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Wedding Loan – Costs & Savings Tips for Your Wedding

The wedding credit: For the dream wedding to come true

The wedding credit: For the dream wedding to come true

You have decided – you have found your dream partner and want to venture with him the walk in front of the wedding altar. Of course it should be a dream wedding. The big celebration with many guests may not be missing any more than a chic wedding location, such as the beautiful wedding dress and unforgettable honeymoon. The cost of a wedding often amounts to a five-figure amount. Most young couples did not save this sum in the form of reserves. A wedding loan is the solution, it offers itself at the currently very favorable interest of course. Before signing the loan contract, however, you should definitely pay attention to a few things, so that your wedding wedding through a wedding loan is not unnecessarily expensive.

So much may the dream wedding cost

Seven percent of Germans want to marry by the end of 2017 alone. This emerges from a recent study of a large bank. For 77 percent of the 1,000 respondents over the age of 18, a wedding cake may not be missing at the event. For 66 percent, the honeymoon and the big celebration in a trendy eatery are indispensable. Still 50 percent want to celebrate with stalemate, with many guests and with live music. Even the wedding car is a must for many couples, whether one decides now for a luxury vehicle of the upper class or for a vintage car. After all, a third of female respondents want to celebrate the best day in their life in a dreamlike dress. But all that has its price. In the survey, 75 percent of respondents said they spent up to $ 10,000 on their honeymoon wedding. Still ten percent could imagine spending 25,000 euros and more for it. But only very few participants had paid so much money that they could easily settle the expenses for a larger wedding from existing reserves. What remains is a wedding loan. Many banks specialize in advising young couples and see them as having a clientele that can be used to do lucrative business. Finally, the dream of the fairytale wedding should come true! If you follow these tips, it may be quite easy to find a reasonably priced wedding loan that will make you happy after the big day.

Cheap interest rates as a key to happiness

The most important feature of an ideal wedding loan is certainly low cost. You can find financing with favorable conditions when you compare loans. For this purpose, online comparison calculator offer. You specify the desired loan amount and the repayment term. Based on this data, the comparison calculator determines the cheapest banks on the market and compiles the offers in a comprehensible overview. When determining the loan amount, also make sure to include a small buffer. Maybe your dream wedding will be a bit more expensive than planned. If you then have to use your credit line as a supplement, you will incur unnecessarily high interest rates. It is better to set the loan amount from the beginning a bit more generous, because the credit costs are much lower than for your repayment credit.

A wedding loan is, in principle, a classic installment loan without earmarking. This means that it does not matter to the bank whether you finance a car, a home or a wedding with the money you have borrowed. Nearly all credit banks have an installment or consumer loan on offer. With the help of an online calculator you get access to these offers and can compare the conditions with little effort. Pay particular attention to the effective interest rate, as this includes all costs. Incidentally, banks may no longer charge any processing costs if you apply for an installment loan. Therefore, the effective interest rate and the borrowing rate should differ only slightly. The lower the effective interest rate, the lower your credit costs. From the overview in the loan calculator you are best looking for the three cheapest offers and check them now a little closer.

A second borrower improves your credit rating

Credit for a dream wedding with special repayment and better credit rating

Your desired loan is used to finance your dream wedding. If your partner is also working and receiving a steady income, it is a good idea to collect your loan together. As a result, the financing bank has greater assurance that the borrowed money will be repaid reliably and as planned. If you sign a loan commitment with your partner, both borrowers are liable for the financing. In return, the bank often provides a discount on the interest. A prerequisite is of course not only a regular income from both partners, but also a faultless bank.If there are no registrations there that indicate difficulties with the repayment of loans in the past, nothing should speak against it, that you and your partner one receive attractive interest for financing your dream wedding. However, you should refrain from this option if your partner does not have his own income. If he is unemployed, incapacitated or already retired, it is almost impossible to obtain a loan at attractive interest rates. In addition, a borrower without income should not run the risk of being liable for financing.

So special are special repayments

Another condition that you should look at closely with your loan is the ability to make free special repayments and a full repayment. At a wedding today, it is quite common to receive gifts of money. They help the bride and groom to bear the costs of the ceremony. If you receive money from the family, from friends and acquaintances, you should not invest it in the account, but use it to repay your loan. But this is only possible if the financing bank grants you the opportunity to make special unscheduled repayments. Also a free total repayment before the end of the repayment period should be included. This gives you the opportunity to quickly repay your loan to become debt free faster. This will increase your financial flexibility each month soon after the wedding.

How to find the perfect bank for a wedding loan

How to find the perfect bank for a wedding loan

You have now picked out the best offers from the comparison calculator and optimized them with respect to the obligation of a second borrower and the consideration of special payments. Perhaps you are already very satisfied with the bank, which offers the best conditions in the end. If not, take the cheapest offer so far and go to your house bank. Ask for the best conditions for your wedding loan. Many retail outlets offer particularly attractive and flexible loans for wedding couples because they want to keep the future spouses as customers or to win new ones. So it should be possible, with a manageable effort to find a cheap wedding loan with flexible repayment.

Conclusion: Wedding loans do not have to be expensive

If you’re planning your dream wedding and it gets a bit more expensive, a wedding loan can be the optimal solution. If both borrowers have a steady income and a sound bank, it should be easily possible to get a cheap, flexible repayment loan from a branch or direct bank.