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Can I finance two cars at once?
I recently returned from being stationed overseas and I want to buy two new cars for my family. I don't have the funds to buy them up front, though, so I'd like to get loans for both vehicles. Will a lender let me finance two cars at once?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As long as you meet the lender’s qualifications and requirements, you should have no problem financing two cars at once. But approval for
car loans
is more than just a great credit score. You’ll also need:- Proof of income
- A debt-to-income ratio no higher than 43%
The best places to look to get two loans at once are credit unions. As nonprofit organizations, they can typically undercut the rates of banks. However, you should still shop around because other lenders—including banks and dealers—run specials regularly, such as 0% financing.
When you get these loans, the lender will also require you to get full coverage car insurance as part of the stipulations of the loans, so you should make sure you get the best deal possible on your insurance. One easy way to do this is with the
Jerry
app—we’ll get you personalized quotes from top-of-the-line providers in seconds, so that all you have to do is choose the one that works best for you.Happy shopping—and welcome home!”
View full answer
- Gregory R.
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