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Can I have two car loans simultaneously?
I love sports cars. I currently have a Camaro, but I'm looking to buy a Corvette. Can I have two loans at once?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A Camaro and a Corvette? That’s living.
To answer your question, yes, you can have two
car loans
simultaneously, as long as you have the income and credit score to warrant approval. In most cases, you should have above-average credit and enough income to keep your debt-to-income ratio below 43% as 43% is the industry standard for loan approval.Make sure to shop around for the best car loan rate or see what your current lender can do for you.
Keep in mind that having two sports cars may result in a rather hefty car insurance bill each month. Most insurers charge higher prices for sports cars as a result of the larger engines and more perceived risk that you will be in an accident.
So just as you would with a car loan, shop around to get the best car insurance rates possible with
Jerry
. Sign up in less than a minute to get quotes from up to 50 insurers. Jerry will even take care of all of the paperwork for you! View full answer
- Gregory R.
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