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?

Answer
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.
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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