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Can you have two car loans at one time?
My current daily driver is an old Toyota Camry. However, I do a lot of weekend projects and carrying around plywood in a Camry isn’t easy. I’ve been thinking about purchasing a truck, but can you have two car loans at one time?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yikes! Trying to fit plywood in a Toyota Camry doesn’t sound like a great time. Fortunately, you can have two car loans at one time. Hopefully, you can use your new truck soon!
While you’re allowed to have two
car loans
simultaneously, your lender has to approve your second application.If you have a good credit score, income to support the new loan, and a low debt-to-income ratio, approval isn’t an issue.
Generally speaking, your debt-to-income ratio must be less than 43% for a lender to approve your loan. To calculate your debt-to-income ratio, divide your monthly debt payments by your monthly pre-tax income.
After you purchase the new truck, don’t forget to
add it to your auto insurance policy
and make sure it has full coverage
.To get the best rate possible, download the
Jerry
app to compare car insurance quotes. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! Why do all that extra work when Jerry can do it better?View full answer
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