Do lenders impose limits on how much you can get for your first car loan?

Answered by Car Loans Expert Eric on February 11, 2021

I'm about to apply for my first car loan. As a first-time applicant, will I face borrowing limits?

expert avatar


Car Loans Expert

No, lenders don’t impose limits on your first car loan just because it’s your first one. Instead, they weigh other aspects just as they would for buyers that have had two, five, or even 10 loans in the past. These include:

  • Debt-to-income ratio
  • Credit score
  • Current income
  • Prior relationship with the lender

All the aspects mentioned above will play a role in how much a lender is willing to give you toward the purchase of a new or used vehicle.

Car Loans

Have an insurance question?

Our insurance agents are ready to help you, for free.

Ask your question, it’s 100% free
Thousands of customers saved on average $887/year on their car insurance with Jerry
This app is great, but the customer service is even better! Not to mention convenient! My husband and I got the lowest rate (much lower than the rates I was finding online through my own searches), quickly, and pretty much all through text message! Thank you so much for a hassle free experience👍
Gabriella R.
Find savings (100% Free)
stars4.6/5 Rating on App Store