Are you looking for a couple loans? In the market, we can find different credits that allow us to include two holders. In this way, you can find the loan that best suits your common project.
What type of couple loans can we ask for?
When we look for financing and we want to be able to share it, the bad credit loans that allow us to have guaranteed approval helpful hints at GREEN-touch is the best option. In this way, two incomes are presented, so we can access a greater amount of money. In addition, there is a lower risk of default, as we have two people responsible for the repayment of the loan. In the market we find, broadly speaking, two types of loans in pairs:
- The personal loans that help us to finance any type of project that we want to carry out in common, such as, for example, buying a car, doing a reform at home, financing the wedding or paying for a vacation. The quantity, the term and the cost of the same depending on the entity of the company to which we request it. All banks offer personal loans, but so do private equity entities and independent investor platforms.
- The loans with a mortgage guarantee demand to have a property with more than 80% of the liquidated mortgage. However, it is a way to access larger amounts with longer repayment terms. Although the risk of losing property due to a default always exists. The requirements to access these loans with mortgage guarantee are usually lower because the guarantee of the home is sufficient.
Depending on what we want the money for and our situation, it will be more convenient for one type or another. The best option is to be aware of our family economy and to dive a little in the credit market because it is the way in which we will find the best offers and the most suitable to our project.
A loan with two owners for each project
In the financial market, it may be cheaper for us to turn to loans with two specific owners for the project we want to carry out than to contract a personal loan without purpose. Therefore, if we need the money for one of these three purposes, keep in mind that they are probably the cheapest loans in the market:
- Loans for students. If we are looking for how to deal with the study of our children, loans with a study purpose are the cheapest in the market. The interest of these loans is usually around 5.2 %, therefore, if we want loans as a couple so that our children can go to the University, we should compare between several entities and find the cheapest. In addition, specific loans are sometimes offered depending on whether it is a Master’s degree, an advance of the scholarship or an Erasmus.
- Car loans. Taking the step of buying a car can be more convenient if we have a co-owner with us on the loan. The different ways to finance a car can be overwhelming, however, it is always good to see three or four options because the price difference is huge. There are banks that have fairly low-interest rates for the purchase of a vehicle. On average, this interest rate is at 5.68%, so it is better not to only stay with the financing offered by the concessionaire.
- Loans for reform. Coping with a work at home can be very expensive. This purpose is the third most offered by Spanish entities and, in addition, it is also one of the cheapest. On average, the cost of a loan to make a reform is usually over 6.27%. Thus, we can have loans as a couple to make our house our home at the best price.
These three purposes are those that contemplate more entities and, in addition, are the cheapest. Although we can also find a couple of loans that finance a celebration, a trip, medical treatments and any other type of project in common.
What requirements should we meet for couple loans?
When we request any financing we must comply with a series of requirements imposed by the entity or the lender. Each of these entities imposes a series of own requirements to fulfill, so they can vary from one to another, but, in general, the requirements that usually require us are the following:
- We have to be of legal age. Sometimes the two owners must have a minimum age required by the entity that can exceed 21, 23 or even 25 years.
- We must reside in Spain permanently. That is why they will ask us to present the DNI, NIE or Passport of the two owners.
- In addition, to access loans as a couple we must have regular, sufficient and justifiable income. So between the income of both holders, we must be able to cope with the payment of the loan and other economic obligations that we have at homes such as the payment of bills, mortgage, and other fixed expenses. In addition, both of us must enter money periodically and that they come from a legal and justifiable source.