PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can I apply for a car loan and a home loan at the same time?
I've got my eye on a small bungalow and a standard four-door sedan. I'll need to borrow money to buy both. Can I get simultaneous loans?
Jim Donaher · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The answer is yes, but there are good reasons to hold off on the car loan until you have closed on the home loan, if you can.
The reason to not apply for both at the same time is that lenders can see you are taking on significant new debt in two places. This means lenders are likely to evaluate you as a higher risk. This can result in less favorable rates on both loans, and if your credit history is not exceptional, you may even be denied one or both loans.
Your best bet is to apply for the home loan first. You’re borrowing much more money for a longer time, so it’s important to qualify for the lowest rate and best terms on that loan. Once the home loan is approved and closed, then apply for the car loan. Even if the rate is a bit higher (because you now have a mortgage), it will likely be better than if you had been approved for the car loan at the same time as the mortgage.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
