How many car loans can I have at once?

Budgeting for multiple loans can be tricky...

It isn’t uncommon to find yourself juggling multiple repayments at once.

In fact, most Kiwis carry various lines of credit, from student loans through to mortgages.

While there’s nothing stopping you from borrowing for multiple vehicles, this doesn't necessarily mean you should. Borrowing for multiple vehicles at once can prove costly, so unless you have the cash to spare you may find it difficult to maintain all of the repayments.

Here at Unity we want to see you live your best financial life. That’s why it pays to do your math using our calculator and work out which option is the best fit for you and your finances. If you need more help, contact our friendly staff.

Should I apply to multiple lenders? 

If you’re simply shopping around for the best deal, it can still pay to be cautious. Applications are listed on your credit file, so your credit score and your chances of obtaining approval may be impacted if a provider sees multiple applications recorded over a short time-frame.

That’s why at Unity we make the process easy by providing some of the best rates in New Zealand, with competitive interest rates on our 9.9% p.a* secured and 10.9% p.a* unsecured finance.

All you need to do is apply online, or call us on 0800 229 943.

Considering multiple loans? Here’s some things you should consider:

  • Multiple applications as well as any outstanding debts affect your credit score, which is an estimate of your ability to pay back the money you borrowed. While it’s still possible to obtain approval with a low score, you may find it easier if you improve your credit score beforehand.
  • Lenders examine your income and ability to make repayments when considering your application, so there's a chance they could decide you'll struggle to meet repayments if you're granted additional finance.
  • If you’re already struggling with multiple loans, consider reducing the stress, paperwork, and overall costs by rolling all your debts into one. It’s a super effective way to make your life that much simpler!

 

Want to know your options?

Try our personal loan calculator.