With a loan in pairs, not a few people are likely to foster the idea that guarantees one borrower for the one with the poorer credit rating. But this understanding or the interpretation of a loan for two is only partially correct. Admittedly, a second borrower can assume the role of a guarantor in order to first obtain the receipt of a desired loan on acceptable terms. But it may be generally worthwhile to take a loan with two, even if a second borrower under the aspect of creditworthiness would not be necessary. After all, it is true that a loan taken out for two currently costs around 10% less than a single loan taken up. As the?
Credit for two = equal double income = more credit security
The fact is that in a two-person loan, the second borrower does not necessarily play the role of guarantor for the main borrower. The sense of a second borrower can make sense for a very simple reason. Because it can mean the following: One and the same loan, but significantly better credit conditions. What it means in plain language, that the conclusion of a loan together with his partner, is usually then reflected in the receipt of lower interest rates. The reason for the savings in interest rates when signing a loan with the partner is the higher net income of couples when calculating the loan. Because exactly that higher and thus usable for securing credit income on the part of the borrower gives the bank more leeway in the design of credit conditions. Decisive here, however, is less the net income per se than the remaining disposable income after deduction of all monthly expenses. The higher this is, the more likely it is from the bank’s point of view that as a lender, the loan is repaid in accordance with the loan agreement.
Credit for two is around 0.5% cheaper for the effective interest rate
Those who were interested in a loan last year as the sole borrower had to accept around 4.18% interest in the federal average. Provided that the appropriate credit requirements were met with regard to disposable income and creditworthiness. On the other hand, anyone who applied for the same loan together with a second borrower received it on average for only 3.73 percent of the annual interest rate. This corresponds to a lower interest rate of around 0.5% per annum. Now, this may not sound like a lot in itself, but considering that the average maturity of a loan between 36 – 48 months and the credit average moves at around 11,000 euros on average, it is clear that here can save around 100 € interest burden. In this respect, it may well be advisable to think about a loan when you need it to make a loan for two.