Can you have two car loans in your name?

Would I be able to have two car loans in my name at one time? I already have a financed car, but I want to get one for my son before he moves away for college.

Answer
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.
If you’re worried about making your loan payments, try saving on car insurance with Jerry. Users save nearly $900 a year on car insurance with the Jerry app—and you might be able to save even more! A licensed broker, Jerry helps you find a better rate by pulling and comparing quotes from over 50 top providers for free.
Liz Jenson
Answered on Nov 08, 2021
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