While many of us only have the need to finance one vehicle at a time, sometimes adding a car to that garage for your significant other or even your child is necessary. Can you finance two cars at a time, though? Join us as we find out.
Can I finance two cars at once?
The short answer is yes, however, financing two vehicles at once is a big financial burden for one person to manage. Before we conclude this as being possible, let's look at what you need to be given a car loan in the first place:
- You must be 18-years or older.
- Have a valid local driver's license with no endorsements.
- Be a citizen of South Africa or a permanent resident.
- Have an acceptable credit score
An important consideration when financing a car is to do an affordability calculation where you take into consideration all of your monthly expenses, which for someone who is looking to finance a second vehicle is vitally important. Once you have determined what your monthly expenses are, you can make use of the AutoTrader finance calculator to determine what the second vehicle's monthly instalment will be and if you can afford it. The financial institution that you are applying for the loan from will have you carry out this process in any case, but we feel that everyone should do this calculation before even considering financing a second vehicle.
