Jefanie Genilla
You may have heard many people say that you’ll have a slim chance at getting another loan if you already have an existing one. The truth is this: it’s not true. As long as you have documents to show that you’re highly capable of paying your loan, you’re free to take as many loans as you can afford.
One crucial aspect to consider, though, is if you are really ready to pay two loans at a time. If you’re still finding effective ways to do this, the succeeding tips might help.
Securing a Car Loan Even with Existing Loan
Even with an existing loan, there are still a lot of auto financing options for you. To secure a suitable deal, make sure to…
…study your credit score. If you understand your credit score well enough, you can easily determine which of the car loan options you can afford. This will help you help you choose the right brand and model of car to buy.
…apply with a co-borrower. Getting a loan with a co-borrower is another good option. Call family member or a close friend to back you up. They can attest to your capacity to pay and, at the same time, support you with the payments when the going gets tough.
…refer to a financing concierge. Applying for an auto financing will become a lot easier if you do it via a loan solutions concierge like Loansolutions PH. a 3-Step Online Application Process that allows borrowers to get noticed by different providers, allowing them to choose the lender who can best address their needs.
Paying Two Lenders at a Time
Once your car loan is approved, it’s wise to apply the tips below to ensure you’ll be on top of your finances each month. These will help you pay bills on time and avoid missing payments:
- Schedule your payments. Keep a calendar handy, even the one in your phone will do. Then, set reminders for your loan payments, as well as for your recurring expenses for the family.
- Put first things first. Avoid making impulsive, unnecessary expenses. When shopping, for instance, prepare a checklist in advance and stick to it to avoid overspending.
- Go paperless. Pay online. This will save your effort and time in going to your lender’s office. Besides, you can link your bank account with that of your lender’s and schedule automatic payments every time you receive your monthly paycheck. You can also set a specific amount to pay and make sure it’s way beyond the suggested monthly amortization. Doing this can speed up your payments, reducing the total cost of your loan.
Yes, it’s possible to have two loans at a time, as long as you can assure your lenders that you can pay on time every time. The tips above will help you do so, especially in managing your finances on a monthly basis. If you need more guidance with your financing choices, feel free to visit Loansolutions.ph to talk with our loan consultants.
