Selling a timeshare or planning a timeshare vacation? Explore our vast resources.
Looking to refinance a timeshare loan? Many timeshare owners and potential buyers of timeshare resales have found themselves in this situation. Timeshare owners who have received funds from the resort at a high rate can refinance this loan to reduce their monthly payments. When trying to purchase a timeshare, potential buyers sometimes need acquire financing to complete a timeshare purchase from a current owner.
One option to reduce monthly payments on a timeshare loan is to visit a bank and request a personal loan, most likely this loan will have a lower interest rate than the current timeshare mortgage offered from the resort. Other owners have taken out home equity loans to pay off the resort or lending company. Another option some owners have taken advantage of is transferring the remaining balance to a credit card with a lower interest rate when compared to their current loan.
The best option when purchasing a timeshare is to pay cash, however parties interested in buying a timeshare directly from the owner can also use the above options to obtain funds for the purchase. The rate you are able to obtain is often dependent upon your credit rating, remember to check your credit report before trying to obtain funds for a timeshare purchase. If you plan to receive funds from a bank or credit union via a personal loan always make sure to get multiple quotes regarding the loan to find the best option.