A wedding day is a milestone for many people. It’s a day that’s dreamed about and planned for. It can also be expensive. If you’re wondering if you should finance your wedding, here is some guidance when it comes to making that decision.
The Average Cost of a Wedding
SoFi’s most recent survey found that the median cost of a wedding is $10,000. Of course, prices can be higher or lower than that median: A destination wedding or one held in a big city with 300-plus guests will likely be a much bigger expense than having 50 of your nearest and dearest gather in your grandmother’s beautiful backyard flower garden.
Now in 2023, the average cost of a wedding is rising once again, with the average cost sitting at $29,000. In larger cities, many spend $35,000 or more.
Here’s what you need to consider when it comes to financing your wedding.
💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.
To Borrow or Not To Borrow
There are many variables that can affect the cost of a wedding, including the time of year you say I do, the day of the week, the number of guests, the reception venue, and a host of other things. Not to mention, there are sometimes unexpected wedding expenses that are sometimes forgotten in planning, like the cost of beauty and hair treatments and the marriage license, for example.
Temptation can also get the better of you. If you plan on using a wedding loan to pay for your wedding, it’s possible that you will qualify for an amount that’s more than you need. Will you have the discipline not to upgrade your plans and spend more than you can realistically afford? It can be easy to get caught up in the fantasy and have regrets later.
The Pros of Financing a Wedding
• You get your day with all the bells and whistles that you’ve dreamed of. You have the wiggle room to have more guests, a highly sought-after DJ or band, and food that will still be talked about on your anniversary. Mission accomplished in having a special day that will last a lifetime of memories.
• You might be able to borrow enough money to have a relaxing honeymoon, too, which might be nice after the stress of wedding planning.
• You won’t deplete your savings to pay for your wedding. Starting your life together without an emergency savings account can be stressful.
The Cons of Financing a Wedding
• When the wedding is long over, that monthly loan payment is still owed. Depending on the amount and term of the loan, that can be a big commitment.
• Interest rates for personal loans vary based on the borrower’s credit rating and other factors. If you don’t qualify for favorable interest rates, you could end up paying a decent amount in interest over the life of the loan.
• Taking out a loan also increases your debt-to-income (DTI) ratio. If you are planning on near-future large purchases that will require another loan, like a mortgage, having a high DTI ratio might make it more difficult to qualify for future loans, or might affect the rates you qualify for.
Making the Decision
Borrowing money to pay for wedding expenses is a major decision. Being informed of all the details will help you make the best decision for your financial situation.
A wedding loan is a personal loan and is most often unsecured, which means you don’t need to put up collateral to secure the loan. You will, however, need to meet other qualifying factors, such as a certain credit score or employment history, to name a few.
Ideally, you want the lowest interest rate you can get. Fixed-rate loans carry the same interest rate throughout the term of the loan, but a variable interest rate loan can fluctuate throughout the term based on changes in the underlying index rate.
There also may be fees to be aware of, such as origination fees, closing fees, prepayment penalties, and others. It’s helpful to know what all the fees are for and if they are negotiable.
Knowing your total costs and understanding the total interest you will pay over the life of the loan will help you with your decision about whether or not to borrow. Either a lower interest rate or a shorter term may save money in the long run. A personal loan calculator or amortization table can help with this analysis.
💡 Quick Tip: Choosing a personal loan with a fixed interest rate makes payments easy to track and gives you a target payoff date to work toward.
Other Options for Financing a Wedding
If you’re having second thoughts about borrowing to pay for your wedding, you might need to come up with alternatives. With wedding planning, there’s always a Plan B.
• Postpone the wedding. You might be able to avoid borrowing altogether by postponing the wedding to give yourself time to save the money to pay for it. Cutting unnecessary expenses might free up some money in your budget. Or earning extra money by taking on a side hustle might be a good way to add to your savings.
• Use a credit card. Using a credit card to pay for wedding expenses might be another option. While a personal loan might offer a lower rate than a credit card, you might find credit card offers with low introductory rates — perhaps even 0% — for a limited time. If you’re confident that you can pay the card off in full before the introductory rate ends, this could be an attractive option.
