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Can I have a loan for more than one car?
Am I allowed to have a loan for more than one car? I will pay off my old car in a few months, but I see a great deal on a new car now and I don't want to miss out.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having more than one loan shouldn’t be a problem, but it will depend on your credit and your current debt to income ratio. I don’t want you to miss out on a good deal either, so here are some things to think about:
- Can you truly afford two monthly payments?
- Do you have a spouse or partner whose income can be included in the loan application?
- Do you have plans to take on any other additional debt in the future, like a home loan?
Your best bet will be to work with the bank you have your current loan with. They will consider your prior payment history and see that your
existing loan
is near its end. Once you secure your new loan, save as much money as you can to pay off your loan early. A good way to do this is by saving on your car insurance through the
Jerry
app. Jerry shops low rates with over 50 insurance providers and deliver them to your phone in minutes. Your lender will require insurance on your new car, so this kills two birds with one stone!Now go get that deal!”
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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