What TD Bank charges for auto loans

TD Bank offers auto loans through its retail branches and online, but the interest rate you receive depends on your credit score, the age and mileage of the vehicle, the loan term you choose, and current market conditions. TD does not publish a single "rate" — instead, rates vary by borrower and change daily. You will need to contact TD directly or visit a branch to receive a personalized rate quote.

TD Bank is a subsidiary of Toronto-Dominion Bank and operates primarily in the Northeast and Mid-Atlantic United States. If you are a TD customer already, you may receive a slightly better rate than a new applicant, though this varies by location and current promotions. The bank also offers both new and used vehicle financing, with different terms available depending on the vehicle's age.

Key Takeaways

  • TD Bank auto loan rates are not fixed and depend on your credit score, the vehicle's age, your loan term, and current market rates.
  • You must contact TD directly — by phone, in person at a branch, or through their website — to receive a rate quote specific to your situation.
  • Existing TD Bank customers may receive better rates than new customers, though this is not may provide.
  • TD finances both new and used vehicles, with different maximum loan terms and mileage limits depending on the vehicle type.
  • Your rate will be locked in only after you complete the full process and TD approves your loan.

How to get a rate quote from TD Bank

Start by visiting TD Bank's website or calling 1-800-937-8372 to request a rate quote. You can also visit a TD branch in person if one is near you. When you contact them, have ready the following information: your credit score range (if you know it), the vehicle you want to finance (year, make, model, and mileage), and how much you plan to put down as a down payment.

TD will ask whether you want to finance a new vehicle, a used vehicle under a certain age, or a vehicle you already own. The bank typically finances used vehicles up to a certain model year — this limit changes, so confirm the current policy when you call. You will also need to decide on a loan term, usually ranging from 24 to 72 months, though longer terms may be available for newer vehicles.

The rate quote you receive is usually good for a limited time — often 30 to 45 days — so if you plan to shop around, note the expiration date. Once you decide to move forward, you will complete a full process, which includes a hard credit pull. This is when your actual rate is locked in.

Factors that affect your TD Bank auto loan rate

Credit score is the single largest factor in your rate. Borrowers with scores above 700 typically receive lower rates than those with scores between 600 and 700, and rates rise significantly below 600. TD may decline to finance a vehicle if your credit score is very low, though some banks have subprime auto loan programs — ask TD whether they offer one.

Loan term also matters. A 36-month loan usually carries a lower rate than a 60-month loan, because the bank's risk is lower over a shorter period. However, your monthly payment will be higher with a shorter term. A 72-month loan spreads payments out but typically comes with a higher interest rate.

Vehicle age and mileage affect your rate because older vehicles are worth less and break down more often. A 2-year-old vehicle with 30,000 miles will receive a better rate than a 10-year-old vehicle with 120,000 miles. TD may also have a maximum mileage threshold — vehicles above that mileage may not be financed at all, or only at a higher rate.

Down payment size influences your rate as well. A larger down payment reduces the bank's risk, so you may receive a lower rate if you put down 20 percent or more. A smaller down payment — or no down payment — typically results in a higher rate.

What documents you will need

To complete a TD Bank auto loan process, you will need proof of income (recent pay stubs or tax returns), a government-issued ID, proof of residence (a utility bill or lease), and details about the vehicle (the VIN, purchase price, and current mileage). If you are financing a used vehicle, TD may also order a vehicle history report to check for accidents or title issues.

If you are trading in a vehicle, bring the title and registration for that vehicle as well. TD will use the trade-in value to reduce the amount you need to borrow. Have your insurance information ready too — most lenders require you to have comprehensive and collision coverage before they will fund the loan.

How TD Bank auto loans compare to other lenders

TD Bank's rates are competitive but not always the lowest available. Credit unions, online lenders, and other banks may offer lower rates, especially if you have good credit. Before committing to TD, get rate quotes from at least two other lenders so you can compare. Each quote requires a hard credit pull, but multiple pulls within a short window (usually 14 to 45 days) typically count as a single inquiry on your credit report.

One advantage of financing through TD is convenience if you are already a customer — you can manage your loan through the same online banking portal you use for checking and savings. TD also has physical branches where you can speak to someone in person if you have questions. Online lenders are often cheaper but offer less personal support.

What happens after you are approved

Once TD approves your loan, the bank will fund the money and send it to the seller or dealership. You will receive loan documents by mail or email that outline your interest rate, monthly payment, loan term, and payment due date. Set up automatic payments through your bank account to avoid missing a payment — a late payment will damage your credit score and may trigger late fees.

Your first payment is usually due 30 days after the loan funds. During this time, make sure your insurance is in place and that the vehicle title is transferred to your name. TD will hold the title as collateral until you pay off the loan, so you will not receive it until the final payment is made.

Frequently Asked Questions

Can I refinance a TD Bank auto loan with another lender later?

Yes. If your credit score improves or interest rates drop, you can refinance your loan with another lender. The new lender will pay off your TD loan, and you will make payments to the new lender instead. Refinancing usually takes 2 to 4 weeks. Check whether TD charges a prepayment penalty — most do not, but confirm before you refinance.

What if I have bad credit — will TD still work with me?

TD may still finance you, but your rate will be higher. Some TD locations offer subprime auto loans for borrowers with credit scores below 620, though rates can be 8 to 12 percent or higher. Ask TD directly whether they have a subprime program in your area. Credit unions and some online lenders also specialize in bad-credit auto loans.

How long does it take to get approved for a TD Bank auto loan?

A rate quote takes minutes over the phone. A full process and approval typically take 1 to 3 business days. Once approved, funding can happen within 1 to 5 business days, depending on whether you are buying from a dealer or a private seller. Bring all required documents to speed up the process.

Can I pay off my TD auto loan early without a penalty?

Most TD auto loans do not have a prepayment penalty, meaning you can pay off the loan early without extra fees. However, confirm this in your loan documents or ask TD directly before you sign. Paying off early saves you interest but does not significantly help your credit score — on-time payments matter more than early payoff.

What is the difference between TD Bank's new and used vehicle rates?

TD typically offers lower rates on new vehicles than used vehicles, because new cars are worth more and have full manufacturer warranties. Used vehicle rates depend on the vehicle's age and mileage. A 2-year-old certified pre-owned vehicle may receive a rate close to a new vehicle rate, while a 7-year-old used car will have a higher rate.