How to Finance a Move

Moving financing 101

Setting aside funds for a long-distance move isn’t a regular line item in most household budgets. Paying for moving can feel overwhelming, especially when you need to relocate quickly and don’t have time to save for the expense.

Fortunately, there are ways to finance the cost, allowing you to move now and pay later.

Let’s review loan options for moving and other ways to cover the expense.

Loans available for moving costs

If you need to pay for your move over time, these are the common ways to go about it:

Move now, pay later services

Affirm® is a financing option available for U-Pack moves, and it’s among the leading “buy now, pay later” services.

Companies like Affirm let you purchase now and repay the balance monthly. Repayment terms and interest rates will vary depending on the amount and your credit history.  

If you want to finance your U-Pack move, you can apply during the reservation process and quickly understand the loan terms. It’s a great way to get your move underway without straining your budget.  

Credit card 

You can use credit to finance your move. Some cards offer introductory 0% interest or lower rates for larger purchases with fixed payments. Check the terms on your card’s website or call customer service for options. 

Line of credit or home equity loans

With a line of credit or a home equity line of credit (HELOC), a bank approves you to draw up to a certain amount from a pool of money. The approved loan amount, interest rates, payment terms and withdrawal limits will vary based on your credit history. Collateral is required in the case of a HELOC.

Most lenders allow you to make one or more withdrawals and then repay on set terms with interest.

Personal loan

A personal loan is a lump sum you’ll pay back (usually with interest) in monthly installments over a fixed period.

Bank loan

Your bank or credit card company might offer personal loans based on your credit history. Many other online lenders also offer this service, some with options specifically for paying moving expenses.

Individual loan

If you borrow funds from a friend or family member, it’s a good idea to put the repayment terms in writing and have the document notarized (many banks offer this service). 

Retirement account loan 

Depending on the specific retirement account, it might be possible to take out a low-interest loan from the balance to pay back over time. We recommend consulting with an accountant and financial advisor to understand the potential tax implications and impact on your future retirement income of taking out a loan.  

Other ways to pay for moving expenses

Consider these solutions when a moving loan isn’t appropriate for your situation:

Employer relocation package 

Many larger employers offer relocation assistance. If you’re moving for a job, ask your employer if funds are available to help pay for the move. Some employers provide funds before moving, while others may reimburse for expenses afterward.

Relocation grant

Some people may qualify for government aid to help cover relocation expenses, depending on the area and reason for moving. Use the U.S. Government Benefit Finder tool to check eligibility for federal relocation grants. For state-level grants, contact the state’s government office for more information.

Savings account

Start saving for your move in advance by putting money into a savings account. Save a set amount from each paycheck and set aside any extra funds, like bonuses, side-hustle pay or profits from selling unwanted items, as you prep for relocating.

U-Pack offers affordable long-distance moves and financing options

U-Pack® specializes in affordable out-of-state moving solutions with transparent pricing. We accept multiple payment methods for your convenience, including credit cards, debit cards, PayPal and Affirm.

Get a free, no-obligation quote online or call 844-362-5303844-594-3077 to speak to a moving consultant.

If you have questions about U-Pack or paying for your move, please let us know in the comments.