• Ask your parents to contribute. Asking parents for money might not be the most appealing option, but it might be a worthwhile consideration. Even though the average age of newlywed couples is rising, which might mean more couples are established financially before they marry, it’s still traditional for the parents of the couple to contribute to the cost of the wedding and it’s common for the couple to have help paying for the wedding.
The Takeaway
Your wedding is a special day, but it’s just one day — then comes the rest of your lives together. Using borrowed money to finance your wedding is a big decision and should not be taken lightly. Taking on debt will affect your budget immediately and your borrowing options in the future.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
Photo credit: iStock/PeopleImages
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The short answer to the question, “Can I use a credit card in another country?” is yes, you can. The longer answer? Take precautions to ensure you don’t get hit with high foreign transaction fees. You also want to avoid having your card declined because the issuer didn’t know you were traveling and thinks it’s a fraudulent charge.
We’ll review those scenarios and more as we share smart strategies to use your credit card internationally without any hitches or way high fees. Let’s look into:
• Whether you can use your credit card abroad
• How to safely use a credit card overseas
• The cost of using a credit card when traveling
• The pros and cons on using plastic when in another country
• Alternatives to using a credit card when abroad.
Here’s what you need to know.
Can You Use Your Credit Card Abroad?
Whether you’re planning a quick weekend trip to Cabo or going to college abroad, using your credit card can be a super convenient way to pay for day-to-day expenses. It’s also more secure than carrying cash. After all, if you lose paper money, it’s gone… but if you lose your credit card, you can just call the issuer and let them know.
That said, you probably don’t want to rely solely on a single credit card as your only source of funds. Credit cards can be lost or stolen. Additionally, not all vendors will necessarily accept credit cards, and some may not accept the specific type you have. Generally speaking, Visa and MasterCard are more widely accepted than Discover or American Express. Worth noting, though: Both of these latter credit card companies are working hard to increase their overseas presence.
You’ll also want to be aware that many credit cards come with foreign transaction fees that can stack up quickly, even if they appear small. For instance, a 3% foreign transaction fee means that if you put $500 on your credit card during your trip, you’ll spend an additional $15 just for the privilege of using the card. Using a credit card responsibly means being aware of these charges and deciding when and if they are worth it.
Finally, keep in mind that you’ll want to call your card issuer ahead of time to put a travel advisory on the card. That way, they won’t automatically flag a transaction thousands of miles away from home as fraudulent — which could lead to an inconvenient and frustrating declined transaction.
Is It Safe to Use Your Credit Card Abroad?
As long as you’re making purchases from reputable vendors, it is safe to use your credit card abroad. Determining who’s a reputable vendor and who isn’t can be challenging when traveling, and credit card scams can be rampant wherever you go. And it’s always possible, whether you’re traveling or at home, to have your credit card information stolen and used fraudulently. (For example, some criminals steal private information by installing credit-card skimmers on self-service gas pumps.)
How to protect yourself? The best way to ensure your credit card is still secure is to regularly check your transactions and ensure they’re all legitimate. If you see one you don’t recognize, immediately contact your credit card issuer so they can remove the charge and issue you a new card.
Of course, while traveling internationally, it may be difficult to have that new card delivered to you in time to be useful. This is why it’s so important to have some backup funding with you, including some local currency and an additional credit card.
What Are the Costs of Using a Credit Card Overseas?
Using a credit card overseas can get expensive awfully quickly. You may run into hidden costs depending on how you use the credit card. Here are a few to look out for:
• Regular foreign transaction fees These charges are levied by credit card companies simply for your conducting a transaction with a foreign vendor.
• Cash withdrawal fees In some cases, you may be able to use your credit card to access cash money from an ATM. Doing so may incur additional ATM fees on top of the foreign transaction fee. You may even be hit by a third fee from the ATM provider.
• Dynamic currency conversion This is a service that some card issuers offer, which allows you to see what the cost will be in your home currency. Although this can make you feel more secure when it comes to knowing how much something really costs, you may pay for the privilege of seeing that information ahead of time. If you can, choose to have the price listed in the local currency. If you really need to know what that translates to in US dollars (or whatever your home currency is), look it up on your phone. There are plenty of sites and apps that will do the math for you.
