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?

Answer
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.
Lauren Smith
Answered on Nov 19, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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