Is New Hampshire in your travel plans for 2019?
How to plan a vacation without breaking the bank!
The cold months of winter are, for some, the most enjoyable time of the year. Hot cocoa, snuggling up by the fireplace and enjoying a white, snowy morning are definitely some of the greatest small pleasures in life. The downside? After a few cold /mornings spent scratching ice off your windshield, there’s only one thing in your mind: The warmth of Summer!
When it comes to Summer destinations, New Hampshire is definitely near the top of the list. Did you know that according to the New Hampshire Department of Business and Economic Affairs, Division of Travel and Tourism Development, in recent years New Hampshire saw a total of 37.43 million visitor trips?
But how can families plan a fun New Hampshire summer vacation with a limited budget? Here’s when vacation loans come in handy!
What are personal loans for vacations?
Valuepenguin.com explains that “A vacation loan is simply another name for a personal loan. Personal loans are generally unsecured loans that individuals can use for a variety of purposes, including travel, debt consolidation, weddings, home improvement or medical expenses.”
Personal loans for various expenses are often a better option than credit cards, as you know exactly how much you’re allowed to spend versus swiping your card carelessly. If you don’t believe us, take a look at this blog post on four reasons why racking up credit card debt to go on vacation could be a terrible decision.
What do I need to do to get a personal loan for my vacation?
If you’ve decided to take out a loan for your next vacation, here are a few easy steps to start preparing:
Do your research
If New Hampshire is you final decision, good for you! But the fun doesn’t end there. Before committing to a trip, it’s important to do your research and find out if you want to go during busy or low season, whether you want to drive or fly, and if a hotel is a better option than staying at a B&B or a cabin.
Believe it or not, sometimes the world wide web can be our worst enemy if we get caught up in ads and promotions that we come across. Keep in mind that every dollar counts and finding the most affordable options that give you the best “bang for your buck” could make a huge difference at the end of your trip!
Budget, budget, budget
We get it. When you’re planning a vacation the last thing you want to worry about is sticking to a budget. However, in order to get the right loan that works for you, it’s important to know exactly how much you’ll need and how much you can afford to borrow. When starting, make sure to consider big things like travel and hotel rooms, and smaller things, like souvenirs, activities for the kids and snacks between meals.
Click here for more on how to budget for a much-needed vacation.
Research some more
Great, now you have an idea of how much money you need and when you need it by. So who are you going to choose as your lender? Much like deciding on the right hotel and dates for your trip, the internet can certainly be deceiving as it will promote loans that are not necessarily right for you. When deciding on who to go with, research will be key as your credit history, debt-to-ratio income, and loan amount will determine your interest rate and terms of repayment.
A good idea is to always talk to a professional instead of just sending an online loan application. Financial specialists will be able to explain the fine print and your terms of repayment before making a commitment.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumers are people with credit scores in the 600s. If this is you, we’d love to talk to you about how we might be able to help you meet your financial goals. We offer loans from $2,000 to $25,000, all with fixed payments and simple interest.