In case you’re set on buying a brand new automotive, it’s possible you’ll be in need of an auto loan. On this TD Bank auto loan review, you’ll find out about its auto loan options, eligibility requirements, customer support and more. With this information, you’ll be able to make a sound decision about whether a TD Bank auto loan is the most effective option for you.
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 permits the corporate to offer indirect loans within the U.S. though it’s headquartered in Canada.
- Provides a convenient online tool for locating local dealerships
- Several payment options
- Offers unsecured personal loans in addition to standard auto loans
- Ambiguous rate terms
- Negative reviews from customers
- No direct lending options available
Pros explained
Provides a convenient online tool for locating local dealerships
TD Bank provides an online tool that helps you discover local dealerships offering TD auto financing. This makes it easy to seek out the most effective dealership in your needs, irrespective of where you might be.
Several payment options
With regards to paying off your auto loan, TD Bank offers the next options:
- Pay online along 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 shape of a private check, cashier’s check or money order.
- Arrange 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 in addition to standard auto loans
Along with its auto loan options, TD Bank offers unsecured personal loans for vehicle purchases. This offers you the flexibleness to make use of a portion of your loan for other purposes. For instance, if the acquisition price of your vehicle is lower than what you anticipated, you need to use the rest 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 inconceivable to match its loan offers to those of other lenders. You’ll only know the precise rate for a given loan after you could 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. Based on 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 support, loan processing delays and lack of transparency concerning its rates.
On the BBB’s complaints board, there have been 52 complaints from customers, with only 4 resolved. Nearly all of the complaints were also about customer support, loan processing and high rates of interest.
No direct lending options available
TD Auto Finance isn’t a direct lender, and you can not apply for financing directly from the bank. As a substitute, you’ll be able to only apply for auto loans through the dealerships. This implies it’s possible you’ll experience difficulties managing your loans. Moreover, there could also 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 undergo these options intimately below.
Retail financing and industrial services
Retail financing is the primary variety of product TD Bank offers its dealership partners.
This product allows customers to use for a TD auto loan on the dealership. Then, TD Bank’s finance team processes the applying. Once TD Bank evaluates and approves or denies the applying, the dealer notifies the client about their loan status.
Industrial financing is an option for dealerships with larger fleets of vehicles, akin to rental corporations and automotive dealerships with multiple locations.
Industrial financing offers the identical rates and terms as retail financing plus additional services and advantages for higher-scale operations.
TD Bank Auto Loan Pricing
TD Bank doesn’t provide any information in regards to the terms or rates for its auto loans on its website. Because of this to seek out out the speed for a given loan, you should have to use for financing at a dealership and wait for the response. Due to this fact, it is feasible that it’s possible you’ll get different rates and terms for a similar loan, depending on which dealership you select. The speed may also depend upon other aspects like your credit rating and loan term length.
TD Bank Auto Loan Financial Stability
TD Auto Finance is an element of TD Bank, which has been in business since 1964. Today, TD Bank is one in all the biggest banking specialists in the USA based on its assets. TD Bank is a public company that trades on the NYSE under the ticker symbol “TD.”
In 2022, Fitch Rankings assigned TD Bank a Long-Term Issuer Default Rating (IDR) of ‘AA-‘ and a Short-Term IDR of ‘F1+.’ These rankings suggest that the bank is unlikely to experience any major financial disruptions within the foreseeable future.
TD Bank Auto Loan Accessibility
As an indirect lender, TD Bank is widely available throughout the U.S. and might be reached online or through the phone or mail. Nonetheless, in accordance with multiple customer reporting sites, user experience is subpar.
Availability
TD Bank auto loans can be found in all 50 states, including Washington, D.C.
Contact information
There are several ways to succeed in TD Auto Finance:
- To succeed in TD Auto Finance on the phone, you’ll be able to call 1-800-556-8172. Its call lines are open from 8 a.m. to 10 p.m. ET on weekdays and eight a.m. to 7 p.m. ET on Saturdays.
- To contact TD Auto Finance online, you need to have a registered account on their website.
- To mail your monthly payment in your TD Bank auto loan, you need to use this address:
TD Auto Finance
PO Box 100295
Columbia, SC 29202-3295
User experience
Overall, user experiences with TD Bank auto loans haven’t been great. Many online reviews mention that TD Bank’s website isn’t user-friendly, making finding the data they need difficult. For example, the web site requires you to have an account to get useful details about loans and quotes.
TD Bank Auto Loan Customer Satisfaction
When it comes to customer satisfaction, TD Bank’s auto loan service leaves loads to be desired. There are numerous negative reviews from customers on quite a few review sites citing poor customer support and an absence of transparency regarding TD’s auto financing rates.
The Higher Business Bureau (BBB) gives TD Bank a C rating based on customer complaints. While the BBB rating doesn’t think about customer reviews, it uses a business’s complaints history, its time in business and government actions against the business.
TD Bank Auto Loan FAQ
Like most loans, though, auto loans have requirements akin to:
- Proof of identity: You will need to offer proof of identity, akin to a sound driver’s license, passport or other government-issued ID.
- Proof of income: To qualify for an auto loan, you will need to offer evidence of your employment or proof of a monthly income, akin to 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 a vital think about determining your auto loan eligibility.
- Down payment: Most lenders require a down payment of 10–20% of the automotive’s purchase price, but this will likely vary depending on the lender.
For more details, see our guide about how auto loans work.
What credit rating do you would like for a TD auto loan?
TD Auto Finance doesn’t have a precise credit rating requirement for taking out an auto loan. Nonetheless, most lenders accept the common credit rating range between 550 and 850. Credit scores within the 700s or higher should get you a lower rate of interest and higher loan terms.
How do you check your TD auto loan balance?
Alternatively, you’ll be able to get a replica of your billing statement to find out your balance. To achieve this, once you have logged in, click the Statements tab. Here, you’ll be able to view, print or save the statement electronically.
How we evaluated TD Bank Auto Loan
This review of TD Bank auto loans evaluated the next aspects:
- Financial products offered: We assessed how many automobile loan options the bank provides and the features of every.
- Rates and loan terms: We checked out the rates of interest and loan terms that TD Bank offers for auto loans, specializing in how competitive they’re in comparison with other lenders.
- Financial stability: In an effort to evaluate the financial stability of TD Bank, we checked out its credit standing from agencies akin to Fitch.
- Availability and accessibility of loan services: We reviewed the provision and accessibility of loan services, including customer support, online banking access and branch locations.
- Customer satisfaction: We examined customer reviews and complaints to evaluate the general satisfaction of TD Bank’s customers.
- Application process: We checked out how easy it’s to use for an auto loan with TD Bank, including the required documents and the time it takes to finish the method.
Ultimately, TD Auto Finance will not be the most effective lender, in accordance with users’ experiences. Nonetheless, it could still be a viable option for those searching for reliable financing because of the bank’s solid financial rankings.
Summary of Money’s TD Bank Auto Loan Review
Given the assorted aspects we checked out on this review, we are able to conclude that TD Bank auto loan will not be the most effective selection for auto loan financing, especially given the negative customer reviews and lack of transparency about rates. Nonetheless, the corporate offers a big selection of loan types to pick from. Furthermore, TD Bank has a robust financial standing, and its availability in all 50 states is a bonus.
Still, in case you’re searching for an auto loan, we recommend comparing TD Auto Finance to other lenders. We also recommend thoroughly reading the terms and conditions to make sure you understand what you are signing up for.
Take a look at the best auto refinance corporations, so you’ll be able to make an informed decision.