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?"

Answer
“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.”
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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.
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