“Yes, you can certainly have three car loans under your name. There are no laws preventing you from doing so.
Getting approval may be a different story, even if you have great credit and a decent relationship with your lender.
As a general rule, lenders won’t lend to you if your debt-to-income ratio is higher than about 43%. To figure this ratio, just take all of your monthly debt payments and divide by your monthly income.
If you fall below 43% after the third loan, you should be fine, especially if your credit is good.
If buying a new car and adding a third loan seems like a stretch, you can look at buying a used car
for your son.”