Can I get an auto loan if I already have an outstanding personal loan?

"I currently have a personal loan at my credit union, but I also want to get a car loan. Is it possible to have both loans?"

“The answer to your question lies in your income, your credit score, and your debt.
If you make enough money, if you have a good credit score, and if you don’t have much debt, you’ll probably get a car loan.
Just remember that your debt-to-income ratio needs to be about 43% or less, and the amount you’re paying for the car shouldn’t be more than its fair value.
If you don’t get approved, you might want to pay off your personal loan and then try again.”
Eric Schad
Answered on Jul 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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