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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
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