Can I Buy a Second Car If My Auto Loan Is Not Fully Paid Off?

1 Answers
RhettLee
07/29/25 10:06pm
As long as you meet the bank's loan conditions, you can apply for a loan to purchase a second car. Below are three methods of auto financing: 1. Auto Finance Company Loan: Compared to bank auto loans, auto finance company loans have lower application thresholds and simpler procedures. Applicants need to provide copies of their ID card, household registration, marriage certificate, property ownership certificate, as well as proof of residence and income. Auto finance company loans generally do not require local household registration or collateral and can usually be processed at a 4S dealership. 2. Bank Auto Loan: Compared to auto finance company loans and credit card installment car purchases, bank auto loans offer greater flexibility. Borrowers can apply for a bank auto loan regardless of the brand or model they wish to purchase, and repayment methods are also more flexible. 3. Credit Card Installment Car Purchase: Unlike auto finance company loans or bank auto loans, credit card installment car purchases do not require interest payments. However, borrowers need to pay a certain installment handling fee instead of interest.
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