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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?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.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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