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Can you finance two cars at once?
Is it possible to have multiple car loans at the same time? I’m already paying for the loan on my own car, but I want to get my son a car for his high school graduation. That would mean taking out a second car loan. Can I finance two cars at once?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting your son a car is such a sweet graduation present idea. Luckily, you can finance
two cars at once
if you want! However, you’ll have a much more difficult time finding affordable rates on the second loan.This is because the existing loan changes your debt-to-income ratio dramatically, so lenders typically won’t approve you unless your income can afford the extra expense each month. You’ll also need an excellent credit score in order to get a good interest rate.
Keep in mind that you’ll also need to purchase car insurance for your son’s vehicle. The
Jerry
app makes it quick and easy to find the best rates available on the coverage you need. Download the app and answer some quick questions to see quotes that work for you.View full answer
- Gregory R.
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