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Can I get three car loans at once?
I made an agreement with my teenage daughter that I'd buy her a car before college if she graduated high school with honors. Well, that's just what she did. However, I already have two car loans. Can I get a third?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Pass along the congratulations to your daughter—that’s a great achievement. I’m happy to say that you can certainly get three
car loans
, as no legal limit exists to the number of loans a person can have. However, you’ll need to have:- Great credit
- Enough income to pay for three car loans
- A debt-to-income ratio around 43%
If you have all of these attributes, getting a third car loan shouldn’t be a problem! You may even want to consider an auto consolidation loan for the sake of convenience, as this will turn your three car payments into a single monthly installment.
If you’re approved for three car loans, you need to have full coverage auto insurance on each of them. However, you can usually get a multi-car discount, which can lower how much you pay each month.
One of the easiest ways to make sure you’re getting the best deal on the coverage for all three is through the
Jerry
app! We’ll get you customized quotes from top-of-the-line providers so that all you need to do is choose the insurer or plan that works best for you.Congrats again to your daughter!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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