Types of TD loans
- Auto loans
Whether you are buying your first or next car, TD automotive loans feature flexible terms and payment schedules. You can apply for the financing amount you need and choose between a fixed and variable interest rate. TD Bank provides financing for vehicles up to 8 years old, and amortization terms are up to 96 months on select vehicles. Commercial vehicles like leg cube vans are not eligible.
- RV loans
If you are looking to purchase a camper or trailer, consider RV financing options from TD Bank. With up-front financing, you can count on the amount you need, with no down payment required. Choose between a fixed and variable interest rate and adjust your payment schedule according to your preferences.
- Marine loans
With marine loans from TD Bank, you can get financing for purchasing a boat or other kinds of marine craft. These loans feature amortization terms of up to 240 months and an opportunity to choose between a fixed and variable rate.
- Powersport loans
Powersport loans from TD Bank can help you get financing for an ATV, personal watercraft, snowmobiles, or a motorcycle. The amortization terms with these loans are up to 84 months, and the interest rates stay the same throughout the term.
- Small business vehicle financing
With TD small business vehicle lending, you can get financing of up to $250,000 for the automotive needs of your business. This borrowing solution allows you to finance the purchase of up to five cars, vans, or light-duty trucks. The amortization term can be up to 84 months.
- Auto financing for newcomers to Canada
Permanent Canadian residents and foreign workers who have been living in Canada for up to 5 years can apply for financing from TD Auto Finance. Permanent residents will need to make a 10% down payment, and foreign workers — a 15% down payment. The maximum amount you can count on is $75,000. The eligible amortization loan term for residents is 96 months and for foreign workers — 60 months. The eligible vehicle age for residents is up to 10 years old and for foreign workers — up to 4 years old.
- Private sale vehicle loans
The solutions covered above are dealership vehicle loans. Along with them, TD Bank offers private sale vehicle financing in the form of a personal loan that will meet your budget needs. With such a loan, you can get the desired amount at a fixed or variable interest rate to buy a privately sold vehicle of your choice.
How to apply for a TD car loan?
To apply for a TD dealership vehicle loan, you will need to visit a dealership near you and ask for TD auto financing. Before your visit, you can download the TD Wheels™ app to browse the available vehicle options, see what the trade-in value can be, and select a dealership near you.
If you opt for a private sale vehicle loan, there is an option to apply online, if you are looking for a vehicle over 5 years old or an RV over 2 years old. To apply for financing for vehicles under 5 years old or an RV under 2 years old, you will need to book an appointment with a TD finance expert.
Requirements
To qualify for a car loan from TD Bank, you must be a Canadian citizen or permanent resident at the age of majority in your province. You must also have a valid driver’s license and a working Canadian bank account.
To apply for auto financing for newcomers to Canada, you must be a permanent resident or a foreign worker who has been living in Canada for 5 years or less.
As for small business vehicle lending, your business must be a sole proprietorship, corporation, partnership, or incorporated association to be eligible for financing. You will also need to provide financial statements for the last 2 years. If you apply for financing greater than $150,000, TD Bank may also request 2 years of Review Engagement financial statements.
When processing your loan application, TD Bank will check if you meet the minimum annual income and credit score requirements. They don’t disclose those requirements online though.
Pros and cons
Let’s outline the advantages of TD auto financing options:
- Availability across Canada
- Flexible payment options
- Penalty-free early payoff
- No down payment is required (except auto financing for newcomers to Canada)
- An opportunity to choose between dealership vehicle loans and private sale vehicle loans
Here are the disadvantages to be aware of:
- You cannot get an idea of what your rate will be without applying for auto financing
- As you proceed with your loan, you may potentially encounter additional fees and costs, depending on a chosen dealership
How to make a payment?
You can make your TD loan payments in a variety of ways:
- By paying from your checking or savings TD Bank account online
- By transferring funds in the amount of loan payment from your TD checking or savings account to your TD Bank loan
- By making a payment by phone through an automated system
- By visiting your local TD bank branch and making a payment in person
- By using a TD Bank ATM
