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How To Finance Your Tropical Vacation

January 17, 2018

Tropical beach scene, trip paid for with financing, flip flops stuck in sand say “Winter Smarter”With smart advice

When winter weather inspires you to make plans to travel someplace warm, some sound advice on planning and financing can make all the difference. Your plans will often include airfare, accommodations, meals, entertainment, activities, and other expenses. If your estimated total cost already has you searching for a travel loan, you could benefit from learning more about how best to finance your travel, and what kinds of credit or loans work better.

Travel to warmer destinations can get expensive. From airfare to accommodations, meals, activities, and entertainment, costs can add up without some smart money management. The following list is a great place to start, and can help us decide if a personal loan is right for you.


SAVING MONEY

  • Plan Ahead
    Your biggest cost savings can often be found by booking far enough ahead of time, especially for airfare and accommodations. These types of expenses are tend to be higher when paying at the last minute. Many resorts and travel web sites offer discounts if you plan ahead. If your Passport isn’t up to date, now is the time to apply for your renewal; last-minute rushes can cost much more.

  • Avoiding Peak Dates
    If at all possible, plan your trip in the early or late season, during the week, and during windows of time that most people aren’t on vacation. The savings during these “off-peak” times can include almost every expense on your list, including meals, shopping, and activities, from scuba or deep-sea fishing rentals to daily excursions. If you’re considering a vacation home-sharing service or vacation property rental, you’ll find that your travel dates can make a big difference in the asking price.

  • Consider the Less Popular Destinations
    The most popular tropical destinations are in higher demand, and can demand higher prices for everything from airfares to hotels, restaurants, and shopping. Look for highly rated resorts that are just a bit less popular, but offer a great experience. Many travelers report even better experiences at these destinations, without the crowds and over-commercialized development. Also consider airports that are not as close by; often flying out of Rochester, Buffalo, New York, Boston, or even a Canadian city can save you hundreds of dollars, even if a hotel stay is required to catch your flight.

  • Shop for Discounts
    Look for promotions, package deals, and discounts online before you book. Are you a student, educator, or senior citizen? Many destinations offer discounts for you, if you know to ask and apply. You might be surprised at the sizable savings. Don’t forget to check travel sites, which can offer savings on airfare, lodging, and vehicle rentals. Consider booking your accommodations through one of the big home- and apartment-rental sites, or even a home swapping service, if you’re feeling adventurous.


HOW TO PAY FOR YOUR VACATION

If you need vacation financing, there are some decisions to make about how you finance.

Personal Loan

A personal loan may be a good option to cover reasonably large expenses.

  1. It’s often less costly than other forms of borrowing. Check online or ask us about current rates.

  2. Budgeting can be easier. You’ll know up front what your monthly payments will be, and how long they’ll last.

Meet with a First Source Representative first, and make sure all the terms, any fees, and the payments all work with your budget and financial standing.

Credit Cards

We generally recommend using your credit cards to pay for some of the day-to-day vacation costs, especially if you earn rewards, and can pay them back over the short term. One option: secure your personal loan, use your credit cards for expenses (to earn your rewards), and fully pay them down using your loan; then all you have is low-rate loan to pay back.

Plan Ahead

Your tropical destination will provide you with great memories for years to come. With our help, you can plan ahead and manage your vacation finances in a way that makes your vacation just a bit more enjoyable.
Live smarter by making an appointment today to meet with one of our Financial Services Representatives about your tropical vacation financing.

Posted in: financing, loan, travel, trip, vacation

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