Can You Have Two Auto Loans?

Can I get a second car loan if I already have one?

Yes, it is possible to get financed for a second car loan, but there are a few things that can make this process a bit tougher than just getting one car loan.

Most lenders will view an existing auto loan that has between 4-6 payments remaining (varies by lender) as paid off.

Can you have two loans on a car?

Can you have two title loans at the same time with the same car? The simple answer is no, you cannot have two title loans at the same time with the same car. You can, however, have two different car title loans on different cars at the same time.

Do multiple car loan applications hurt your credit?

Looking for new credit can equate with higher risk, but most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores.

Can I get a car loan with my husband’s income?

Increases available income – A joint auto loan means the lender combines both you and your spouse’s incomes to determine what you qualify for. If your minimum income is too low, or your debt to income and payment to income ratios are too high, adding your spouse to the loan can help you get a boost.