If you are thinking of buying a new car, you may need a car loan. In this TD Bank auto loan review, learn about auto loan options, eligibility requirements, customer service, and more. This information will help you make the right decision if a TD Bank auto loan is the best option for you.
TD Bank Auto Loan Pros and Cons
TD Auto Finance offers auto loans from TD Bank, which provides financing through the company’s customer partners. This allows the company to send cash to the United States. although its headquarters are in Canada.
benefits
- We offer a convenient online tool to help you find a local dealer.
- Different payment methods
- It offers personal loans and general car loans
weakness
- Ambiguous fee terms
- negative customer reviews
- The direct debit option is not available
- Description of the benefit
We offer a convenient online tool to help you find a local dealer.
TD Bank offers an online tool to help you find a local merchant that offers TD money. This makes it easy to find a dealer that fits your needs, no matter where you are.
Different payment methods
When it comes to paying off your car loan, TD Bank offers the following options:
- Pay online with your personal checking account. Pay online with a credit or ATM card bearing the Star, Puls, Nyce or Accel logo.
- Send your payment in the form of a personal check, money order or money order.
- Set up automatic payments.
- Pay over the phone using your credit card or ATM card.
- Visit any TD Bank store and pay with Check Free Pay. It offers personal loans and general car loans
- In addition to auto financing options, TD Bank also offers auto financing. This gives you the flexibility to use a portion of the loan for other purposes. For example, if the purchase price of your vehicle is lower than expected, you can use the loan balance to pay for repairs and other expenses.
Bad description
- Ambiguous fee terms
- TD Bank does not provide auto loan rates on its website, so you cannot compare its loan offers with other lenders. The exact interest rate of a private loan will only be known after applying for the loan with the seller.Bad reviews of car loan dealers
- Customer reviews on review sites paint a bleak picture of TD Bank auto loans. According to the BBB, customers gave TD Auto Finance a rating of 1.03 out of 5 stars, with many reviews expressing frustration with the bank’s customer service, loan processing delays and lack of clarity about interest rates.
Of the 52 consumer complaints on BBB’s complaint committee, only four were resolved. Most complaints are about customer service, credit processing and high interest rates.
The direct debit option is not available
TD Auto Finance is not a direct lender, so you cannot apply for a direct loan from a bank. However, you can apply for a car loan through a dealer. This means you may have trouble managing your credit. Also, because each customer sets their own credit terms and interest rates, credit information can be confusing.
TD Bank Auto Loans
TD Auto Finance has two financing products that dealers can offer their customers.We’ll look at these options in more detail below.
Commercial Banking and Commercial Services
Retail banking is the main type of product that TD Bank offers to its customer partners.
This product allows customers to apply for a TD car loan at any dealership. TD Bank’s financial team will process your application. When TD Bank reviews, approves or rejects the application, the customer will be notified of the credit status.Trade financing is an option for retailers with large vehicles, such as rental companies, car dealerships, and many other locations.
Fees and terms are the same as a merchant account, with additional services and benefits for larger organizations.
TD Bank Auto Loan Payments
TD Bank does not provide information about auto loan terms or interest rates on its website. Usually, to find out the interest rate of a particular loan, you have to apply for the loan from the merchant and wait for the answer. Therefore, even for the same loan, the interest rate and terms may vary depending on the institution you choose. The interest rate depends on other factors, such as your credit score and the term of the loan.
TD Bank Auto Loan Fixed Income
TD Auto Finance is part of TD Bank and has been in business since 1964. Today, TD Bank is one of the largest private equity banks in the United States. TD Bank is a public company listed on the NYSE under the symbol “TD.”
For 2022, Fitch Ratings has 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 face a major financial crisis in the near future.
TD Bank Auto Loan Agreement
TD Bank, a lender, is available throughout the United States and can be contacted online, by phone, or by mail. However, according to many customer feedback sites, the user experience is poor.effectiveness
TD Bank auto loans are available in all 50 states, including Washington, D.C.
Contact information
There are several ways to contact TD Auto Finance:
- To contact TD Auto Finance by phone, call 1-800-556-8172. Phone calls are available from 8am.Weekdays until 10:00 p.m. and 8:00 a.m. to 7:00 p.m. ET.medium ET on Saturday.
- To contact TD Auto Finance online, you must have a registered account on the website.
- To send your monthly TD Bank loan payment, use this address:
TD Auto Finance
PO Box 100295
Columbia, SC 29202-3295
User Experience
Overall, users did not have a good experience with TD Bank auto loans. Many online reviews note that TD Bank’s website is not user-friendly, making it difficult to find the information you need. For example, a website requires an account to get useful information about loans and quotes.
TD Bank Car Loan Customer Service
When it comes to customer satisfaction, TD Bank’s auto loan service has a lot to offer. Many review sites have many negative reviews from customers who cite poor customer service and lack of clarity about TD’s interest rates. The Better Business Bureau gives TD Bank a C rating based on customer complaints. BBB ratings do not take into account customer reviews, but instead use a company’s complaint history and how long the company and government have been doing business with.
