Frankly speaking: this advice has made possible to get a loan for many people in Germany, which they otherwise would not have be granted, because the own creditworthiness was not good enough!
From the perspective of a bank, the risk decreases significantly, if two people apply for a loan together. Matter of course: now there are virtually twice the amount of people, who repay the loan.
At the same time, it is also about “Caution“, as the example of Lana and Dennis shows.
The loan of Lana and Dennis
Lana and Dennis are a couple. Six months ago, they moved into their common appartment. They have used their savings to furnish the appartment. They bought a new bed and a big television set, among others.
When the old car busted, they needed a new one. Dennis could not finance the car by himself, because his salary was to low. Together with his girlfriend Lana, it was possible and Lana did not mind to be stated as the second borrower. In the end, she rides along with him.
Up to this point, everything went well and the history could continue happily: Lana and Dennis marry, get a baby and enjoy their common appartment, car and child.
However, there could also be a separation. Dennis moves and takes the car with him. Due to the separation stress, he loses his job and cannot pay the instalments of the car anymore. Now, the bank contacts Lana, as she is also obliged to repay the loan as the second borrower – whether she uses the car or not!
One has to know this fact, if one gets involved in a loan with several borrowers!
Advantages of several borrowers
- low loan interest (the loan becomes cheaper)
- or the loan is made possible throught the creditworthiness of the further borrower.
- All borrowers are jointly responsible for the loan amount,
no matter, whether the financed object is used by oneself or not: if one borrower drops out, the other one has to repay the whole loan.
Frequently read loan-pages on this special portal:
- Loan comparison through calculation tool
- The best way to get a loan in Germany!
- Auxmoney: loan > without < bank!