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Find A LenderTD Bank: Overview
TD Bank is a multinational bank headquartered in Toronto. Established in 1955, TD Bank is now ranked the second-largest bank in Canada and is classified as one of Canada’s “Big Six Banks”. They offer several personal banking and financing products, including car loans and business loans.
If you’re looking for a reputable source for a business loan, auto financing, or any other loan type, TD Bank is worth considering.
Our Verdict
| Who is TD Bank best for? | Best for consumers who: -Need funds to start or grow their business -Have good credit -Prefer working with a well-established financial institution -Have varying financial needs |
| What we like about TD Bank | -Long track record -Multiple loan options -Flexible loan terms -Competitive interest rates |
| What we don’t like about TD Bank | -Bad credit not accepted -Minimum loan amounts may not be suitable for smaller needs |
What Does TD Bank Offer?
TD Bank offers several loan options, including the following:
Car Loans
TD Bank offers flexible auto financing options for both new and used vehicles, with loan terms of up to 8 years. Car buyers can apply for auto financing directly from TD Auto Finance at their local dealership.
Car Loan Features
- Loan Amount: Loan amounts may vary depending on whether you’re buying a car from a dealership or a private party. For private sales, you can get up to $50,000.
- Loan Terms: Repayment periods are available for up to 96 months.
- Fixed And Variable Rates: Choose between a fixed or variable rate based on current conditions and your preferences.
- TD Wheels App: Search and compare vehicles, connect with your nearest dealership, and estimate your car payments by downloading the TD Wheels app.
- Vast Dealership Network: TD Bank is partnered with thousands of dealerships across Canada.
- No Early Prepayment Penalties: Pay off your loan early without incurring early prepayment penalty fees.
Learn more: What Happens If You Miss A Car Loan Payment With TD?
Eligibility
To qualify for a TD Bank car loan, you’ll need to meet the following requirements:
Credit Score: TD Bank typically requires borrowers to have good credit to qualify for a car loan. That means your score should be at least 660.
Employment: You must demonstrate stable employment to ensure your repayment ability.
Income: Your income should be high enough to cover your car loan payment and your existing monthly bills.
Vehicle Age: If you’re buying a used vehicle, it can’t be any more than 5 years old.
How To Apply
To apply for a car loan from TD Bank, follow these steps:
- Step 1: Visit A Car Dealership – Visit a local car dealership to find and buy your next vehicle, and request TD Auto Financing.
- Step 2: Request TD Bank Financing – Once you find your vehicle of choice, ask for financing through TD Auto Finance.
- Step 3: Fill Out The Application – Complete the loan application, ensuring that all fields are complete and accurate.
- Step 4: Wait For Approval – Banks tend to take a few days to complete the application review, approval, and funding process. Once the loan is approved, the funds will be dispersed to the dealership, then you’ll make loan repayments to TD Bank.
| TD Wheels App With the TD Wheels app, you can find and compare all sorts of different vehicles available for sale at various dealerships. The app also features a car payment calculator to help you estimate what payment you may be eligible for. This can help you decide which vehicle best meets your needs. |
Documents You May Need
- Vehicle details, including the make, model, & year.
- Photo ID, like a passport or driver’s license.
- Income and employment information, such as pay stubs and a letter of employment.
- Bank account information, for loan deposits and repayments.
Business Loans
Both start-up businesses and those that are already operational can get the financing they need from a TD Bank business loan.
Business Loan Features
- Loan Options: Choose from the following business loan options:
- Term loans with up to 5-year fixed rates
- Canada Small Business Financing Loan (CSBFL) for up to $1 million
- Canada Small Business Financing Line of Credit of up to $150,000
- Business Accelerator Loan Program (BALP) for up to $500,000
- Interest Rates: Fixed or floating interest rate options are available.
- Loan Terms: Choose terms from 1 to 5 years with amortization up to 30 years.
- Collateral Options: Secure your small business loan with either your business assets or real estate, your home, or liquid or margin security.
- No Early Loan Repayment Penalties: Make up to 10% principal prepayments of the original loan amount per year with no penalty fees.
Eligibility
To obtain a small business loan from TD Bank, you’ll need to meet certain requirements, depending on the exact loan type you want, time in business, and industry. For example, you may require any of the following:
- Minimum Credit Score: TD Bank may check your personal or business credit score to ensure it meets the minimum threshold.
- Collateral: Depending on the loan type, you may need to secure your loan with an asset of value.
- Minimum Time In Business: While some business loans may be suitable for start-ups, some may require a minimum amount of time in operation, typically 2 years.
