Loans for couples – lower interest rates with better credit ratings
Those who take out a loan with their partner often benefit from lower interest rates. This is primarily due to the higher creditworthiness that couples have compared to individuals. The reasons why couples need a loan are very varied. In the case of upcoming family growth, a new car or a larger apartment is required in many cases. However, a joint loan cannot only be taken out by married couples. Spouses, friends or acquaintances can also take out a loan together and receive a better interest rate in this way.
Lower interest rates and higher loan amounts
In the meantime, most banks make the offered interest rate dependent, among other things, on the creditworthiness of the borrower. If two people apply for the loan, the bank takes both incomes into account in the credit check. This results in a lower probability of default for the credit institutions, which is rewarded with a lower interest rate. Couples generally get a loan more quickly because of their better creditworthiness.
The higher the credit rating, the higher the possible loan amount. This is particularly important if you want to finance expensive purchases such as a new car or home furnishings.
In any case, couples should not miss to compare the offers with each other in advance. Depending on the bank, the conditions can vary widely. The free and non-binding loan comparison also takes into account the offers of the growing number of direct banks, which mostly offer significantly better conditions.
What should be considered with partner loans
Under certain circumstances, a partner loan can also have disadvantages. This would be the case, for example, if one of the borrowers has negative entries in their credit bureau. If two people apply for the loan, the bank will query the credit bureau data for both. If one of the two borrowers has a very positive credit rating and the other one does not, this can have a negative impact on the overall creditworthiness. This automatically affects the interest rate.