I'm buying my first vehicle

Buying your first car is exciting. Consider your budget and your financing options when making your choice. Whether you're buying your first car, RV, boat or powersport vehicle, we'll help you through the financing process.

Auto financing considerations

  • Consider how often you'll drive, average number of passengers, road travel and even children. All factor into your vehicle financing.
  • Every vehicle comes with extra costs, from insurance and maintenance, to parking, tires, or seasonal storage.
  • Factor in mind your rent/mortgage payments, travel, entertainment and other monthly costs.
  • Explore your options and review our learning resources and download the TD Wheels app for more helpful tools.


Costs can vary depending on the type of vehicle you choose. Keep these points in mind if you're buying:

  • New

    A new vehicle may be more expensive at first, however, there will likely be less maintenance costs and other fixes.

  • Used

    Yes, used vehicles are cheaper, however, the more miles are on the car, the more maintenance and repairs may be needed on everything from wheels to the engine.

  • Luxury

    They may look beautiful, but they can come with greater costs. Consider parts being harder to replace and more expensive, fuel cost and higher insurance.

  • Hybrid and electric

    These are great environmental choices and can help with fuel savings. Explore governmental incentives if you're considering one of these models.

TD Auto Finance offers flexible financing

  • 1

    Reach out to a dealer

    Understand your budget and financial needs, then connect with a dealer to find the best financing options for you.

  • 2

    Compare and test

    The TD Wheels app lets you search for and compare different makes and models to find your next new dream vehicle.

  • 3

    Applying for financing

    Ask your dealership to work with you on a mutually agreeable price. They can help structure a loan to meet your needs.

How to Apply

Financing a vehicle

There's a lot to consider when you're buying your first vehicle. From financing options and determining affordability to credit solutions, we're here for you.


Buying your first vehicle is one of the biggest purchases you'll make. Here's what to keep in mind to make your purchase a success.
  • List all your monthly expenses to determine how much you can afford to spend.
  • How is your credit history? Outstanding debts, missed loan or credit card payments can affect your credit score.
  • Based on your finances, how quickly will you pay down your loan? You have options for payment frequency.
  • Explore what terms, rates and amortization mean and how they affect your financial decisions.
  • Never buy on impulse. A well thought out plan will make ownership financially comfortable.

Dealer financing

We have financing options to suit your needs.

  • Find your ideal vehicle through our nationwide network of authorized dealerships.
  • Discover competitive rates, flexible terms and payment options.
  • Access the amount you need to purchase the car you want.
  • Thanks to our dealers, TD Auto Finance received the J.D. Power award for Highest Dealer Satisfaction with Non‐Prime and Prime Credit Non‐Captive Automotive Financing Lenders. This marks the 7th year in a row for the Non-Captive Non-Prime segment1.

Credit history basics

Your credit history is a record of your ability to borrow and repay loans on time. One of the best ways to start building your credit history or improve your credit score is to apply for credit and demonstrate that you can use the credit responsibly.

Your borrowing history directly affects your credit score and borrowing options.

Your credit report is an in-depth record of your credit history. It tells you your credit score which, in turn, will determine your ability to borrow.

Equifax and TransUnion are the main credit reporting agencies in Canada and can provide you with your credit report and score.

Rates may vary depending on your vehicle selection, your credit history and current offers. Check out financing through TD Auto Finance or any of our authorized dealerships.

How to Apply

What to expect

You're almost ready to make your purchase. Before you head out, review the lists below so you can be prepared on the day you buy.

What to bring

Make sure you're prepared on the day of the sale. Bring these when it's time to buy:
  • Valid driver's license or other Photo ID (not including health card)
  • Proof of income (e.g. T4, Paystubs)
  • Proof of insurance (required to drive away with new car)
  • Trade-in info, if applicable (ownership papers, current loan amount and lien holder)

At the dealership

We've compiled a list of questions to ask to ensure you leave the lot with the best vehicle for you.

  1. What is included in the price of the vehicle?

  2. Does the vehicle come with a warranty?

  3. Long-term maintenance costs?

  4. Any additional features?

  1. Miles/kms that are on the car?

  2. Service inclusions and restrictions?

  3. Average fuel consumption?

Dealership-available add-ons

  1. GAP Insurance covers the difference between the cash value of a vehicle and the balance owing on the financing amount.

  2. Extended warranty or service contract prolongs the amount of time the manufacturer is liable for covered incidents.

  3. Pre-paid maintenance plans usually cover scheduled maintenance outlined in the owner's manual.

  1. Paint and fabric protection includes rust protection and other pre-emptive measures to protect the vehicle's integrity.

  2. Rim and tire seasonal storage may be available through your dealership.

  3. Added security features including anti-theft devices, alarms, remote start and other security technology.

Next steps

You've purchased your first vehicle – what's next?

  • Register your vehicle

    Your dealer can help you register your vehicle. Check how to register a car, RV, boat and Powersport vehicle.

  • Protect yourself

    Make sure you choose the right insurance to cover unforeseen situations as well as any upgrades, customizations or modifications to your vehicle.

  • Preventative maintenance

    Speak to your dealer and set up your maintenance plan to help prevent issues before they start.

How to Apply

Have a question? Find answers here