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Can you have two car loans?
My daughter’s used car died, and she needs to get another one for her after school job. She’s not 18 yet, so she can’t get her own car loan, but I already have one car loan. Can I get a second car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your daughter’s car. You can get a second
car loan
, but it may be difficult. You’ll have a better chance of getting approved and being offered reasonable interest rates if:- You have a good credit score
- You have a steady income that will cover two auto loans
- You have a low debt-to-income ratio
- You choose an inexpensive car (preferably a used one)
When you add a second car to your insurance plan, your
car insurance
rates may go up. If this happens, use the Jerry
app to compare quotes from over 50 insurance providers so that you can find the best deal.View full answer
- Gregory R.
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