Can I get a second car loan from a credit union?

"I got a car loan from my credit union a year ago, and now the car is an absolute lemon.

I can't pay the first loan off quite yet but need reliable transportation.

Will my credit union approve me for a second car loan?"

“No one can say for sure if you’ll be approved other than the loan officer at your credit union.
If you haven’t missed a payment on your first loan, or any other debt you might have, your credit score should have gone up—so that’s a positive.
However, you haven’t said how much income you make. If you don’t make enough to keep your debt-to-income ratio at 43% or below, you might struggle getting a second car loan.
But it doesn’t hurt to ask. Go into your credit union and talk to them. Within about 10 minutes, they’ll let you know if you’re a good candidate for a second car loan.”
Eric Schad
Answered on May 28, 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.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
Find insurance savings — it's 100% free