Important to the wedding credit
- To arrange special repayments
Pay for free special repayments to be able to pay off the loan, for example, with cash gifts from your wedding on.
- Realistically estimate costs
Calculate your costs realistically and set up a checklist: wedding costs around 9,000 euros are not uncommon, the larger the party is to be the more is to be included.
- Spouse to use as a second borrower
If your future spouse has a personal income, you should specify this as the second borrower. This usually lowers the interest rate, allowing you to get a cheaper loan.
The time has come: The best day of your life is approaching. But weddings are very costly – many couples can not afford to pay for the party, the rings and the bridal gown on their own. In this case, the wedding loan helps: This offers the opportunity to finance the entire wedding in parts or fully. A good first option on the way to your personal loan is the credit comparison.
How to find the best wedding loan
Who wants to finance his wedding, can make use of the wedding credit. One of the low-cost loans is the conventional installment loan : It usually has low interest rates, a variable term and is not bound by any purpose. In addition, this usually no collateral needed, which must be deposited with the bank
Direct banks often cheaper than branch banks
Many direct banks often offer better terms and cheaper loans. In addition, it comes as a rule to a faster payout. In any case, compare the providers, for example in the loan calculator .
To get the best possible conditions for your wedding loan, you have several options:
- Spouse as second borrower
If your prospective spouse has his own income, he can be registered as a second borrower. In that case, you are both liable for the loan with your income. However, this also means: If one of you can no longer pay the due installments, both spouses must pay equally for it.
- As much equity as possible
Use as much equity as you can – so you can keep interest rates low. Because the more equity you can use, the lower the risk for the bank. This risk is factored into the interest, which in turn can be lowered if there is sufficient own money.
- Specify parent / in-laws as guarantor
You also have the option of specifying a guarantor who will pay for the installments you can not pay in an emergency. It is advisable to ask your own parents or in-laws about it. A guarantor is also a sensible alternative if you do not have sufficient creditworthiness . If the guarantor now has a better credit rating, you can benefit from better conditions.
- To arrange special repayments
Be sure to arrange free special repayments with your lender. These special repayments allow you to repay your debt even if the amount exceeds the monthly repayment amount. This allows you to repay the loan much faster – and without risking additional costs. Take, for example, gifts of money from relatives and friends you receive at the wedding.
Credit Height: What a wedding costs about
But before you want to take out your wedding loan, you should calculate the loan amount well. Of course, it depends on the context in which you want to celebrate the wedding – classic weddings cost on average about 6,000 to 12,000 euros.
Our example shows how these costs (about 9,000 euros) can be put together.
|Wedding dress, suit, veil & accessories||about 1,300 euros|
|Registry office, marriage contract & other documents||about 200 euros|
|wedding shower||about 600 euros|
|Cosmetics & Barber||about 300 euros|
|Invitations & party favors||about 300 euros|
|Transport to the wedding party||about 400 euros|
|Registration of the wedding celebration||about 2,700 euros|
|honeymoon||about 2,800 euros|
|Greeting cards and acknowledgments||about 400 euros|
This example calculation is a classic wedding that is not too big, but still ensures an ideal celebration. Reductions are made during the journey and at the celebration itself. If you want to enjoy all the benefits here, should count on at least 15,000 euros for the entire wedding – because especially the celebration can easily cost double.
A cancellation insurance covers cancellation costs
It makes sense in any case to take out a cancellation insurance. If, for example, you have to postpone the wedding party due to illness, you often do not get the money back for the location, the catering service and the DJ. The cancellation insurance, however, covers the entire cancellation costs. Take these costs into account as well, because depending on the amount of coverage, you may incur approx. 100 Euros for the insurance.
Apply for the loan in good time
Make sure you have a checklist to apply for the loan on time – keep in mind that the confirmation and payment of the loan usually take a few weeks. Possibly. You can increase the credit at numerous banks later. It makes sense to apply for the loan no later than three months before the wedding day: By this time, the location has already been determined, wedding dress and suit are completed, the wedding rings are purchased and ordered the wedding cake – the most important aspects of the wedding are already fixed!
To plan your wedding, you also have the option to hire a wedding planner. He can assist you and take care of the most important and strenuous tasks. Keep in mind, however, that the wedding planner will incur additional costs.
Step by step to your wedding loan
To find a loan for the wedding, there are several steps to consider. We explain what you do best.
