Can you have three open car loans?

Can I have more than two active loans? I am looking into financing two cars right now. And in the future, I may want to apply for a third loan.

Answer
Having three outstanding car loans is uncommon because of the financial risk involved. However, it is possible to finance two cars at the same time!
If you plan to buy two cars at the same time, you can get a single loan to cover both vehicles. This means there will only be one monthly payment.
How to get a loan for two cars:
  • Step one: Look over your credit report and make sure all the information is accurate.
  • Step two: Shop around for a loan amount you are comfortable with. Take some time to do research and compare options. Once you have applied and are approved for a loan, the funds will be disbursed to you. Deposit that amount into your checking account.
  • Step three: Find two vehicles you want to purchase.
  • Step four: Pay the dealer using the loan money.
Have fun shopping for your new cars!
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Phoebe Mah
Answered on Nov 12, 2021
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