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Can you have three car loans?
Is it possible to have three car loans? My husband and I both drive financed vehicles, and we want to finance a third to surprise our son for his 16th birthday.
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you are allowed to have three car loans. While there are no legal restrictions to keep you from doing so, getting approved for the third
car loan
could be challenging.Having a good credit score and a personal relationship with the lender will undoubtedly help get a loan application approved. However, if your debt-to-income ratio is higher than 42%, it is unlikely your application will be approved, even if you can afford the loan. If you’d like to calculate your debt-to-income ratio, divide your monthly debt payments by your monthly income.
If you cannot get the third car loan and still want to surprise your son, consider purchasing a
used car
for him instead. And don’t forget to add your son to your car insurance
.When updating your insurance policy, you should also shop around and compare rates to avoid overpaying for your coverage. To make comparing quotes a breeze, download the
Jerry
app. Jerry 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. The average Jerry driver saves $879 a year on car insurance!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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