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Can I get two car loans at the same time?

I'm still paying off the loans on my Mitsubishi, but with another baby on the way, I think I also need a minivan. Is it possible to have two car loans at the same time?

Nick Kunze · Updated on Mar 17, 2023

Reviewed by Shannon Martin, Licensed Insurance Agent.

Congrats on the upcoming addition to your family! It is possible to have two car loans at once, although it may be difficult to get approved for the second loan.

The issue is, lenders may be skeptical of your ability to handle the monthly payments. A loan can be a serious financial burden, and lenders may be hesitant to give you a second loan.

To get a loan, you’ll need to prove you can afford the payments by showing:

A solid, steady income

Low debt

A

great credit score

If you need to insure this new, second vehicle, let

help. Jerry is an insurance broker that, after a quick sign-up, will provide dozens of personalized quotes to help you choose the best insurance plan. Plus, it’s free!

MORE:

What is a prepayment penalty on your car loan?

View full answer

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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