Will Bank of America let me get two car loans at once?

I currently have a car loan at Bank of America, but my wife also wants to buy a new car. Can I get two car loans from the same bank?

Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Almost any lender, including Bank of America (BoA), will allow you to get two
car loans
at once—provided you qualify.
To qualify for two loans, you’ll need to have:
  • Great credit
  • Proof of sufficient income
  • A debt-to-income ratio below 43%, even with the addition of the new loan
Before settling on Bank of America, you may want to shop around to compare interest rates and loan terms offered by other lenders. It’s true that BoA typically offers competitive rates, but you might just find something better. Check out local banks and credit unions, in particular.
If you find a better rate elsewhere, you may even want to refinance your existing BoA loan with the new lender.
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