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Can I have a car loan at two different lenders?
I want to get a second car loan, but my current lender doesn't have the best rates. Can I get a car loan somewhere else for my second vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes! You can have two
car loans
with different lenders. That said, finding a loan for the second car if you haven’t paid off the first one may be more complicated. You’ll need to prove you’re able to cover both loans financially. If you’re getting a second car loan, you should shop around for the best rate. While credit unions often offer the best rates, banks, online lenders, and even dealerships run promotional deals as low as 0% APR.
You’ll want to make sure you can make payments on both loans and still have enough in your budget for car insurance. A great way to save money is by using the
Jerry
app to compare rates from top car insurance companies. Jerry will give you quotes from up to 50 top providers, and it will even take care of all the paperwork for you!” View full answer
- Gregory R.
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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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