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Is it possible to have two car loans at once from the same lender?
I want to get a second car loan so that I can buy a car for my daughter, but I'm not sure if it's possible. Will my bank let me have two loans? I don't want to go to another lender because I love my bank.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Loving your bank is a rarity in today’s world, but it’s good that you do! Since you don’t want to shop around (although it’s highly recommended), it should be easy to get a second
car loan
from your current lender.However, you can’t just walk in and say you want a second car loan. You’ll still have to go through the entire approval process. So, you’ll need good to great credit, a debt-to-income ratio below 43%, and income to support two car loans. If you’re approved, you may also want to consider an auto loan consolidation, or at least ask about it, as it allows you to pay for both cars in one easy payment.
To save some extra scratch, you should definitely shop around for car insurance, as young drivers can often be expensive to insure. To do this easily, check out the
Jerry
app. In just minutes, we’ll get you personalized quotes from top insurers, so you can save some of your hard-earned money.View full answer
- Gregory R.
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