Season Ticket Loan – Risks, Top Lenders, Alternative Options, Etc.

Are you out of cash? Or, do you have a desire to purchase an item or travel out? Please note. Not only can season tickets help you save money over the course of a season, they often come with a slew of perks like access to exclusive events, discounts on food and merch, and even meet-and-greets.

It is important you know this. If you don’t have the cash on hand to pay for season tickets upfront, you can do this.  You can potentially use a personal loan to pay for your tickets.

Season Ticket Loan - Risks, Top Lenders, Alternative Options, Etc.

Personal loans typically come with reasonable interest rates. Also, it comes with predictable repayment schedules. However, is taking out a season ticket loan a wise choice? If not, what alternatives do you have? This article gives you the necessary information you need.

Considerations before Taking Season Ticket Loan

Below are some considerations before taking a season ticket loans:

  • Your Credit Score

Before you go Season Ticket Loan, Consider your credit score. Your credit score is often the No. 1 factor your lender considers when determining your interest rate and other loan terms.

Ideally, only borrowers with good to excellent credit should consider using a personal loan for season tickets.

  • Your Current Finances

It is important you consider this before opting for Season Ticket Loan. The last thing you want to do is default on a season ticket loan or take on more debt than you can handle.

Before you apply for and accept a personal loan, make sure you can easily afford the monthly installment payments on your annual ticket plan.

  • Consider the Interest Rate

This is another thing you must consider before going for Season Ticket Loan. Even if you are approved for a loan, the interest rate you receive may outweigh the potential perks. If your goal is to save money on tickets, then you will need to consider the interest rate and overall cost of the personal loan.

This is to determine if you’ll actually end in the black when the season’s over. Of course, for some fans, it’s more about the experience.

  • Look out For any Applicable Fees

Also, before going foe Season Ticket Loan, consider this. Similar to interest rates, look out for personal loan fees. These can be origination fees, application fees, and prepayment penalties. They can all add to the total cost of the loan.

Top Season Ticket Loan Options

Top Season Ticket Loan Options

Below are some personal loan lenders you may want to consider. These lenders typically deposit loan proceeds in your bank account within a few days. Also, they require a single application form to simplify the process.

1. LightStream

  • The rate here is 4.99% to 16.79%
  • It runs for 24 – 144 months
  • The loan amount is $5,000 to $100,000
  • The Origination fee is $0

2. SoFi

  • The rate is 5.99% to 20.01%
  • It runs for 2 – 7 years
  • Also, the loan amount is $5,000 to $100,000
  • Furthermore, the Origination fee is $0

3. Citizens Bank

  • The rate is 6.79% to 20.88%
  • It runs for 3 – 7 years
  • The loan amounts to $5,000 to $50,000
  • Also, the Origination fees $0

4. Marcus by Goldman Sachs

  • The rates is 6.99% to 28.99%
  • Furthermore, it runs for 36 – 72 months
  • The loan amounts to $3,500 to $40,000
  • Also, Origination fees$0

Benefits of Using Personal Loans to Buy Season Tickets

There are some benefits associated with using personal loans to buy season tickets. Please note. Under the right circumstances, using a personal loan to finance season tickets can decrease the overall cost of attending games. Also, it can give you access to numerous fan perks.

However, such benefits related to a season ticket purchase are typically limited to a specific borrower profile. Thus, you may want to consider a season ticket loan if you have excellent credit. Also, if you can probably qualify for a low interest rate.

In addition, since rates and repayment terms are often contingent on a borrower’s annual income, it’s typically more beneficial for higher-earning fans with room in their budget to accommodate the payments.

Risks of Using Personal Loans to Buy Season Tickets

While going for season ticket loan, please take note of the risk. As you may have assumed, one of the primary factors involved in evaluating your risk as a borrower is your credit score. If you have average or below-average credit, chances are your interest rate makes season tickets may be a luxury you’ll want to reconsider.

Also, not only will a high-interest rate negate any benefits or savings you may enjoy, but you can also potentially place yourself in a financially compromising position. This is particularly true if your current budget doesn’t allow for much wiggle room.

However, unfortunately, a personal loan adds to your overall debt. This can negatively impact your credit score. If you become unable to make your payments, the situation can become even more dire, sending your credit score plummeting.

Alternative Options to Season Ticket Loan

For the most part, there is no such thing as a free loan. As such, using a personal loan to finance your season tickets may end up costing you far more than you saved. However, there may be alternative options. Some of the alternative options are:

  • One popular option is financing directly through the franchise. In this case, you’ll be placed on a payment plan for your tickets. This allows you to reap the benefits of season tickets without opting for third-party financing.

However, Keep in mind that franchise financing also comes with pros and cons.  One of such is the recurring payment. Also, the interest or fees you’ll be required to pay. As such, it’s important to review the financing agreement before proceeding.

  • In some cases, a credit card deal may also be a reasonable option. Particularly if you can secure a 0% introductory APR offer and pay off the tickets before the promotion ends. Essentially, you’ll be using the card as an interest-free loan.

In a Nutshell

In conclusion, please take note. Season tickets are a great way to secure a regular spot in your favorite arena or stadium. However, paying for them may take some planning.

Although a personal loan may be a good option, you should note. Not every borrower will meet the eligibility criteria. As such, carry out an examination on your credit score to see if it favor you.

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