Skip to main content
Login

How TD Auto Finance can help newcomers to Canada

Start driving toward your goals sooner. Our flexible auto financing solutions can help meet the needs of newcomers to Canada.

Benefits of getting a car loan with TD Auto Finance

  • Dealership network

    Financing from TD Auto Finance is offered at more than 3,500 dealerships across Canada.

  • Financing may be available even with limited or no credit history

    If you are new to Canada, we may help you finance a vehicle in Canada -- even if you have limited or no Canadian credit history.

  • Financing for qualified applicants at the dealership

    Apply for the amount of money you need to buy a new or used car that fits your budget.

  • Award-winning dealer satisfaction

    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.

Buying a new or used car in Canada

The decision to buy a new or used car depends on factors such as your budget, preferences, desired features, and longer-term goals.

New car

Used car

Cost

Generally, cost more than a used car.

More affordable than new cars, making them a budget-friendly option.

Warranty

Comes with manufacturer warranties, which may provide coverage for certain repairs and maintenance over a set period.

Typically, do not include warranty protection.

Maintenance

Buyers may experience lower maintenance costs during the initial years of ownership, especially since they have a warranty.

While used cars may initially be cheaper to purchase, they may require more frequent maintenance and repairs, especially as they age and their mileage increases.

Depreciation

New cars may lose up to 20% of their value in the first year of ownership.

Have already experienced the most significant portion of their depreciation,  which may allow its value to hold better over time compared to new cars.

Latest features and technology

Often come equipped with the latest features, technology, and safety advancements; offers a more modern driving experience.

Depending on the year it was made, a used car may not be up-to-date with the latest technologies.

The process of buying a car

Buying a car is often one of the first big purchases that newcomers to Canada make. Here are some of the key steps to buying a car.

Private Sale Vehicle Loan

You may also be interested in a Private Sale Vehicle Loan which is a flexible borrowing option to help you get the vehicle of your choice.

  • Available for: buying a new or used vehicle privately
  • You can borrow2: up to $50,000
  • Repayment: We’ll work with you to create a repayment schedule in accordance with our policies 
Learn more

Frequently asked questions

Common next steps for newcomers to Canada

How to apply

  • Visit a dealership

    Simply visit any authorized automotive dealer and ask for financing through TD Auto Finance.

    Find a dealership

  • Welcome to TD WheelsTM

    Download the new TD Wheels app, find your car and get behind the wheel with TD Auto Finance

    Get the app

  • Call us

    Our banking specialists are ready to answer your questions

    1-866-694-4392 1-866-694-4392

Private Sale Vehicle Loan

Not buying from a dealership?  Find a loan from TD Canada Trust, with fixed and variable interest rates and terms to fit your budget.