Reduce interest rates with second borrower

If two people borrow together, the interest rates are lower than for a single borrower. A joint borrowing is particularly interesting for couples – with and without marriage certificate.

Study shows saving potential

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The big holiday or the chic setup – who wants to borrow for such expenses, should bring his partner or his partner on board. The cooperative use is worthwhile namely, as a study of the comparison portal Check24 shows. As an example, a loan was used under the following conditions: Loan amount 10,000 USD, repayable in 84 monthly installments and neither used for vehicle financing nor for a rescheduling. Incidentally, this example is no coincidence. It describes the condition of one of the most frequently completed forms of check24 in 2016.

Borrowing credit: in the team up to 242 USD cheaper

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This popular variant took a closer look at the comparison portal and compared who is financially better off – one borrower or two. The result was clear: who received the loan as an individual, it got on average at 4.18 percent interest effectively per year. On the other hand, when married couples or couples living together in a marriage-like community invest the same amount, they only have to pay an annual interest of 3.73 percent. That is, if two partners take out a loan , they pay about one-tenth less. Converted to the term corresponds to the example given a saving of 168 USD.

The study on the credit behavior of Check24 users in 2016 also revealed: First of all, the female sex benefited from the joint loan with the spouse or friend. Women then saved 194 USD. Even better, men from the new federal states got away. They had at the end of the term even 242 USD left.

The income makes the difference

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How come? The reason for the lower interest rates is the higher net income of couples. At the time of the exemplary borrowing at an average of 3,959 USD, individuals had only 2,593 USD. For banks, this means more security and less risk of default. In any case, theoretically. In fact, it depends on the disposable income after deduction of all monthly expenses. But that too is usually higher than with individuals who take out a loan.