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Can I get a second car loan from a credit union?
"I got a car loan from my credit union a year ago, and now the car is an absolute lemon.
I can't pay the first loan off quite yet but need reliable transportation.
Will my credit union approve me for a second car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No one can say for sure if you’ll be approved other than the loan officer at your credit union.
If you haven’t missed a payment on your first loan, or any other debt you might have, your credit score should have gone up—so that’s a positive.
However, you haven’t said how much income you make. If you don’t make enough to keep your debt-to-income ratio at 43% or below, you might struggle getting a second car loan.
But it doesn’t hurt to ask. Go into your credit union and talk to them. Within about 10 minutes, they’ll let you know if you’re a good candidate for a second car loan.”
View full answer
- Gregory R.
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