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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
- 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 will likely qualify! If you still want to raise your odds of loan approval, you can add your wife as a cosigner. Note that while cosigning can increase your chances of approval, it also means the loan will impact both of your credit scores.
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- Gregory R.
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