PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Will Bank of America let me get two car loans at once?
I currently have a car loan at Bank of America, but my wife also wants to buy a new car. Can I get two car loans from the same bank?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Almost any lender, including Bank of America (BoA), will allow you to get two
car loans
at once—provided you qualify.To qualify for two loans, you’ll need to have:
- Great credit
- Proof of sufficient income
- A debt-to-income ratio below 43%, even with the addition of the new loan
Before settling on Bank of America, you may want to shop around to compare interest rates and loan terms offered by other lenders. It’s true that BoA typically offers competitive rates, but you might just find something better. Check out local banks and credit unions, in particular.
If you find a better rate elsewhere, you may even want to refinance your existing BoA loan with the new lender.
To save money on other car expenses, download
Jerry
. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies