Can I get a motorcycle loan and car loan at the same time?

I currently have a car loan, but I also want to purchase a motorcycle. Will my lender allow me to have two loans at the same time?

Answer
“If you have great credit and your debt-to-income ratio is 43% or less following the motorcycle loan, it shouldn’t be a problem.
Lenders have no steadfast rules on how many loans you can have. They just want to make sure that you can pay on time without defaulting.
Keep in mind that you’ll also need to get full-coverage car insurance on both loans per the loan contract, so factor that into your budget.”
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Eric Schad
Answered on Apr 27, 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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