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?
Answer provided by
Eric Schad
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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