Can I get three car loans under my name?

"Is it possible to have three car loans under my name? My wife and I both have financed cars. My son is turning 16 soon, and I'm thinking about surprising him with a car."

Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
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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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