Can I get a second car loan if my mom makes payments on the first loan?

"My mom has terrible credit, so I financed her car. The loan is in my name, but she makes all the payments.

Can I get a second car loan if I explain to the bank that I can afford it because I'm not the one making payments on the first loan?"

Answer
“No, you won’t be able to convince the bank that you don’t make payments. Your name is on the loan, so it’s your financial responsibility.
However, you might want to apply for a second car loan just to see what happens. You might have enough income to make it work.
Just be prepared: You could get rejected because of your obligation to pay off the first car loan.”
avatar
Eric Schad
Answered on Jun 07, 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.
thumb-up

Did this answer help you?

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

Have a different question?

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