Reported 1 day ago
While it's possible to take out a second car loan, lenders will scrutinize your financial situation more rigorously, which may affect your credit score and insurance costs. You'll need a strong credit score, manageable debt, and stable income to qualify, as a second loan increases your debt-to-income ratio, potentially complicating access to additional credit. To improve your chances, consider disputing credit report errors, paying down revolving debt, and ensuring you can afford the monthly payments.
Source: YAHOO