How hard is it to get a second car loan from a lender?

I already have a car loan with my local credit union. Will they give me a second car loan? How hard is it to get?

Answer
Yes, you can certainly get a second car loan from your credit union, but qualification will be far more difficult.
When you apply for a car loan, you need to have:
  • Great credit
  • A debt-to-income ratio of 43% or less
  • Income to support the second loan
If the first loan stretches you a bit thin on finances, the lender may notice this and reject your car loan. But if you have the budget to pay for the second car loan, you shouldn’t have any problems, provided your credit score is also great.
If you’re looking for other ways to save money, consider switching your car insurance policy. Lenders will require full coverage, so you should definitely shop around. With the Jerry app, you can compare quotes from numerous car insurance companies to find the best rate for your coverage needs.
Eric Schad
Answered on Nov 08, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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