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Can I have 3 car loans at the same time?
My husband and I have two car loans, one for each of our cars. Our daughter has been working hard and saved enough for a nice down payment on a new car. But she’s not 18 yet, so she can’t get a car loan on her own. I want to help her, but we already have two loans. Can we take out a third car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, so long as you qualify, you technically can have three
car loans
at the same time. However, because you have two loans already, it may be difficult to get approved for a third. Since your daughter isn’t 18 and can’t get a loan on her own, the best course of action is for you to act as a cosigner. Essentially, you will both apply for the loan. Her credit history is likely thin, but yours should make up for it (assuming it’s good).
When she’s older and has built up her credit after several on-time loan payments, she can refinance and remove you as a cosigner. She may even be able to score a lower interest rate and more favorable loan terms in the process.
Let her know that the
Jerry
app makes refinancing quick and easy. Jerry removes the hassle by instantly connecting you with top companies to meet your financial needs. Make sure you’re not overpaying for your car loan by comparing offers from multiple lenders to find the best option for your individual situation.View full answer
- Gregory R.
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