How hard will it be to get a second car loan?
I want to get another car loan since I'll be giving my sister the car I have now. She'll take over the payments on this car. Will it be hard to get another car loan in my name?
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Answered on Mar 12, 2021
Getting a second car loan hinges on your debt-to-income ratio, credit, and income. If you have a solid, steady income and the loan doesn’t push your debt-to-income ratio above the industry standard of 43%, you’re likely a good candidate for a car loan.
Acceptable-to-good credit is also an important factor in securing a second car loan. Not only will it save you money on interest, but it will also make the lender more likely to give you a second car loan should you be on the fringe of the 43% debt-to-income ratio.
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