Can I have two car loans in my name?
I recently moved to New York, and I'm worried my financed BMW M3 might get ruined by the salt and snow. If possible, I think I'd like to finance a second car for the winter months. Is it okay for me to have two car loans in the same name?
The salt and snow can be rough on your car, so investing in a winter car could be worthwhile!
While you can have two car loans in your name, getting approval for the second loan can be challenging.
Before they give you a loan, your lender will:
- Review your credit score. Your credit score might have dipped if you financed your BMW recently. Waiting a few months for your credit to recover could increase your chances of approval.
- Assess your debt-to-income ratio. You can calculate your debt-to-income ratio by dividing your monthly debt payments by your monthly income. If it’s below 43%, your loan application will likely be approved!
After you purchase your winter vehicle, remember to add it to your auto insurance policy and ask your provider about their multi-car discounts. Drivers with multiple insured cars can qualify for big savings. Since you’re already adding a second vehicle, you might as well get the discount!
When you make big changes to your policy, your car insurance rates will likely increase. To make sure you’re still getting the best rate on the coverage you want, try Jerry. A licensed broker, the Jerry app can help you collect quotes from up to 50 top providers like Nationwide and Progressive in seconds!
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