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How can you get a second car loan with bad credit?
I have bad credit, but my family needs a second car. I already have one car loan in my name and will have to get another to get this second car. Will I be able to get a second car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“I know it can be incredibly stressful trying to figure out how to get another car. Even with bad credit, it is possible to get a second car loan.
- Proof of income
- Debt to income ratio (Try to get this around or less than 42%)
- Repayment history
- Any other loans
- Credit history
If you’ve proven that you’re responsible by paying your current loan on time, you’re far more likely to get approval for a second car loan. Lenders look at your credit history as a whole, so you could still be eligible.
Since you likely won’t get a great interest rate, it might be worth asking around with trusted friends and family to see if any of them is willing to cosign. If they have better credit, you may be able to qualify for better loan terms and interest rates if they’re a cosigner.
If you are looking for a loan with the same lender, you could also see if they can combine the two loans into one or offer an additional loan.
Beyond that, shop around and see what other loans you qualify for. Like with
car insurance
, shopping around for loans ensures you’re always getting the best rate for what you need, even with bad credit. When you do get your second car, make sure it’s protected. You can download the
Jerry
app to get the best deal for car insurance on both your cars in seconds!”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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