- Calculate budget
Create, similar to our example, a list of all the expenses you need to spend on the wedding. It is advisable to be a bit more generous, so that the budget will not be too short later. Also calculate how much equity you have available and how much you can use to cover part of the costs. So you can easily figure out what the bank’s wedding credit should be.
- Set up the household bill
A household bill gives you the ability to determine the monthly installment that you can repay to the bank. For this, list all income and expenses that you have made regularly and irregularly in recent months. Then list all the rates that you currently use for loans. Also, consider whether there will be additional costs in the future that you need to budget. If you have deducted all monthly expenses from your monthly income, you will receive your maximum possible monthly rate. Incidentally, you can also use our household calculator for this purpose.
- Compare different providers
Now you know how high your credit should be and how much you can spend on it each month if you compare providers. In addition to the loan amount, you should also use the purpose and the term to find a suitable and above all reputable provider. Pay attention to special repayments and possible installment breaks, because the loan remains as flexible as possible.
- Make a loan application
If you have found a suitable lender, you can fill out the loan application online. Enter your personal data and check whether all the details correspond to your wishes. Then enter the details of your second borrower and guarantor and add your household bill, if necessary. The application will then be reviewed by the chosen lender.
- Perform the postident procedure
Since you have applied for your wedding credit online, you must clearly identify yourself as a person. This is possible through the Postident procedure : Bring all relevant documents and the pre-filled coupon to a branch of Deutsche Post and let a member of staff identify you there. The documents are then sent by the employees to the respective bank. If the bank has also checked these data and documents, it subsequently approves the loan.
- Credit payment
Within a few days – possibly faster for a quick loan – the loan is paid into an account set up by the bank. If the money is now in your account, you can use it immediately and finance your wedding.
Alternative financing options
The wedding credit is usually worth it for anyone who can not afford the total cost of the wedding. Of course, part of the cost could be borne by the parents – but many future couples are reluctant to ask their relatives for money. If you still receive money from your relatives (cousins, aunts, or brothers-in-law are preferred here), you should set up a loan agreement together. Because the banks see this as a loan .
The best way to do this is as follows:
- Indicate in the contract your name and that of your lender.
- Enter the loan amount and the date on which the money was awarded.
- Enter a period in which you want to repay the money.
- Confirm the contract with your signature and the signature of your relative.
- Have the money transferred so that your relative is safe.
Despite a contract, many couples find it unpleasant to borrow money. Therefore, there is also the possibility to borrow from private . Here, the future couples often get comparatively good conditions, since in addition to the Private Credit score also other features are included.
To be able to use the loan privately, you must register on a corresponding page that offers such a loan. There you create an account and specify your loan request. In addition, detailed product descriptions and collateral can be provided by many providers. This information will eventually convince private investors to invest in their wedding. Often, several private investors come together to finance a loan request together.
Only inform a decision
This loan for private is therefore an excellent alternative to the normal installment loan, as long as it is a reputable provider. It is important that you inform yourself in advance about both possibilities and their advantages as well as risks – only then you can find the ideal wedding credit for yourself.
questions and answers
Can I pay for everything from a wedding loan?
It all depends on the type of loan you use for the wedding. With the classic installment loan, “Other” can often be stated under the purpose of use, so that the loan can also be used for other purposes. In the case of a private loan, on the other hand, it is often necessary to specify a purpose. Bear in mind: specifying the purpose of the loan often gives you more favorable terms, as the banks promise collateral.
Is there a wedding loan without Private Credit?
There is also the possibility to get the credit for the wedding despite a negative Private Credit entry. This loan is called Swiss Credit or simply Credit Without Private Credit. However, keep in mind that interest rates are set comparatively high. It is therefore advisable to conclude the loan agreement in this case with a second borrower or a guarantor in order to keep interest rates as low as possible.
Is a wedding loan a special kind of loan?
No, this is also a normal loan: it offers the opportunity to finance a request for a short time, but then has to be paid off. For example, to pay off the loan, you can use the cash gifts you receive from your guests – so be sure to arrange for special unscheduled repayments for the loan. This allows you to pay off the loan faster.
What can I do if the wedding costs increase unexpectedly?
If the cost of the wedding unexpectedly increase, you should not pay with the Dispo, because this is usually associated with very high interest rates. Instead, talk to your lender to increase your credit later. This makes it easier to pay for unforeseen additional costs.