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A12 BUSINESS
Friday 21 July 2023

How to pay for an expensive summer

move

By JACKIE VELING
of NerdWallet
Packing your things and
moving to a new home is a
financial hurdle even in the
best of times, but higher
demand for moving-relat-
ed services in the summer
can send prices skyrocket-
ing.
If you’re wondering how
to pay for an upcoming
move, there are financing
options, including credit
cards and unsecured per-
sonal loans. You’ll want to A mover carries a chair into a moving van parked at a home for
minimize interest, though, sale in El Dorado Hills, Calif.
and only borrow what you Associated Press
need. By taking the time to
get multiple quotes, mov- ners, he says, already show the credit spectrum, but
ing some stuff yourself or a drop in demand for the interest can be high, de-
getting rid of belongings, first half of this year. pending on the rate you
you can lower the amount Still, prospective movers qualify for.
you need to borrow or shouldn’t expect too much Bertman urges borrowers
avoid financing altogeth- of a break. Though prices to focus on a plan for re-
er. are down year-over-year, payment, regardless of the
WHAT TO EXPECT FOR MOV- you can still expect to pay product they choose.
ING PRICES THIS SUMMER a 10% to 20% summer pre- “That’s actually the most
One piece of good news mium, says McKenna. important thing,” Bertman
for prospective movers: FINANCING OPTIONS FOR says. “Above and beyond
The cost of moving this YOUR MOVE how someone goes about
summer will likely be lower It’s best to pay for your financing is, ‘How am I go-
compared to summers move with savings, but if ing to pay this back and
prior. “The COVID years that’s not an option, you how long will it take me to
proved to be some of our could finance. pay it back?’”
highest demand periods Rob Bertman, a certified WAYS TO SAVE ON YOUR
where people were mak- financial planner based in MOVE
ing housing decisions and St. Louis, advises picking There are ways to reduce
work location decisions the product with the low- moving costs, which can
that were completely out est interest rate to reduce help you borrow less or
of the norm,” says Steven the cost of borrowing. even pay in cash. Though
McKenna, vice president A credit card with an in- you can’t control factors
and general manager of troductory 0% annual per- like distance, you can con-
Allied Van Lines, one of the centage rate may be an trol hiring, packing and
largest moving companies especially good option, overall weight.
in the country. “This year, says Bertman. These cards GET MULTIPLE QUOTES:
it’s come back down to are interest-free if you pay Quotes from professional
earth a bit.” off the debt during the movers can vary by thou-
Higher interest rates and a promotional period, which sands of dollars, particu-
slower housing market are can last up to 21 months. larly if it’s a long-distance
likely behind the decrease, You’ll likely need good or move, Carrigan says, so
says Ryan Carrigan, co- excellent credit to qualify. get three to four quotes
founder of moveBuddha, Moving loans unsecured minimum. “Pricing is dy-
a website where you can personal loans offered by namic and comes down to
compare and book mov- banks, credit unions and factors like does the com-
ers. The company’s data online lenders are avail- pany have trucks built up in
and data from major part- able to borrowers across that area, or do they need
a reverse route covered so
the truck doesn’t go emp-
ty,” he says. “DIY” WHAT
YOU CAN: Moving yourself
is cheap, but it’s not an op-
tion for everyone. Consider
a partial do-it-yourself ap-
proach, where you move
lower-weight items, but
use professional movers for
heavy items like furniture.
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