Can a person get two car loans around the same time?
Written By: admin on February 7, 2010
One Comment
My 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 clarify this to me. I’m really worried that I ruined her chances of getting financed for her car.
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Tags: Car Loans, couple days, couple weeks, first car, Loans, mom, new carTags: couple days, couple weeks, first car, Loans, mom, new car
Someone with a excellent 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 bought 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 place 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
Excellent luck to you.