Yes, you can have two car loans in your name at the same time. But qualifying for a second loan can be difficult. Since lenders look carefully at your debt-to-income ratio before approving your loan, you’ll be at a disadvantage.
Additionally, you’ll need an excellent credit score to receive a low APR on the second loan. Without it, you could pay a lot more interest on the second loan than you pay on your first. To find a loan with good terms and rates, make sure to shop around and consider the pros and cons of different lenders before settling for one.