How To Apply
To apply for business financing from TD Bank, follow these steps:
Step 1: Connect With A TD Bank Advisor
Speak with a TD small business advisor, in person or by phone, to discuss your small business financing options. Depending on your business and financial needs, they can explain your options and guide you to the most suitable program.
Step 2: Submit Your Loan Application
Depending on the size of your loan, you may be able to complete and submit a business loan application online. Otherwise, it may be best to apply in person if your loan needs are much larger.
Documents You May Need
- Detailed business plan
- Business earnings for the most recent 2-year period (if applicable)
- Business registration documents
- Statement of personal net worth
- Statements to confirm investments/deposits (held outside TD Canada Trust)
- Government-issued photo ID
Step 3: Review And Sign The Loan Agreement
Once you submit your application, it could take a few weeks for TD to review and verify all the information provided. Once approved, review the contract to understand all terms and costs, then sign the document. You should receive funding shortly after.
Other TD Bank Loan Products
TD Bank also offers other loan types, including the following:
Personal Loans
TD Bank offers personal loans of up to $50,000 with loan terms from 1 to 7 years. Funds can be used to cover various expenses, such as home renovations or debt consolidation, with fixed or variable rates.
Lines Of Credit
For more flexible financing, TD Bank’s line of credit provides you with access to extra money on an ongoing and as-needed basis. Get anywhere from $5,000 to $50,000, and pay back as much or as little as you want, whenever you want, as long as you stay within the credit limit. Interest is only charged on the amount withdrawn.
Mortgages
TD Bank offers various mortgage products, including fixed-rate and variable-rate options. They can be used to buy your first home, second property, or to tap into your home’s equity through TD’s Home Equity FlexLine (HELOC).
Learn more: TD Bank | Accounts, Products, Fees, & Rewards
What We Like About TD Bank
Getting a loan from TD Bank offers several perks:
- Long History: TD Bank is one of Canada’s Big Six banks and has been in the industry since 1955, making it a trusted financial source for Canadians.
- Multiple Loan Options: Choose from car loans, business loans, personal loans, lines of credit, and mortgages to suit your financing needs.
- Flexible Loan Terms: Choose between fixed or variable rates, and personalize your repayment schedule.
- Wide Range Of Loan Amounts: Depending on the loan type you apply for, you may be able to access a wide range of loan amounts to accommodate your financial needs.
What We Think You Should Watch Out For
TD Bank has a couple of potential drawbacks that are worth mentioning:
- Bad Credit Not Accepted: You’ll need to have good to excellent credit to get approved for a loan from TD Bank. Bad credit borrowers will need to look elsewhere for financing.
- Minimum Loan Amounts: If you’re looking for a quick, small cash fix, TD Bank may not be suitable, as minimum personal loan requirements start at $2,000.
Is TD Bank Safe?
Yes, TD Bank is generally considered safe. Deposits held at TD Bank are insured by the Canada Deposit Insurance Corporation (CDIC), and robust security measures are in place to protect customer data and online transactions. Further, TD Bank is one of Canada’s “Big Six” banks and is required to adhere to strict regulatory requirements.
What Do Consumers Think Of TD Bank?
It’s always a good idea to do some online research into what others have to say about lenders and banks. So, how does TD Bank rank online?
| Better Business Bureau (BBB) | Not BBB Accredited D- rating |
| Consumer Affairs Rating | 1.1/5 stars |
| Trustpilot Rating | 1.4/5 stars |
| Social Media Presence | Instagram: 99.4K followers Facebook: 857K followers LinkedIn: 923K followers X: 126.3K followers |
| Physical Location | 1,000+ branches across Canada |
How Does TD Bank Compare To RBC?
Before applying for a loan with TD Bank, consider how it compares to other big banks in Canada, like RBC.
| TD Bank | RBC | |
| Loan Options | -Car loans -Business loans -Lines of credit -Personal loans -Credit cards -Home improvement loans -Mortgages | -Car loans -Business loans -Lines of credit -Personal loans -Credit cards -Home improvement loans -Mortgages |
| Market Capitalization (as of June 2025) | $165.36 billion | $246.25 billion |
| Number of Bank Branches In Canada | 1,000+ | 1,100+ |
| Number of ATMs In Canada | 2,500+ | 4,000+ |
Final Thoughts
If you’re looking to bank with a financial institution with a long track record and strict regulatory compliance requirements, then TD Bank is certainly worth considering. The bank is part of Canada’s “Big Six” banks and offers a wide range of banking and loan products. Plus, TD Bank’s commitment to digital banking makes it a competitor with convenient online banking options, giving consumers the best of both worlds.
