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?

Answer
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.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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