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Is there a limit to how many car loans I can have?
I want to get a fourth car loan, but I'm not sure if I'll get approval. Is there a maximum number of car loans you can have?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
No legal limit exists for how many
car loans
you can get. The only thing that may prevent you is the lender just saying no, a debt-to-income ratio that’s too high, or not enough income to support four car loans.Again, it is always at the discretion of the lender whether to give you a loan, especially in a riskier situation like having multiple loans.
If you get approved for a fourth loan, you may want to consider an auto loan consolidation. You apply for a consolidation loan like any other loan, and all four of your loans would be combined into one payment.
When it comes to insuring your four cars, make sure to get a
multi-car policy
or apply for a multi-vehicle discount. Use the Jerry
app to compare dozens of competitive quotes so you can find a multi-car policy that saves you hundreds of dollars each year.View full answer
- Gregory R.
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