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Can I buy two Toyotas with one loan?

I want to buy two Toyota vehicles, as the dealer has some great deals. Can I get one loan to buy both cars?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In most cases, you should be able to consolidate two
car loans
 into one. However, you may have to shop around between banks, credit unions, and dealerships to find one that’s willing to put both cars in one loan.
However, since you’re purchasing both Toyotas at the same time, this shouldn’t be too difficult. The biggest obstacle is qualifying for an auto consolidation loan. To qualify for the loan, you’ll need:
  • A good to great credit score, although this is at the lender’s discretion
  • Enough income to pay the single car note
  • A
    debt-to-income ratio
     below 43%
Since you’re buying two vehicles, you should also look at finding the best car insurance rates, as full coverage will be required by your lender. Download the
Jerry
 app today to compare dozens of competitive quotes and maximize your savings.
MORE:
New car insurance: What coverage do you need when buying a new car?
ToyotaCar LoanCar LoansCredit Score
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