Can a person get two car loans around the same time?
16 January 2010My mom just bought a new car a couple weeks ago. I bought a new car a couple days ago and I needed her to co-sign for me. Will she be able to have two loans? Will her being on my loan have a negative effect on her getting her own loan on her car? I’m really new at this. It’s my first car, so please explain this to me. I’m really worried that I ruined her chances of getting financed for her car.
Someone with a good credit rating can finance as many cars as he, or she, wants. As long as her credit rating stays strong, and her debt to income ratio is still balanced the way lenders like.
But, as you say, if your mother has already purchased her car, the question has already been somewhat answered. If you are worried about the "next" car loan she may need; only if you falter on your loan will she be negatively affected when that time comes.
Your Mother put herself on the line for you. Thank her, and don’t let her down. If you make all of your payments on time, you, and your Mom, will be better off when the loans are paid in full.
http://usedcarsale.com/answers/questions/car_loan/two_car_loans_at_once.aspx
Good luck to you.
January 16th, 2010 at 3:41 pm
you said she already bought the car so she has the loan already
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January 16th, 2010 at 4:29 pm
No, you didn’t. They really don’t consider it as having two loans. I know it makes no sense.
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January 16th, 2010 at 5:04 pm
yes a person can get two car loans at the same time as it totally depends upon whats the income of the person and how much is the credit per month
you can check this out
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http://www.getcheapsecuredloans.com/car-loans.html
January 16th, 2010 at 5:18 pm
Do you want to buy a new or a used car but your credit union or bank will not approve a loan? You still have options. You can get car financing with bad credit online and this article shows you how to make it happen.
http://www.quickloans.we.bs/
The neat thing is that even if you have no credit or bad credit the odds are that you will be approved for your loan. Car financing with bad credit auto loans were designed for people with a lot less than a perfect credit score. The financial institutions that make these loans available will lend money to people even if they’ve defaulted on other loans.
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January 16th, 2010 at 5:58 pm
Someone with a good credit rating can finance as many cars as he, or she, wants. As long as her credit rating stays strong, and her debt to income ratio is still balanced the way lenders like.
But, as you say, if your mother has already purchased her car, the question has already been somewhat answered. If you are worried about the "next" car loan she may need; only if you falter on your loan will she be negatively affected when that time comes.
Your Mother put herself on the line for you. Thank her, and don’t let her down. If you make all of your payments on time, you, and your Mom, will be better off when the loans are paid in full.
http://usedcarsale.com/answers/questions/car_loan/two_car_loans_at_once.aspx
Good luck to you.
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January 16th, 2010 at 6:20 pm
With the way that all loans lately been hard to get in this econonmy. The online places are good and I have heard the are more flexible.
I suggest http://auto.deal4-you.com
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January 16th, 2010 at 6:43 pm
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
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