Can my wife and I get a second car loan with the same bank?

"My wife and I want to get another car loan. I make about $4,000 a month, she earns about $1,000 a month, and we have two kids.

Our current loan is for about $400 a month and our mortgage is $800. Can we get a second car loan?"

Answer provided by
Eric Schad
Answered on Jun 10, 2021
“You might be able to get this loan, but would you really want to?
With $5,000 in monthly income and $1,200 in loan payments, another car loan would probably take you to $1,500.
Factor in car insurance on both vehicles at maybe $200 per month, plus food and utilities, and you’re probably not going to save any money.
In this instance, I recommend saving up and buying a car with cash to avoid any financial strain.”

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

No long forms
No spam or unwanted phone calls
Quotes from top insurance companies