Can I buy 2 cars with one loan?

My car died; it had a good run. I want to get a new one, but I also promised my daughter that when she turned 16, we’d get her a car. It’s bad timing, but her birthday is coming up. So, I really want to buy two vehicles at once. Is it possible to buy two cars with one loan?

Answer
Sorry to hear about your car! And happy sweet 16 to your daughter. Given the gift, this is sure to be a birthday she won’t forget!
Yes, you can buy two cars with one loan. You could either get a car loan or a personal loan for this purpose.
Your first step should be to check your credit. Go over your report to make sure everything is correct. This way, you can dispute any inaccuracies ahead of applying for a loan. The higher your credit score, the better APR you’ll qualify for.
Next, you’ll want to shop around to find the best interest rate and loan terms. Check with local and national banks, credit unions, and online lenders. You can use a free online loan calculator to input this info and ensure you can comfortably afford the monthly payments.
Note that today’s average loan term is 72 months, but financial experts advise against this. If possible, shoot for 60 months (five years) to avoid going underwater on the loan (aka owing more at any given time than the car is actually worth).
When it comes to adding your daughter to your car insurance, make sure to shop around, as well. Teenagers can be expensive to insure, but Jerry makes shopping around easy so you can find the best rate available.
Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away! The average Jerry user saves $879 a year!
Lauren Smith
Answered on Nov 22, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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