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Can I get a motorcycle loan and car loan at the same time?
I currently have a car loan, but I also want to purchase a motorcycle. Will my lender allow me to have two loans at the same time?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you have great credit and your debt-to-income ratio is 43% or less following the motorcycle loan, it shouldn’t be a problem.
Lenders have no steadfast rules on how many loans you can have. They just want to make sure that you can pay on time without defaulting.
Keep in mind that you’ll also need to get full-coverage
car insurance
on both loans per the loan contract, so factor that into your budget.”View full answer
- Gregory R.
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