Can I have 2 car loans at the same time?

I need to get a second car—our family can’t function with just one. It’s becoming a stressor. But we already have one car loan, is it possible to get a second car loan?

Answer
It is possible to get a second car loan, although lenders are typically more hesitant to approve them. You will be more likely to find a second car loan with decent interest rates if you:
  • Have a good credit score
  • Have a low debt-to-income ratio
  • Have a steady income
It also helps to choose a car that isn’t too expensive.
To help save money for a second car, make sure you’re getting the best rate on your car insurance. You can compare over 50 insurance quotes quickly and easily with the Jerry app. The average Jerry user saves $879 a year on car insurance.
Lauren Smith
Answered on Nov 22, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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