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Can I get an auto loan if I already have an outstanding personal loan?
"I currently have a personal loan at my credit union, but I also want to get a car loan. Is it possible to have both loans?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The answer to your question lies in your income, your credit score, and your debt.
If you make enough money, if you have a good credit score, and if you don’t have much debt, you’ll probably get a car loan.
Just remember that your debt-to-income ratio needs to be about 43% or less, and the amount you’re paying for the car shouldn’t be more than its fair value.
If you don’t get approved, you might want to pay off your personal loan and then try again.”
View full answer
- Gregory R.
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