Can I have more than one car loan at a time? "

"I am currently three years into a four-year car loan and have found another car that I would like to buy. I do not want to trade my current car in, so this would mean that I would need to have two car loans at the same time. Is this possible?"

“The short answer is yes, it is possible for someone to have multiple car loans at the same time. However, getting approved for that second car loan may prove to be difficult depending on your financial situation.
If you have good credit, make enough money, and your debt-to-income ratio is low, then you shouldn’t have any problems buying a second car through financing.
Don’t forget to add your new vehicle to your current car insurance policy. Buying a new vehicle is a great time to shop around and make sure you’re getting the best rates. Consider using a smart tool like Jerry to instantly compare rates from the top 45 companies.”
Johnny Puckett
Answered on Jul 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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