• Interest As with any credit card purchase, if you let a revolving balance rack up on your card, you could be subject to expensive interest charges. The best practice is to pay off your card in full, each and every month.
The good news: It’s totally possible to avoid foreign transaction fees by opting for a card that simply doesn’t charge them. You can also skip dynamic currency conversion and decide not to use the card to withdraw cash from an ATM. These moves will help whittle down your fees.
As mentioned above, using credit cards to withdraw cash overseas is possible, but it might not be the smartest option. Along with any foreign transaction fees, you could also be charged cash withdrawal fees, ATM fees, and more.
That said, it is a good idea to have some local currency with you for your journey. So if you aren’t going to use your credit card to withdraw it, what are your options? While ordering foreign currency will almost certainly come at some cost, there are ways to lower the associated fees and save as much as possible.
For example, you may be able to order foreign currency from your regular domestic bank, which could come with fewer charges than withdrawing from an overseas ATM using a credit card. You may also see currency exchange services available at the airport, but these can be pricey in their own right.
Another good option: Withdraw money from a foreign ATM — but using the right kind of card. Some banks offer debit or prepaid cards with no foreign transaction fees, and may even throw in ATM fee reimbursement so you truly don’t have to worry about any additional fees. Of course, you’ll have to put in the effort ahead of time to ensure your bank offers a product like this or even to open a new bank account for this purpose.
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Is It Better to Pay and Withdraw Money in Local Currency?
As mentioned above, one of the costliest parts of overseas travel is dynamic currency conversion — the service that lets you choose to pay in your own currency at a point-of-sale transaction. Dynamic currency conversion comes at an additional cost, and that’s not counting any other foreign transaction fees you might be hit with.
All of which is to say: If you can, paying in local currency is almost always the better option. (And, of course, with cash, you won’t face any additional charges other than what you already paid to acquire the currency.)
Pros and Cons of Using a Credit Card Overseas
As with any financial decision, using a credit card overseas has both pros and cons to consider. Here are a few to mull over.
Pros of using a credit card overseas:
• More secure than cash, which can be easily lost
• Easy to use and less bulky than carrying around bills and coins
• Some cards offer special travel perks, such as the ability to earn miles as a reward, which can make travel easier and cheaper
Now, let’s look at the other side: the cons of using a credit card when you travel outside the U.S.
• Can come with costly foreign transaction fees, some of which may be hidden
• Not all overseas vendors accept credit cards (or all types of credit cards)
• Could be declined if you don’t put a travel advisory on your card
For those who like an at-a-glance approach to seeing the benefits and downsides, take a look at this chart summarizing both sides of charging purchases with a credit card when on foreign soil:
Pros
Cons
More secure than cash
May trigger costly foreign transaction
Easy to use and less bulky to carry
Not all overseas vendors accept credit cards
May offer special travel perks, like earning travel miles
Could be declined if you don’t add a travel advisory to your account
Alternatives to Using Credit Cards
If you decide you don’t want to use credit cards overseas, you can always rely on cash. Ideally, though, you’ll also want to carry a debit card connected to your checking account that allows you to access more cash in case you overrun your original budget or need money in an emergency.
You may also be able to pay for certain goods and services using an online P2P payment system like PayPal or Venmo, or purchase gift cards for specific vendors ahead of time.
Although they’re slightly outdated, traveler’s checks are still available, though relatively rare compared to their heyday. They offer another relatively secure way to pay for goods and services overseas.
Tips for When You Travel With a Credit Card
For the best success when traveling with a credit card, follow these tips:
• Choose a card that’s widely accepted worldwide.
• Shop around for a card that doesn’t assess foreign transaction fees.
• Call your card issuer ahead of time to tell them you’ll be traveling. This will help you avoid having a transaction declined while you’re abroad.
• It’s a good idea to travel with some backup funds, whether that means cash, a foreign-transaction-fee-free debit card, or another credit card.
