Can I have two car loans at the same time?

I recently got married and my wife and I are moving to the suburbs. She never needed a car before, but it looks like she’ll need one now for the morning commute. Can I get a second car loan for her vehicle?

Answer
Congrats on your recent nuptials! While you can have two car loans at the same time, your ability to get a loan will depend on your credit and financial situation.
To get a second car loan, you will need to show:
  • That you can afford the second car loan.
  • Evidence that your debt-to-income ratio would be 43% or less.
  • Proof of good to great credit.
If you have all of the above, you should be good to go! If you still want to raise your odds of loan approval, you can add your wife as a cosigner. Remember, while cosigning can increase your chances of approval, it also means the loan will impact both your credit scores.
For help making your monthly payments, use the Jerry app to start saving on car insurance. A licensed broker, Jerry can help you find and compare quotes from over 50 top providers in minutes. When you find a better rate—Jerry can help you buy your new policy and even help cancel your old one!
Eric Schad
Answered on Nov 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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