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TD Auto Finance Review

A division of TD Bank, TD Auto Finance offers car loans to dealership customers only — in other words, you can’t apply to the lender directly, but you might be offered one of its loans at the dealership.

Dealership financing may be convenient, but it also means the dealer stands between you and your loan. Dealers can — and often do — raise auto loan rates. Borrowers are in the dark, since TD Auto Finance and other indirect lenders don’t publicly disclose rates and terms. That’s why it’s even more important for you to do your homework before going to the dealer so you know what loan you deserve.

How TD Auto Finance works

To get a TD Auto Finance loan, you’ll need to buy and finance a car at a dealership that works with the lender. To find one, you could use TD’s Find a Dealer feature or call a dealership you have in mind and ask. TD Auto Finance offers loans for cars, motorcycles and powersport vehicles, but does not offer refinancing or RV loans.

What are TD Bank’s auto loan interest rates?

TD doesn’t publicly list its range of auto loan APRs, terms or loan amounts, and a spokesperson declined an interview request. Any TD Auto Finance loan details, including APR, are presented to customers by a dealer once you apply for financing. You could compare that rate with the average auto loan rate of 8.06% obtained by people using the LendingTree platform, but it’s possible for rates to be higher or lower, depending on your credit score.

The best way to know you’re getting a fair deal is to get a preapproved auto loan before heading to the dealership. If the dealer can beat that rate with a better one from TD Auto Finance or another lender, great — you’re probably getting a good deal.

How to apply

At the dealership, you and your co-signer, if you have one, will need to fill out a credit application with the following information:

  • Personal: Phone number, address and Social Security number
  • Employer: Current and previous employers and their contact details
  • Income: You may need to present recent pay stubs as well as documentation of other sources of income.

Note that TD Auto Finance, or any lender, could ask for additional documentation, like a driver’s license or utility bill with your name and address to show proof of residence. To make sure you have everything, check out our car loan loan documentation checklist.

How to make payments

If you accept a TD Auto Finance loan, there are several ways to make your car payment: online with your TD auto loan login, by mail, on the phone or in-person.

  • Automatic online payment – TD can take automatic payments from your checking account without fees, unless your payment bounces.
  • Online with your checking account – No fee unless payment is returned.
  • Online with your debit card – Star®, Pulse®, Nyce®, and Accel® logo debit cards accepted. The debit card issuer might charge a fee.
  • By mail – You could mail a personal check, cashier’s check or money order with your payment coupon. TD doesn’t charge a fee for this.
  • By phone – Call 800-556-8172 to speak with a representative or use the phone system to make a payment for a fee using your ATM card or debit card with the Star®, Pulse®, Nyce®, and Accel® logo.
  • In-person at CheckFreePay – You could make a payment at a CheckFreePay agent location for a fee.
  • In-person at a TD Bank branch. You could make your auto loan payment at one of TD’s U.S. branches. Here is the TD branch locator.

The address for mailing on-time payments is different from the address for expedited payments and payoffs.

TD Auto Finance Payments:

TD Auto Finance

PO Box 100295

Columbia, SC 29202-3295

TD Auto Finance expedited payments:

TD Bank Lockbox

TD Auto Finance – 16039

Mailstop ME2-074-017

6 Atlantis Way

Lewiston ME 04240

What if I need a payment extension?

TD Auto Finance does consider offering payment extensions and changing payment due dates under certain circumstances. If you would like to request this, you could call 800-556-8172.

How to make a payoff

If you want to pay off your loan, you could find your payoff quote in your online account under “payoff quote,” by using the secure message feature when you’re logged into your account or by calling the TD Auto Finance number above.

To make the actual payoff payment, you could do so by mail at the same address for expedited payments, over the phone or at a CheckFreePay agent location.

Is financing through TD Auto worth it?

TD Auto Finance is a subsidiary of TD Bank, the fifth-largest bank by assets, which offers checking and saving accounts, as well as many types of loans.

TD Auto Finance is best for anyone who wants to buy a car at a dealership and knows what APR they deserve before they go. If you’re already a TD customer, it may be convenient to have different accounts in the same place.

TD Auto Finance is not a good fit if you want to buy a car from a private person — TD Auto Finance only finances dealer vehicles.

Applying to more than one auto loan lender and shopping around for the best rate or lowest payment is the best way to get the best loan for you. You could fill out an online form at LendingTree and get up to five potential auto loan offers from lenders, depending on your creditworthiness.

 

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