While most people generally only finance one vehicle at a time, there are circumstances where an individual seeks to finance two or more vehicles over the same period. Good Fellow’s Auto Wholesalers is your trusted Auto Financing expert, and we are here today to describe how the process of getting two car loans simultaneously works. While legally having two or more loans is allowed, the process can become complicated if not handled correctly.
Is Financing Two Vehicles Legal?
Technically, there is no limitation when it comes to how many vehicles an individual is allowed to finance at once. As long as all the payments are made on time, the borrower is fulfilling their obligations.
Personal Loans Vs. Auto Loans
When it comes to taking out a personal loan, great caution should be exercised. While one can take out a large sum of money with a personal loan, there are great risks if you are unable to keep up with the payments. If an individual defaults on a personal loan, a lender is then able to collect on one’s personal assets – this includes savings – and one’s credit score can be negatively affected.
On the other hand, auto loans are secured, which means the car will be used as collateral. Auto loans allow one to take out money which can only be put towards the purchase of a vehicle.
The Two Car Loan Approval Process
When it comes to the process of securing two car loans, the process is similar to a regular auto loan, however, there may be stricter eligibility requirements to qualify for approval.
How Our Used Car Dealership Can Help
If you are ready to meet with a professional car dealership regarding obtaining two car loans, our team at Good Fellow’s Auto Wholesalers would be pleased to walk you through this process. We have a quality used car for sale in Toronto on our lot that matches your needs, and we would be happy to get you paired up with a financing option that works for your financial situation. Contact us at 1 (855) 581-9590 today.