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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?"

avatar
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
MORE:
New Car Insurance: What Coverage Do You Need When Buying a New Car?
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