How to Finance a Long-Distance Move?

Purchasing a house or car means you have to pay a huge sum, and you can get them financed. The same goes with the moving, you can finance your move and several financing options are available. These payment options will help you manage the payments and simplify your transition. Check out these moving finance options for a long-distance move.

Employee Relocation Package

If you are moving to a new state for work, you can save money by optimizing the employee relocation package that your new employer offers. Most companies offer some part of your relocation costs which they reimburse considering it as an incentive for you to accept the job.

If your employer does not offer an employee relocation package, you can ask them for a sign-on bonus and use that fund to cover your moving costs. The employee relocation cost varies depending on the accommodation facilities including rental and personal property.

Small Personal Loan

A personal loan is a lump sum that you have to pay back with interest in defined installments over a fixed period. The average personal loan interest rate of a commercial bank was 8.73%, and for a credit card, it was 21%. There are two options for personal loans, including bank loans and individual loans.

In bank loans, your bank or credit card company will offer personal loans based on your credit history. There are several other online vendors that offer loans which are specifically for paying moving expenses.

In case you lend money from your family or friend, don’t forget to get repayment terms in writing and have the document notarized. This is important to prevent any future confusion as money can bitter the relations.

Save & Pay via Cash

If you are moving with a plan, you can calculate the approximate cost of your move with an online moving cost calculator. Since you have started planning the move months ahead of your moving date, you will get sufficient time to set up a moving fund. This is known as setting up a moving budget that can minimize your spending.

To get an accurate sum of money you can research multiple moving companies and compare them as per your moving requirements. According to Bankrate’s emergency savings report, only 44% of US adults can front a $1,000 emergency expense using their savings.

Credit Card

These are the ultimate financing solutions for people with last-minute moves. Credit cards offer revolving debt which means you don’t have to apply for credit when you have money. The only drawback of using credit cards is that they have typically higher interest rates than the personal loans. However, there are several credit cards that offer cashback programs like Chase Freedom Unlimited and U.S. Bank Cash. So, you can save money while paying with credit cards.

Line of Credit

When you apply for a line of credit the bank will approve you to draw up some money from a pool of money. In this process of financing for move, you can make multiple transactions and pay back with interest over time. The interest rates, payment frequency, and installments will vary based on your credit history.

Loan from Retirement Account

If you have an unexpected move, the fund in your retirement account can be your financial support. You can take out a low-interest loan from the balance to pay back over time.

Relocation Grants

The U.S. Government offers federal relocation grants, but they depend on the reason for your move and the area of your new home. If you want financial assistance you can apply for such grants and qualify for the government aid that helps in relocation expenses. You can visit or contact the state’s government office for state-level grants.

Tips for financing your long-distance move

• Set up a moving budget, it will help you understand the potential expenses related to the relocation. This is essential for setting up your funds for a planned move.
• Save money whenever possible by collecting free moving boxes, using household linen instead of wrapping sheets, and planning an off-season move.
• Organize a yard sale and get rid of items you no longer need.

Conclusion

Moving to a new state can be financially overwhelming but with proper planning and opting for money-saving options, you can experience an easy move. Plan your moving expenses with a detailed moving budget and grab the opportunity to finance a long-distance move.

You can ask your employer for relocation assistance and apply for personal loans to finance your cross-country move. This article mentioned several other modes for financing your long-distance move.

You can opt for affordable moving services for your cross-country move with Van Lines Move. All our moving services are handled by a professionally trained moving crew with years of experience. Collect your moving estimate and pick your mover now.

FAQs

How can I calculate the cost of my move?

You can compare multiple moving estimates from different movers near you and estimate the approximate cost for your move. You can also use an online moving cost calculator to estimate the cost of your move.

Are there any government grants available for state-to-state relocation?

Yes, there are some government grants for cross-country relocation but they are based on special circumstances. You can check with the government if you approve of any grant.

How can I save money on a long-distance move?

There are several ways to save money on long-distance moves including collecting free moving boxes, using linen as wrapping sheets, planning a move during the off-moving season, and more.