The Takeaway
Whether you’re studying abroad or just enjoying a foreign getaway, it’s possible to use a credit card in another country. Yet, if you’re not careful, you may run into costly foreign transaction fees that can stack up fast. It’s a good idea to do your homework ahead of time to avoid any billing-statement sticker shock or regret. With a little planning, you can enjoy your travels without the cloud of growing credit-card debt hanging over your head.
Looking for a bank that doesn’t charge foreign transaction fees? SoFi has you covered, wherever you are. Sign up with direct deposit, and you’ll get both Checking and Savings accounts with one easy application. Better yet, you can earn a competitive APY.
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FAQ
How do I pay internationally with a credit card?
The same way you do at home: You might swipe, dip, or tap the card at the point of sale. Use a card that doesn’t charge foreign transaction fees to minimize charges as you travel.
Is it better to use a debit or credit card abroad?
Whichever option offers lower — ideally, zero — foreign transaction fees is the best bet. Keep in mind that withdrawing money from an ATM using a credit card can be a very expensive option for acquiring foreign currency.
Can I withdraw money from my credit card abroad?
You can, but that doesn’t necessarily mean you should. Many credit cards charge foreign transaction fees as well as cash withdrawal fees that can really add up. Look for a bank account that offers a no-foreign-transaction-fee debit card, or order foreign currency ahead of time from your local bank.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
When you’re buying a home, you probably have a million questions that need answering, especially when it comes to getting the proper insurance to protect your investment.
Soon-to-be homeowners may see both title and homeowners insurance on the lending documentation and wonder what the difference is between the two. While both types of insurance can provide vital coverage for homeowners, they differ vastly in their purpose and protection.
What Is Homeowners Insurance?
A homeowners insurance policy protects a home and personal property from loss or damage. It may also provide insurance in the event someone is injured while they are on the property.
Here are some common things homeowners insurance may cover:
• Damage that may occur in the home, garage, or other buildings on the property
• Damaged, lost, or stolen personal property, such as furniture
• Temporary housing expenses if the homeowner must live elsewhere during home repairs
Depending on the policy, homeowners insurance may also cover:
• Physical injury or property damage to others caused by the homeowner’s negligence
• An accident that happens at home, or away from home, for which the homeowner is responsible
• Injuries that take place in or around the home and involve any person who is not a family member of the homeowner
• Damage or loss of personal property in storage
Some coverage may also apply to lost or stolen money, jewelry, gold, or stamp and coin collections.
Buying Homeowners Insurance
While someone can legally own a home without taking out homeowners insurance, the mortgage loan holder may require the homeowner to purchase an insurance policy. Typically, lenders do require this as a condition of the home loan.
It’s important to understand that homeowners need to insure the home but not the land underneath it. Some natural disasters — tornadoes and lightning, for example — are covered by typical homeowners policies. Floods and earthquakes, however, are not. If you live in an area where floods or earthquakes are common, you may want to consider purchasing extra insurance to cover damages from potential disasters.
Special coverage may also be worthwhile for those who own valuable art, jewelry, computers, or antiques.
There are two policy options that can help homeowners replace insured property in the event of damage or a loss. Replacement cost coverage covers the cost to rebuild the home and replace any of its contents, while actual cash value simply pays the current value of the property at the time of experienced loss.
When it comes time to shop for and buy homeowners insurance, start by asking trusted friends, family, or financial advisors for their recommendations. Do some online research, too. Before you make a final decision, contact multiple companies and request quotes in writing to compare their offerings. That process can give you a good idea of who is offering the best coverage for the most affordable price.
Title insurance provides protection against losses and hidden costs that may occur if the title to a property has defects such as encumbrances, liens, or any defects unknown when the title policy was first issued.
The insurer is responsible for reimbursing either the homeowner or the lender for any losses the policy covers, as well as any related legal expenses.
Title insurance can protect both the homeowner and lender if the title of the property is challenged. If there is an alleged title defect, which the homeowner may be unaware of at the time of purchase, title insurance can provide protection to cover any losses resulting from a covered claim.
