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How many car loans can you have at one time?
My kids are finally out of the house and I want to celebrate by getting a new car. I already have one car loan, but I'm not sure if I can get a second one while I'm still paying off my first. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on a huge milestone for your family! I’m happy to say that having two
car loans
is definitely attainable if you have good credit and income to pay for the loans.Generally speaking, as long as you have the required credit and income, there’s no upper limit to the amount of loans you can take out! (Though unless your garage stretches out to infinity, you might want to put an upper limit on yourself.)
Remember that you’ll need to get full coverage auto insurance per the stipulations of the loan. The easiest way to find the best deal on your insurance—and your wife’s, while you’re at it!—is through the
Jerry
app. We’ll get you customized quotes from different top-of-the-line providers so that all you need to do is pick the plan that works best for you! (And once you’ve picked one, we’ll even help you switch.)Best of luck with the car loan, and enjoy your new ride!
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- Gregory R.
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