How Many Cars Can I Get Car Finance On?

Does your family need more than one car? Are you wondering how many cars you can have on car finance at one time? Or maybe  asking "how many cars can I finance under my name?" 🤔 Buying a car requires a substantial amount of money, and of course, you’d have to prepare to spend more if you plan on buying two! 

It’s possible for you to get more than one car finance agreement, as long as you can demonstrate to the lender that you can afford the monthly payments

Having a second car is a necessity for many families, especially when there are kids who need to be driven to and from school. A second car provides more flexibility to other members of your family. 

While there’s no rule limiting car buyers to get just one car finance agreement, applying for another one can be challenging. Nonetheless, if the car finance company is convinced that you’ll be able to manage to pay for two, then they’ll most likely grant you a second agreement. 

Applying for a second car finance

So how many cars can you get on finance? How many cars can I finance at once? Well there is strictly speaking no limit. But when you apply for your next car finance, it’s important to check first if you can really afford it. The car finance company will also assess this to see if you’re earning sufficiently to pay off two car finance payments every month. This is what is really important.

If you have a secure job that comes with a big pay cheque, then it would definitely help in your car finance application. However, they aren’t the only factors that the lender will take into account. 

Income and expenses

The car finance company will also consider how much you spend every month like how many loans are you paying off and for how long. The lender counts your existing car finance contract as an outgoing, of course, so it might be challenging for an average borrower to get another car finance agreement. 

But if your monthly income is substantial enough to pay for two car finance payments, then it’s more likely that the lender will approve your application. Provide all the necessary documents that will show that your income is enough for two car finance deals and also to strengthen your application.

Credit history

The lender will also look closely into your credit history when assessing whether to grant you a second car finance deal. At the very least, you should have a near prime or average credit score. But if you can improve it to an excellent or prime score, then the better the outcome would be. 

Having a near prime status means you’re only a few points away from a really good credit score. Borrowers with prime credit scores have better chances of getting second car finance deals. Also, they will most likely be offered lower interest rates. 

Other steps to take

If you really need a second vehicle, then you have to do your best to be in the best position to apply for another car finance agreement. One of the things you can do is to save up money that you can use as a downpayment for the second car. It will significantly reduce the amount you have to pay every month. 

The car finance company will most likely favour your application knowing that you have cash for the downpayment. And since the monthly repayment amount is lower, you can more easily afford it and shouldn't have any problems making payments on time. 

Another key point to remember is to not make too many car finance applications within a short period. Multiple applications mean many lenders will be conducting hard checks on your credit report, which will decrease your credit score. 

Consequently, it may hurt your application if you now have a lower score. Also, lenders may see you as someone desperate for credit, and that’s a red flag for them. If you’ve been declined previously, don’t immediately apply for another finance deal. Rebuild your credit history first before attempting to apply again. 

What If my credit score is low?

If you have a subprime or complex credit score, you may decide it’s best not to apply for car finance yet. The chances of you getting declined by car finance companies are high and it could hurt your credit score even more. 

What you may do instead is work on improving your credit rating. Check your outstanding loans and debts so you can work on a better budget every month to pay them off fast. Negotiate for a payment plan so you can also pay back any previous defaults. Even if you can only pay small amounts, that’s better than doing nothing to pay it back. 

Also, set up direct debits to pay your utility bills so that they’re paid on time every time. It’s crucial to show the lenders that you can handle your finances responsibly. Once you’ve rebuilt your credit history and your credit rating has improved, then you may now be more confident to apply for another car finance agreement. 

Consider buying a used vehicle

When shopping for your second car, you may want to check out used cars. They’re much cheaper compared to brand new cars, and if you can find one that’s near-new, then you can bet it still looks and runs beautifully. 

What’s great about second-hand vehicles is that they’ve already depreciated a little (the biggest depreciation often happens in the car's first few years) so you don’t have to worry about that as much. You may save a few thousand pounds just by choosing a used vehicle and make your monthly payments more affordable. 

You do have to do checks on a used vehicle to make sure it is as advertised. Don’t forget to test drive it so you’ll get a feel of how it runs and whether it’s something you’d want to drive home. You can also hire an auto mechanic to do the checks for you. 


Cars are definitely a necessity for most people nowadays. So if you have been wondering, "how many cars finances can I get at once?" hopefully, this article helped you in planning how to get a second car finance deal. Remember the key points we shared with you so that you will have the best chances of getting approved by the lender. 👍