The policy will cover legal fees incurred if there is a claim against the property.
Both home buyers and lenders can purchase title insurance. If the home buyer is the purchaser, they may want to insure the full value of the property. (The value of the property will affect how much the policy costs). When the lender is the purchaser, they typically only cover the amount of the homeowner’s loan. When it comes time for a home buyer to purchase title insurance, they have full choice of the insurer.
According to the Real Estate Settlement Procedures Act (RESPA) of 1974, the seller cannot require the home buyer to purchase title insurance from one certain company.
Lenders are required to provide a list of local companies that provide closing services, of which title insurance is just one. But it may be worth doing independent research. Lenders may not select their recommendations based on the home buyer’s best interest, but instead because a service provider is an affiliate of the lender and provides a financial incentive in exchange for a recommendation.
Again, it’s a smart idea to seek the counsel of friends and family and do online research to uncover competitive prices and learn which service providers have a solid reputation.
Homeowners insurance is an ongoing cost (billed monthly, quarterly, or annually) that helps cover damage or loss of the home and possessions within the home. Title insurance, on the other hand, can help protect against losses caused by defects in the title and is a one-time fee payable during the closing process. The advantage to having both types of coverage is that each policy can protect homeowners against financial loss in very different circumstances.
Shopping for homeowners insurance often requires considering several options, from the amount of coverage to the kind of policy to the cost of the premium. To help simplify the process, SoFi has partnered with Experian to bring customizable and affordable homeowners insurance to our members.
Experian allows you to match your current coverage to new policy offers with little to no data entry. And you can easily bundle your home and auto insurance to save money. All with no fees and no paperwork.
Check out homeowners insurance options offered through SoFi Protect.
Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Doors can be a portal to another world, or maybe just a great first impression when you walk through a home. But when they don’t look their best, a dated or damaged door can make an entire space feel off.
The doors inside your home come in a wide variety of styles, and can be updated in just as many ways. Some updates can be done on the cheap, while replacing doors entirely will likely come at a higher cost. What follows are key things to know about updating your interior doors, including options and costs.
What Are the Different Types of Interior Doors?
Interior doors come in many styles and price points. Here’s a look at some of the most popular options, plus estimated costs (including materials, labor, and equipment).
• Traditional Standard doors, such as a bedroom door, swing in or out to open and close. This type of door can be either hollow core, solid composite, or solid wood. Cost to replace: $50 to $600.
• Pocket These space-saving doors slide “into” the wall when they’re open. Pocket doors hang from the top and slide along a track mounted in a space inside the wall and across the top of the door opening. Cost to replace: $140 to $1,000
• French The door with a certain je ne sais quoi, French doors can be either single or paired, and can have either a full (single) glass pane or a number of divided panes. French doors are often used as exterior doors to porches or patios, but they can also be a great way to let light diffuse inside a home. Cost to replace: $200 to $4,000
• Sliding A cousin to the pocket door, sliding doors save space by sliding in tracks at the top and bottom of the door frame. Unlike a pocket door, however, they don’t disappear into the wall. Glass sliding doors are typically used as exterior doors to a patio or deck, but can be used indoors to separate rooms while maintaining visibility between them. Cost to replace: $400 to $4,500
• Bifold Also called folding doors or concertina doors, bifolds are made of panels that fold next to each other when opened, sliding on tracks both on top of and below the door. Single bifold doors are sometimes used as doors to smaller closets, and a pair of bifold doors might divide a large room. Cost to replace: $35 to $70
• Barn A sliding barn door in the home takes rustic farmhouse trends to the next level. These doors slide on a track mounted on the wall above the door. Barn doors have a low profile, as they do not swing out. Cost to replace: $150 to $4,000
• Saloon Head straight to the wild west with these doors. Sometimes called cafe doors, saloon doors hang on a pivot hinge, meaning they can easily swing in and out with a nudge. Because they swing in both directions, they’re commonly used as kitchen doors or in cafes where traffic goes both in and out. Cost to replace: $100 to $500
• Murphy You may have encountered a murphy door before without even knowing it. Often custom made, murphy doors are typically bookcases that swing out, turning a door into storage space. Cost to replace: $700 to $2,500
Interior doors in a home can take quite a beating. They’re slammed, kicked, scuffed, and may have been pounded on a few times. Depending on their quality and age, there’s a chance your doors may simply have seen better days.
