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Zuto is a credit broker, not a lender. Our rates start from 8.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £9,000 over 60 months with a representative APR of 20.9% the amount payable would be £234 a month, with a total cost of credit of £5,047 and a total amount payable of £14,047.

Zuto Limited. Registered in England under number 05722976. Registered office: Winterton House, Winterton Way, Macclesfield, Cheshire SK11 0LP. Zuto Limited is acting as a broker and not as a lender. Authorised and regulated by the Financial Conduct Authority, registration number 452589. Zuto can introduce you to a limited number of finance providers, based on your credit rating, Zuto won't charge you anything for this service, but do get a fee from the lender which varies based on the product or amount borrowed.

Can you have two car finance agreements?

If your household needs require more than one vehicle and you can’t afford to buy a car outright in one lump sum, you might be wondering ‘can you have two car finance agreements?’ It’s certainly possible to have two or even more finance agreements as long as you can show you’re able to afford them.

Modern households often demand the need for more than one vehicle. Having an extra car gives you flexibility for work and school runs but applying for finance for a second vehicle, while perfectly possible, can sometimes be tougher.

Misconceptions regarding multiple car finance agreements

It’s commonly and mistakenly believed that it’s not possible to have more than one car finance agreement. If a lender is satisfied that you can manage payments for two agreements, it’s likely they’ll be prepared to offer you another.

It’s a little known fact that if you’ve only got between four to six installments left to repay on your existing car finance agreement, your lender will consider this debt paid off when considering your second loan. If you’ve just got these last few payments to make, your second car finance agreement will actually be classed as your sole finance agreement.

A greater risk for lenders

Finance companies and lenders often consider car buyers with two finance agreements to be a greater risk. From their point of view, car buyers possessing two cars are more likely to be able to withdraw from a finance agreement, because they still possess another vehicle if they should cancel one of their car loans.


When making an application for car finance, your affordability will always be taken into consideration. If you’ve got secure employment and command a decent salary, this will help in acquiring a car finance agreement, but there are other factors to consider as well.

The finance company will take into account all your monthly committed spends, so when you apply for a second car finance agreement, the lender will naturally count your existing agreement as an outgoing, making it more difficult to secure finance.

If your incoming funds on a monthly basis are more than enough to cover two finance deals, you should have no problem securing a second car loan and your application is likely to be successful.

Credit history checks

Finance companies and lenders will pay closer attention to your credit history when it comes to making an application for a second car finance agreement, and it must be at least average to secure further finance.

Improving your standing to be accepted for finance on a second vehicle

You can enhance your chances of success in securing further finance in a number of ways - one of which is to set aside a sum of money for a deposit before making your application. This reduces the size of your monthly payments, improving your affordability, and this looks better to lenders.

Always stagger your applications. Finance companies frown upon multiple attempts at applying for credit.

If your credit rating is poor, don’t apply for finance until you’ve rebuilt it. If you can, pay off any outstanding debts in full or set up payment plans to pay back any defaults, no matter how small the repayments are. Arrange direct debits for your household utility bills to make certain you always pay on time, proving you can act responsibly where payments are concerned.

Advice on having two finance agreements for cars

At we take pride in providing an invaluable resource for car buyers on all aspects of vehicle finance. If you have questions or concerns regarding a second car loan and the likelihood of your being accepted for one you can contact us and arrange a call back.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

It is possible to get car finance for your son or daughter, and there are a number of ways to do this.

Yes, it is possible to get car finance after retiring from work. The most important thing is that you have a steady income - and this can come from a pension.

Yes, car finance agreements can be taken out in joint names.

Unfortunately, you can’t get a car loan at the age of 17. However, there are alternative options to consider.

It is possible to get a car loan if you have a temporary job, but it may be harder to do so than if you had permanent employment.

Whether or not you can get finance depends on a few different factors. Generally though, if you’re between 18 and 79, you’ll be able to apply for finance – and our range of lenders means we can almost always find a deal to suit you.

It isn’t always easy, but it is possible to secure car finance if you are on disability benefits.