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Can I get a second car loan if my mom makes payments on the first loan?
"My mom has terrible credit, so I financed her car. The loan is in my name, but she makes all the payments.
Can I get a second car loan if I explain to the bank that I can afford it because I'm not the one making payments on the first loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No, you won’t be able to convince the bank that you don’t make payments. Your name is on the loan, so it’s your financial responsibility.
However, you might want to apply for a second car loan just to see what happens. You might have enough income to make it work.
Just be prepared: You could get rejected because of your obligation to pay off the first car loan.”
View full answer
- Gregory R.
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