If these signs sound familiar, it may be time to buy some new doors for your home:
1. The door is stuck and has trouble staying open or closed. The more someone struggles to open and close a door that doesn’t budge, the more damage they’ll do. If a door’s always sticking or never manages to stay closed, it may be time to replace it.
2. The door is warped or cracked. Age will affect the quality of any door, and if the frame or hinges are visibly cracked or peeling, it’s time to think about replacing them.
3. The door’s style is dated. If your kitchen’s classic saloon-style doors feel decidedly old school — not in a good way — it might be time to consider replacing them. Even if they still work, dated styles can negatively impact a home’s value at the time of sale.
Depending on the style of door and the complexity of the installation, swapping out an interior door can cost anywhere between $150 to $2,000, with an average of $750. A good portion of the cost is professional labor.
While hanging a door might sound simple, doing it wrong can lead to improper closure or a door that just won’t close at all, which leaves you back at the drawing board. It could be worth asking for estimates from a few professional contractors if you decide to replace several interior doors at once.
A door can make an impression — good or bad — when someone enters a room. That first impression might become very important when considering home value. This kind of home improvement project could pay off when you eventually sell your home.
Replacing interior doors altogether can be expensive, and is not always necessary. If your door is in good shape, an inexpensive DIY can update your interior doors to look more modern or trendy.
Here are some interior door upgrades you might consider before ditching a door altogether.
• Swapping out door knobs and hardware Sometimes dated brass or an ornate finish might make a standard swing door feel out of place. For between $75 and $150, you can update a door’s knobs and hinges.
• Trying a new hue A fresh coat of paint might transform a door’s entire vibe. Instead of a standard white, you might opt for a neutral shade, make a statement with a black door, or choose a rich, deep tone that complements other colors in your home. You can even switch things up by painting the frame and the door different colors. Although you have to remove the door from its frame, this project is DIYable, and can typically be done within a day or two.
• Updating hollow core doors Hollow core doors are the standard type of door installed in many homes when they’re built. It’s a swing door with a flat surface. These are basic doors that can be a blank slate for your personal taste. For example, you might use molding and beadboard panels to create a paneled look on standard doors. This can make a builder-grade, hollow-core door look custom-made. This DIY project is a small investment for a big payoff.
Doors inside your home don’t just provide privacy, they’re a feature of the property. If your interior doors are in poor shape, replacing and updating them could help increase the value of your home, making the upgrade well worth the upfront outlay of money.
If you don’t have enough cash on hand to cover the cost of upgrading your doors (or any other part of your home), you might consider using a personal loan for financing. This is an unsecured loan that can be used for virtually any purpose, including a home renovation or upgrade. Once approved, you get a lump sum of cash up front you then pay back (plus interest) in monthly installments over time. Rates are typically fixed and lower than credit cards.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
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A cross-country move is exciting. You’ll make friends, have new experiences, and dive into a whole new way of life in a new city. But not so fast: You have to get there first. And one of the big decisions you’ll have to make when moving across the country is whether to drive your car yourself or hire a shipping company to move it for you.
There are a lot of considerations to keep in mind when making this decision, from weather to safety to timing. And of course, there are shipping costs to think about. To make the right choice, take the following factors into account.
Driving Distance
Getting your vehicle to your new home could be one of your biggest moving expenses. When deciding whether to drive or ship your car, the first step is to get a sense of how long the drive actually is. Use a mapping app to get a sense of the various routes you could take, the total distance, and a driving time estimate.
Understanding distance can help give you a sense of how much fuel you’d need to make the journey. Consider how many miles per gallon of gas your car usually gets. Divide the total distance by that number, and that can help you create a rough estimate of how much gas you might expect to purchase.
You may also want to factor in the average gas prices in the locations you’ll be driving through. The American Automobile Association (AAA) aggregates the average price for a gallon of gas in each state, and nationally.
