Alternatives to TD Bank auto loans

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In a Nutshell

Although TD Auto Finance provides auto loans to consumers through certain car dealerships, TD Bank doesn’t offer direct auto loans through its branches or online. If you want to secure financing before you start car shopping, we’ve rounded up some large banks with features like competitive interest rates, various repayment terms and a range of auto loan products.
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TD Bank auto loans aren’t available through the bank’s branch network, but other large banks may be able to provide the auto financing you need.

Whether you want to secure financing so you can shop at a dealership or refinance your existing auto loan, we’ve rounded up four possible alternatives to help you as you search for an auto loan lender that’s right for you.

Bank of America: Low starting APR

Why Bank of America could be a good alternative: Like TD Bank, Bank of America is among the nation’s top 10 U.S. banks by assets, according to a March 2021 ranking by the Federal Reserve. With branches in 37 states and Washington, D.C., Bank of America has branches in areas served by TD Bank. Bank of America’s starting APR for auto loans is low compared to other banks and online lenders. But keep in mind that the bank’s starting rates for auto loans are available only to those with the best credit.

Here are some more details about Bank of America auto loans.

  • Rate discount — Bank of America Preferred Rewards members can get an interest rate discount of 0.25% to 0.50%.
  • Multiple loan types — Bank of America offers a wide range of auto loans, including loans for new cars and used cars purchased from a dealer or private party. The bank also offers lease buyout loans and refinancing of existing auto loans originating from Bank of America or other financial institutions.
  • No ability to prequalify — Applying for a loan with Bank of America will result in a hard credit inquiry that can negatively affect your credit scores.
  • Minimum loan amount — Bank of America doesn’t offer auto loans for less than $7,500 (but can vary by state).
  • Repayment terms — Loan terms ranging from 12 months to 75 months are available — but remember that stretching out loan payments over a longer loan term means you’ll pay more in interest over the length of the loan.

Read our Bank of America auto loan review to learn more.

PNC Bank: May consider people with mediocre credit

Why PNC Bank could be a good alternative: PNC Bank may consider people who have less-than-stellar credit.

Here’s some more info about PNC Bank auto loans.

  • Similar locations — PNC Bank has a similar geographic footprint as TD Bank’s, with branches in Washington, D.C., as well as 21 states mostly in the eastern U.S. and mid-Atlantic region.
  • Competitive interest rates — PNC offers starting auto loan rates that are in line with rates charged by some other banks. The bank’s rates include an autopay discount for customers who have their monthly payment deducted from a PNC checking account.
  • Loan amounts — PNC auto loan amounts range from $5,000 to $100,000, and repayment terms range from 12 months to 72 months.
  • Loan types — PNC Bank offers auto loans for new cars, used cars purchased from a dealer or private party, lease buyouts and refinancing.
  • One-stop shopping — Not only can you apply for auto financing through PNC’s website, you can also shop for cars that meet your needs with PNC Total Auto, which is provided by TrueCar.

For more details, read our PNC Bank auto loans review.

LightStream: Wide range of auto loans

Why LightStream could be a good alternative: Auto loans offered by the online lender LightStream, the consumer lending arm of SunTrust Bank. LightStream offers a wide range of auto loans, including loans for new cars, used cars purchased from a dealer or private party, classic cars, motorcycles and lease buyouts. You can also refinance an existing auto loan you have with another lender. LightStream also offers unsecured auto loans to qualified applicants — that means your car won’t be used as collateral.

Here are some more details about LightStream auto loans.

  • Competitive interest rates — LightStream’s starting auto loan rates are competitive compared to some other lenders, but its lowest rates are available only for loan amounts ranging from $10,000 to $24,999, with a 24- or 36-month loan term.
  • Rate beat program — LightStream promises to beat competitors’ interest rates if certain conditions are met.
  • Good credit required — According to SunTrust’s 2018 Securities and Exchange Commission annual report, most of its consumer loan customers (including LightStream customers) have FICO scores of 700 or above.
  • Loan amounts — LightStream offers auto loans ranging from $5,000 to $100,000 and repayment terms of 24 months to 84 months.
  • No ability to prequalify — When you apply for a loan with LightStream, it will generate a hard credit inquiry, which can negatively affect your credit scores.

Read our LightStream auto loan review for more info.

Capital One Auto Finance: Ability to apply for prequalification

Why Capital One Auto Finance could be a good alternative: Like TD Bank, Capital One Auto Finance may consider you for a loan if you have less-than-perfect credit. Capital One Auto Finance lets you apply for prequalification. If you’re prequalified, you can see the estimated rate and loan terms you might qualify for without affecting your credit scores. This makes it easier to compare rates and terms with those of other lenders. Just remember that prequalification isn’t a guarantee that you’ll be approved for a loan, and if you are approved it may be for different terms than you prequalified for.

Here’s some more info about Capital One Auto Finance.

  • Limited loan types — Capital One Auto Finance only offers loans for refinancing an existing auto loan from another lender or for buying a new or used car from a partner dealer.
  • Works with a variety of credit profiles — According to Capital One’s 2020 annual report, a little more than half of its auto loan customers have FICO scores of 660 or under.
  • Vehicle restrictions — Capital One Auto Finance doesn’t offer financing for commercial vehicles, motorcycles, RVs, ATVs, boats, campers, motor homes and certain vehicle brands.
  • Loan amounts — The minimum loan amount Capital One Auto Finance offers is $4,000. Your maximum loan amount is determined by factors that include your credit and other factors that can help the lender get an idea of your ability to repay the loan.
  • Online car-shopping — Search for cars that meet your criteria while shopping for financing with Capital One Auto Finance’s Auto Navigator tool.

To learn more, read our Capital One Auto Finance review.

Even though you can’t get TD Bank auto loans directly from the bank, other large banks may offer auto loans with attractive features that work best for your situation.

About the author: Jennifer Brozic is a freelance financial services writer with a bachelor’s degree in journalism from the University of Maryland and a master’s degree in communication management from Towson University. She’s committed… Read more.