Can one person take out loans to buy two cars at the same time?
2 Answers
As long as the required documents specified by the bank can be provided, the same individual can take out loans to purchase two cars. The procedures required for car loans are as follows: 1. Personal loan application; 2. Valid personal identification documents, including resident ID card, household registration booklet, military officer ID, passport, travel permits for Hong Kong, Macao, and Taiwan compatriots, etc. Married borrowers must provide their spouse's identification. 3. Proof of household registration or long-term residence; 4. Personal income proof; if necessary, family income or property proof must be provided. 5. Proof of car purchase intention issued by the car dealer; 6. Proof of down payment for the car loan.
It is indeed possible to finance two cars under one person's name. Let me share some insights from my car-buying experience. Banks generally don't impose quantity restrictions as long as you have good credit history and stable income. However, during application, banks will calculate your debt-to-income ratio - for example, with a monthly income of 30,000, it's safer to keep total monthly payments below half. The key concern is risk: with two car loans, if you face unemployment or illness, repayments become difficult and may affect your entire credit score. Insurance costs will also stack up, especially for new cars. I'd suggest first ensuring you have emergency funds, avoiding impulsive financing for two new cars - opting for one used and one new car could save money instead. Don't overlook maintenance either, as regular servicing costs double and requires more time and effort. In conclusion, it's feasible but must be done within your means.