Mapping can also give you a sense of what kind of conditions you can expect to be driving in. For the most part, you may expect to take major highways. But will your route take you across mountains or deserts? These regions might be tough on a vehicle, especially if it’s older and prone to overheating, for example.
The time of year you plan to move can make a big difference when it comes to driving conditions. Driving in balmy July weather can be very different from driving through wintry conditions in February, especially if your trip takes you across the northern part of the country where there is a chance of snowy or icy conditions.
Take geographical features, like mountains, into consideration as well. For example, there may be snow in mountain passes far earlier than in places closer to sea level. So, though a cross country trip in October may be snow free in most parts of the country, you might encounter wintry conditions as you cross the Rocky Mountains.
If driving through adverse weather does not sound appealing to you, you may consider shipping your car instead.
Driving from coast to coast at a fairly reasonable clip could take as little as a few days or as long as a week. If you’re driving with someone else, you can switch off drivers and the trip may take less time.
If you’re driving solo, you may take extra time as you make stops to ensure you’re well rested enough to safely continue your journey. If you can’t afford to take the time off to drive your car yourself, shipping may make more sense.
When you drive across the country, you necessarily put yourself and any passengers at a certain amount of risk. Your car will experience more wear and tear on a long drive, and you face the possibility of breakdowns.
What’s more, you risk the possibility of theft while you’re on the road, whether of your vehicle itself or its contents.
There is also a chance that you could get into an accident while on the road. Shipping your car limits potential damage to your vehicle and shields you from personal safety hazards.
The cost to ship a car across the country will depend on a number of factors, including the size and weight of the vehicle, the distance the vehicle will be shipped, and what kind of insurance you want to buy.
To a certain extent, price may depend on demand, which can fluctuate throughout the year. The more cars are being shipped along a certain route, the pricier it will be. While prices vary, September through November are generally the cheapest months to ship a car.
On average, it costs around $1,108 to ship a car. Again, price depends on the length of trip, but also on whether you choose an open transport or an enclosed transport. A 2,750-mile trip in an open transport costs about $1,210, while covering that same distance in an enclosed transport runs about $1,580.
You may also want to consider the option of shipping your car by train, which may be faster and cheaper than sending it on a truck. You may have to purchase a ticket and ride the same train that your car is on.
When considering shipping as an option, it’s also important to consider other potential costs associated with it. For example, you will have to purchase plane tickets for you and your family. If you drive your own car, you can pack it full of items you want to move with you. When you arrive at your destination, you may need to rent a car until your own vehicle arrives.
In many cases, it may be cheaper to drive your car than it is to ship it. According to Move.org, it is, on average, about $180 cheaper to drive a car than to have it shipped, factoring in the costs for food, lodging, and fuel for one person.
The longer the distance, however, generally the closer the two costs come together. Driving a car 1,000 miles versus shipping it over the same distance costs $470 and $980 respectively. Driving a car 2,750 miles versus shipping that same distance, on the other hand, runs $1,220 and $1,210 respectively.
Lodging is one of the greatest expenses you will encounter while you’re on the road. The more nights you spend on the road, the more expensive driving your car yourself will become. You can of course consider less expensive options, like staying in an Airbnb or visiting with friends along the way.
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Making the Decision
As you tackle your moving checklist, the decision to to drive across the country or ship your car will depend on a lot of factors. In some respects it comes down to convenience. Do you have the time to ship your car? Will you need it right away? Do you want to risk driving in poor conditions? In other respects it comes down to cost.
For the most part, driving costs less than shipping. However, the longer the drive, the difference in cost between the two options starts to shrink.
If you decide to ship your car, do your research. Ask friends and family for recommendations and check out company reviews and reports from the Better Business Bureau. Contact multiple shipping companies to make sure you get the best rate.
No matter what you decide, moving is potentially a pricey proposition. If you need a little extra help covering the cost of the move, consider a relocation assistance loan. These loans are personal loans that can cover the cost of shipping your car and other moving related expenses.
Consider funding your move with SoFi.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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