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Can I get 2 car loans at the same time?
I want to take out a second loan in my name, so my son can get a car too. Is it possible for me to get two car loans at once?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you can get two car loans at once, your chances of approval for the second loan will be much lower than the first. When you apply for a loan, lenders will usually look at both your:
- Credit score and
- debt-to-income ratio (DTI) ratio.
Since your credit score dips after you take out a loan, your score is likely still recovering from the first one. Plus, your DTI will be much higher than before when you account for your first car loan. That being said, you’ll likely be able to find another loan if your DTI stays under 43% and your credit score is still in a reasonable range.
Of course, your second loan will likely come with higher interest rates and less flexible terms than your first one—since your standing will be slightly worse this time around. Luckily, you can still find a good loan by getting a cosigner and saving up for a large down payment.
With two loans, you may need some help keeping up with your monthly payments. Luckily, users save an average of $879 a year on car insurance with
Jerry
—and it only takes a minute to sign up! Just download the app, enter your information—and Jerry will send you personalized quotes from over 50 top providers like Progressive and Allstate for free.
View full answer
- Gregory R.
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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.
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