, its time in business and government actions against the business.
TD Bank Auto Loan FAQ
How do auto loans work?
Auto loans are a type of loan used to purchase a vehicle. When you take out an auto loan, you agree to make regular payments over a set period, usually several years. The vehicle is collateral for the loan, so if you default on your payments, the lender can repossess the car. This makes auto loans less risky for lenders. Like most loans, though, auto loans have requirements such as:
- Proof of identity: You'll need to provide proof of identity, such as a valid driver's license, passport or other government-issued ID.
- Proof of income: To qualify for an auto loan, you'll need to provide evidence of your employment or proof of a monthly income, such as payslips, tax returns or other financial documents.
- Low debt-to-income (DTI) ratio: Your DTI ratio is a measure of how much you owe relative to how much you earn, and it's an important factor in determining your auto loan eligibility.
- Down payment: Most lenders require a down payment of 10–20% of the car's purchase price, but this may vary depending on the lender.
For more details, see our guide abouthow auto loans work.
What credit score do you need for a TD auto loan?
TD Auto Finance doesn't have an exact credit score requirement for taking out an auto loan. However, most lenders accept the common credit score range between 550 and 850. Credit scores in the 700s or higher should get you a lower interest rate and better loan terms.
How do you check your TD auto loan balance?
You can check your TD Bank auto loan balance on the company's website. All you have to do is log in to your account, click the My Account tab and then click the Payment History tab. You may need to request a payment history to view your loan balance through the Secure Message Center.
Alternatively, you can get a copy of your billing statement to determine your balance. To do so, once you've logged in, click the Statements tab. Here, you can view, print or save the statement electronically.
How we evaluated TD Bank Auto Loan
This review of TD Bank auto loans evaluated the following factors:
- Financial products offered: We assessed how many auto loan options the bank provides and the features of each.
- Rates and loan terms: We looked at the interest rates and loan terms that TD Bank offers for auto loans, focusing on how competitive they are compared to other lenders.
- Financial stability: In order to evaluate the financial stability of TD Bank, we looked at its credit rating from agencies such as Fitch.
- Availability and accessibility of loan services: We reviewed the availability and accessibility of loan services, including customer service, online banking access and branch locations.
- Customer satisfaction: We examined customer reviews and complaints to assess the overall satisfaction of TD Bank's customers.
- Application process: We looked at how easy it is to apply for an auto loan with TD Bank, including the required documents and the time it takes to complete the process.
Ultimately, TD Auto Finance may not be the best lender, according to users' experiences. However, it could still be a viable option for those looking for reliable financing due to the bank's solid financial ratings.
Summary of Money's TD Bank Auto Loan Review
Given the various factors we looked at in this review, we can conclude that TD Bank auto loan may not be the best choice for auto loan financing, especially given the negative customer reviews and lack of transparency about rates. However, the company offers a wide range of loan types to choose from. Moreover, TD Bank has a strong financial standing, and its availability in all 50 states is an advantage.
Still, if you're looking for an auto loan, we recommend comparing TD Auto Finance to other lenders. We also recommend thoroughly reading the terms and conditions to ensure you understand what you're signing up for.
Check out the best auto refinance companies, so you can make an informed decision.
