Submit your story ideas to Kathy Tomlinson at Go Public We want to hear from people across the country with stories they want to make public. We tell your stories and hold the powers that be accountable. Go Public is an investigative news segment on CBC-TV, radio and the web. TD says its auto finance division now has $14.3 billion in "indirect" loans brokered by dealers on its books, which is up three per cent over last year. TD has become one of the bigger players in recent years, since acquiring car financing companies in Canada and the U.S.ĭealers typically take a cut when the financing is approved, by marking up the loan amount, or from referral fees paid by the lender. Increasingly, Canada’s major banks are behind high-interest loans such as theirs. We never missed a payment, and we still have the same car and we still have the same high interest," said Gamarra. But, from what I was told and what I was promised when I went in - now I feel like I've been lied to," said Hauser, who insists they were assured their interest rate could be lowered, substantially, after a year. "I went in willingly to get the loan, because we needed a car. Hauser and Gamarra are among a growing number of Canadians without adequate credit who are being signed up for subprime bank loans by car dealerships. "Why would I want to pay $44,000 for a car that's now only worth $15,000?" ¹ Available on new vehicles and models three years old or less.Angie Hauser and Enzo Gamarra said the money they are now paying TD, in pure interest, eats up one quarter of Hauser's take-home pay. You don't have to reapply each time you want to access funds. You even have the choice of using our Fixed Rate Advantage Option at any time to lock in all or a portion (subject to minimums) of your balance at a fixed rate with fixed payments.Īnd once open, your Line of Credit can also be used for any other purchases or finances. If you're looking for auto financing, we offer competitive Line of Credit interest rates and affordable car loan rates, the ability to choose how much you'll pay each month (subject to minimums), and convenient ways to access and manage your Line of Credit. Simply apply for a credit limit that will cover the cars in your price range, and then use only what you need. One big advantage is that you don't have to know exactly how much your car or truck will cost before you apply. Get more informationĪ TD Canada Trust Line of Credit is an excellent way to finance a car, and make the most of life's other opportunities. A personal auto loan from TD Canada Trust can help you drive your new car sooner. Our Personal Loans give you the security of fixed monthly payments and let you choose a fixed or variable rate with a wide range of terms to make the payments fit your budget. We have several options for you, but first… See how much you can affordīefore completing the auto loan application, try our Loan Calculator, a quick and easy way to determine which auto loan financing monthly auto loan payments will fit your monthly budget. not just about what make and model to buy, but also about auto loan financing and new car loan rates available to you today. It's important that you have the facts you need to make an informed decision. Buying a car represents the second-largest purchase most people ever make.
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