The costs of moving can quickly add up, and you may be wondering how toThe costs of moving can quickly add up, and you may be wondering how to pay them while staying on track with your financial goals. One option could be a moving loan—an unsecured personal loan to help cover the costs of packing and moving. At Discover, you can explore if a personal loan is right for your move. 

Below, we’ll explain the different ways to pay for relocation and how moving loans work. 

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How much does it cost to move?

Moving costs can range from as little as $560 for a small, local move to more than $15,000 for larger homes and longer distances.1 For a household with three or four bedrooms, for example, the average cost to move ranges from about $3,000 for a shorter distance to $9,000 for a longer distance.2

The price may depend on how much packing you can do yourself, how many services you require, and the time of year you move. If your new home needs additional furniture or requires expensive utilities, you might budget for those as part of your overall relocation expenses.

How can you pay for moving expenses?

Depending on the total cost, you could pay for moving expenses with savings, credit cards, or a moving loan.

Savings

Using your savings may be the simplest way to pay for a move. You need to consider, though, whether pulling money out of your savings is the best step.

Pros:

  • You won’t add to your overall debt.
  • Avoids interest rates.

Cons:

  • Could leave you vulnerable to unexpected expenses that can pop up during or after the move.
  • You could miss out on interest paid to your savings account.

Credit Cards

Credit cards could be a convenient option to pay for expenses, but there are a few things to consider to avoid too much interest.

Pros:

  • May be faster than other payment options.
  • Could offer a 0% or low introductory interest rate offer.
  • Moving costs could be isolated to one account.
  • Could earn points to be used later.

Cons:

  • Adds to your overall debt.
  • Could have high interest rates.
  • Late payments can affect your credit score.
  • No firm payoff date.

If these options don’t fit your current financial situation, you may consider looking into a moving loan.

Moving Loans

A moving loan—sometimes called a relocation loan—is an unsecured personal loan with fixed repayment terms that you use for your moving expenses.

Pros:

  • Can be used for any moving expenses.
  • Potentially lower interest rates than some credit cards.
  • Won’t deplete savings.
  • Set payoff date.

Cons:

  • Could add to your overall debt.
  • Late payments can affect your credit score.

What is a moving loan?

Paid to you as a lump sum, a personal loan or moving loan, could be used for nearly any purpose. For a move, you could use the loan to help cover the cost of the mover, truck rental, boxes and tape, cleaning fees, utility setup, and emergency relocation costs.

You can also use it for any other expenses that might arise, whether you are painting your new place, getting furniture, dining out while you unpack, or simply celebrating the move

Is getting a loan to move out a good idea?

Getting a moving loan to cover relocation costs could be a good idea if you don’t want to deplete your savings and feel that you can afford the monthly repayments in your current budget. The interest rates on personal loans are often lower than rates on credit cards, and you can select from a range of repayment terms to fit your budget.

Just be sure to understand any terms and fees on your personal loan, and avoid late payments, which can negatively affect your credit score.

How to get a moving loan

To get a moving loan, you’ll need to compare lenders, find your preferred one, then apply online or in-person. Once approved, you’ll go over your payment terms and receive your funds.

Qualifications for a moving loan

Lenders will look at a few things after you apply for a moving loan to see if you’re a borrower they can trust. They’ll take a look at your credit profile, your income, and your monthly budget. 

How can you create a budget for moving expenses?

Whether you are moving into your first apartment, your dream home, or your retirement residence, there are many expenses you’re likely to confront. 

First, you should make a list of every potential cost. Below is a list with some common costs, but you should explore your situation and create your own.

  • Packing supplies
  • Cleaning supplies
  • Fees and tips for professional moving services
  • Moving insurance
  • Truck rental fees, if you move yourself
  • Shipping fees
  • Gasoline
  • Lodging
  • Airfare
  • Local transportation
  • Security deposits
  • Utility setup fees
  • Storage

After making your list, estimate the total amount of all costs. You can separate your must-have costs like security deposits from your optional ones like professional moving services. Since anything can happen when you’re moving, it’s a good idea to build in a buffer for any unexpected expenses.

Once you’ve assessed your needs and costs, create a budget. This should give you a better idea of your potential moving costs and where you might be able to save.

How can you reduce the cost of moving?

Cutting down the cost of moving could potentially help you lessen the amount you need to borrow. Here are few ways to save on moving costs. 

Limit the use of hired moving services

One of the most effective ways to lower your expenses is to reduce the need for professional movers or to minimize their services.

If you are moving a long distance, a moving container service or shared truck might save you money. If you are moving locally, it may make sense to use an app that connects you to people with a truck and moving experience. Moving during off-peak times, such as mid-month, in the middle of the week, or during late fall or winter, might also help you save money.

Downsize your belongings

Because you may save by moving fewer items, go through your closets and dressers to decide what you can live without. Go room by room to determine what’s essential and what can be donated, recycled, or sold.

Consider having a yard sale, posting online classifieds, or donating your extra items to a local charity. The money you earn from selling things might help cover some of your moving costs.

Pack items yourself

Professional movers generally set fees based on the estimated hours a move will require. You may save money by packing smaller items yourself, such as room décor, dishes, clothing, and linens. Also, consider taking apart furniture ahead of time. Put the smaller parts of bookshelves, bed frames, or dining tables in a labeled envelope or box to help find them later.

If you are moving to a new state and have a large number of books or other eligible items, you might consider using Media Mail® services from the United States Postal Service. Compare what the postal service would charge versus a professional mover. Or think about selling those old CDs, DVDs, or outdated media players at a yard sale.

Reuse materials 

Depending on the mover you choose, you might save on packing materials by reusing boxes from your workplace, a grocery store, or local shops. Then you can get a head start by packing things on your own.

Check with friends and neighbors or inquire on social media whether anyone has boxes to give away. Rather than using expensive bubble wrap to protect your things, use items from around your home like spare sheets and blankets. Coffee filters might work to separate and protect dinnerware.

When should you consider a personal loan for moving?

With the flexibility to use the funds for almost any purpose, a personal loan may be the right solution for moving expenses. Personal loans can be especially useful during an urgent relocation, if you’re facing large one-time costs, or if you need predictable monthly payments.

To learn whether a personal loan makes sense for your move, you can use our personal loan calculator to estimate your payments. Enter your desired loan amount, repayment term, and your credit score to see if Discover® Personal Loans could help with your moving expenses.

With Discover, you can see what your loan rate and set regular payment could be before you apply, with no impact to your credit score.

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The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.

1 https://www.moving.com/movers/moving-cost-calculator.asp
2 https://www.usnews.com/360-reviews/services/moving-companies/how-much-does-moving-company-cost

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