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
“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.”
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Eric Schad
Answered on Jun 10, 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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