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Will lenders let you have two car loans at once?

My wife and I live alone and we only have one car. However, circumstances have changed—my wife just got an amazing new job in a nearby city! I'm incredibly proud of her, and of course she needs her own car now. The only issue is that we already have one car loan. Are we allowed to have two at once?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats to your wife—and yes! Lenders will typically allow you to have two
car loans
if you qualify. To qualify, you typically must have:
  • A decent or good credit score
  • Enough income to pay for both cars
  • A debt-to-income ratio that’s around 43% or less when you factor in the loan payments of the new car.
To keep your debt-to-income ratio low and avoid overextending yourself, choose a car that fits your budget. Remember, you’ll also have to factor in the cost of full coverage
car insurance
, as your lender will require it when you sign for the new car.
One easy way to lower your monthly costs is to use the
Jerry
app! We’ll get you customized quotes from top insurers, so that all you need to do is pick the plan that works best for you. (And once you do, we’ll even help you switch!)
Best of luck with the loan, and congrats again!
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