Your own wedding should actually be one of the most beautiful experiences in everyone’s life. After all, you only want to say “yes” once. And this alliance with life partner should be celebrated properly.
But equipping a wedding and finally holding it can be very expensive. A great wedding dress, a beautiful wedding location, the hospitality of the guests, the honeymoon … all this and much more comes to the bride and groom and has to be paid somehow.
Above all, young people have big problems with funding. You don’t have enough financial cushion to pay for the wedding with the savings. Therefore, many newlyweds choose to take out a loan for the wedding.
What can a wedding loan look like?
The plan to take out a loan for the wedding is quick. But putting this loan into practice is a lot more difficult. Because there are some important things to consider and consider in advance.
Every loan comes with a certain loan amount. The bride and groom should therefore know roughly how much money they need for their wedding. Unfortunately, looking into the crystal ball is not enough to predict this. Rather, it is important that the location is set, the costs for the wedding dress and the groom’s suit are known and the honeymoon has already been discussed.
The costs for the food and other can then be agreed individually and can be included in the calculations as a flat rate. However, the rest of the celebration and the associated costs should be known in order to be able to create a reasonably accurate amount for the wedding loan.
Once a loan amount has been determined, the loan can be taken up. The first step here is to determine the right type of loan. With a loan for the wedding, an installment loan is recommended, which can be perfectly adapted to the wedding and which can be repaid to the bank in small installments. Since both bride and groom benefit from the loan, they should take it out together. This increases the creditworthiness and thus the chances of getting a loan on good terms.
What are the requirements?
In order to be able to take out a loan for the wedding, the borrower must have a good credit rating. A good credit rating is given if the private credit checker has not saved any negative entries, the income is based on a permanent job and is above the garnishment allowance. In addition, each borrower must be of legal age, have a permanent residence in Germany and be able to show a checking account with a bank based in Germany. If this is the case, nothing stands in the way of a loan for the wedding.
Important tips for borrowing
Many bridal couples receive cash gifts at the wedding. If you provide your loan with the option of free special repayments, the money from the gifts can be used in full or in part in the loan. This reduces the loan amount in one fell swoop and shortens the term. This has the positive side effect that the loan is paid off faster and the costs are reduced by the interest.
You should also make sure that there is a little time between borrowing and the start of repayment. Anyone who goes straight on their honeymoon after the wedding doesn’t think about financial obligations to a bank. Therefore, the repayment for the loan should only begin when the couple is back from their honeymoon and can personally take care of all financial matters.
Borrowing is not just about finding suitable financing quickly. It is also about taking advantage of cheap financing, i.e. a loan with the lowest possible interest. We therefore recommend comparing different loan offers with one another before the signature is placed under a loan agreement. A comparison is possible, among other things, with a loan calculator, which is available in various forms here on the Internet.