How many car loans can you have at once?

I have three car loans, but my son is going to graduate from college early, so I'm going to buy him a car. Can I have four loans at once? Is there a limit to how many car loans I can have?

Answer
There’s no limit to how many car loans you can have at once, provided that you have enough income, a good credit score, and a debt-to-income ratio at 43% or less.
If you possess all of these attributes, you’ll likely get approved for a loan for your son. (Congratulations by the way! You must be proud!) Since you probably know the ropes around buying a new car, you know the importance of shopping around for the best deals. That said, if you already have three loans with the same lender, they might find a good deal if you bring them a fourth.
The last thing to consider is your car insurance. With so many drivers under your roof, you should shop around to find various discounts and other discounts, especially if you’re adding another car to the fold. Use the Jerry app to compare rates from over 50 top providers, including Nationwide, Allstate, and Travelers, to get the best car insurance rates on all four of your cars. The average Jerry driver saves $879 a year on car insurance!
Eric Schad
Answered on Nov 23, 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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