Buying an additional car
Budget
Your budget will have an impact on how much you can borrow to buy an additional car. A solid record of employment and a history of regular savings can make it easier for you to get a car loan. Once you have your budget looking and working the best it can, you can look at how an additional car and associated costs could fit into your budget.
How much can I borrow?
How much money you can borrow will depend on a number of things, including your financial situation, income and expenses, credit history, and the cost of the additional car you want to purchase. The pre-approval loan process will help you determine how much you are able to borrow. Read more in our article How much money can I borrow to buy a car.
To do’s
- Review your current budget and research
- Use our car loan calculator
- Work out a budget
- Apply or a loan pre-approval
- Go shopping
- Apply for personal loan and insurances
- Get moving
Which product: New vs. used
Our Car Loan can be used for either new or used vehicles that cost more than $20,000. However, if you are looking at purchasing a vehicle over 10 years old, or a vehicle that costs less than $20,000, you will be better off looking to apply for a Personal Loan.
Green Car Loan
Our Green Car Loan can be used to finance a car that is classified as a green car, as long as it is not over 7 years old and the loan is for a minimum amount of $20,000. Where the vehicle is over 7 years old or less than $20,000, you can apply for a Personal Loan.