Interest rates have recently picked up again, and this also applies to loans. But couples can use a simple trick to significantly reduce interest rates on installment loans: you just have to borrow the money together.
Married couples who took out their loan together in 2022 saved an average of 20 percent in interest. This was determined by the comparison platform Check24 for customers who took out loans there.
The interest savings can really add up: With a sample loan of EUR 50,000 and a term of 72 months, the interest costs can be reduced by EUR 1406. If married couples borrow 20,000 euros for the same term, the savings are still 562 euros.
This rotation is probably not known to many consumers. In the city states of Berlin, Hamburg and Bremen, for example, only a few citizens use the simple model to reduce their borrowing costs. According to the study, the situation in Mecklenburg-Western Pomerania is very different: in the north-eastern state, almost a third of married borrowers take out loans for two. The rate is similarly high in Brandenburg and Thuringia.
Apparently, East Germans are better at recognizing how interest rates on borrowing can be reduced. However, there are very specific reasons for the particular popularity of joint money lending: It is very important that in East Germany both spouses are often employed, according to Stefan Eckhardt, Managing Director Loans at Check24: “In these cases, borrowing for two is particularly worthwhile. Both incomes, which are included in the household bill, increase the creditworthiness and thus the chance of obtaining a loan on more favorable terms.”
When borrowing together, consumers do not have to face any bureaucracy. The process does not differ from an application by an individual, Check24 clarifies. However, interested parties must know that both partners are jointly and severally liable for a joint loan. This means that everyone has to be responsible for the full amount of the loan in the event of repayment problems.
Even if clever couples can reduce their costs when taking out a loan, they should use a sharp pencil before concluding a loan agreement. The consumer associations recommend two steps in particular:
