How Do You Finance a Move with Personal Loans
Do you dread the thought of moving? Do you know about personal loans and how they can make your move possible?
Taking up residency at a new location can be exciting; however, the process needed to get there can be pretty stressful at the very least. Not to mention, moving can come with un-planned additional costs. These costs can range from a thousand to several thousand.
The good news is that you can get those costs financed. So how do you finance a move?
Read on to find out what is a moving loan, and how to get help with moving costs.
What Is a Moving Loan?
You may have enjoyed that fantastic vacation but did not realize that there was not much money left for the move you have been planning when the fun was over. Or perhaps you have been working long hours and still do not have the funds for the moving costs.
Whatever the reason, have you considered financing your move by taking out a moving loan which is basically a personal loan?
Personal loans can cover any moving-related expense, so if you’re tight on money, it may be time to consider a moving loan to help with moving costs.
Depending on the move, whether it is short or long, some costs will incur.
How Do You Finance a Move?
When you are financing a move, these loans are considered unsecured loans. This means to secure the loan, you do not have to leave collateral with the lender, like a car or some other property, therefore, nothing will be seized when you default on the loan.
For the lenders to approve your loan, they will need to review your credit score, income, and other factors.
You can take out a loan to cover a variety of expenses. These include:
- Hiring a moving company
- Packing materials
- Moving insurance
- Making security and rental deposits
- Offsetting personal travel costs
Among many other things.
Where To Get Moving Loans
You can get a personal loan through brick-and-mortar or online lenders.
There are a variety of personal loans with varying interest rates. Some banks will accept FICO credit scores as low as 600. Just be aware that the lower your credit score, the higher the interest rates may be.
You may be able to get a loan from $1,000 to $100,000. Because these are classified as personal loans, you have the flexibility to use them for all aspects of financing a move.
The benefit to using this type of loan is that they are fast, flexible, and have varying interest rates. However, the negative of these loans is that if your credit score is low the interest rate can be higher. Additionally, if you fall behind on the payments your credit score will suffer.
Consider Getting a Personal Loan For Your Move
How do you finance a move? Simple. Consider getting a personal loan when you are slated for a big move with many personal assets and do not have the funds needed.
Just remember to plan and make a moving list to ensure that you are covering all your expenses, including the cost of the movers.
When searching for a moving company, find one that can handle everything from moving supplies, storage and more. It may seem more expensive, but in the long run, you will save on time and most importantly, it will lower your stress level. As a bonus, if you are a senior citizen or a veteran, some companies offer additional savings. Charles Moving & Storage has got you covered with all of these other options. Contact our professional movers to learn more about our moving company and moving services.
Take a look at more moving tips here.