Timeshare loans

I want to purchase a resale from an individual party and would like to know what reputable lenders are recommended. I have tried a few major lenders and they do not offer loans for timeshares.

Thank you.

1. Very few major lenders (if any) offer loans on timeshares.

2. I believe you CAN take out a personal loan at most loan companies, credit unions etc. assuming you have collateral (house/car etc.) to back the loan. I don't believe you have to indulge the reason for the loan with these type companies as long as you have collateral. I would watch closely what their interest rates are if you should go this route.

3. Just my opinion, but I would never buy a timeshare if I had to borrow the money. If I couldn't pay for it outright it wouldn't get bought. You could possibly get tired of the timeshare and rising maintenance fees (and possible special assessments) in the future, have financial problems or lose your job, but you are STILL obligated to pay off your loan and pay maintenance fees (and possible special assessments) as long as you own the timeshare. If you don't pay your timeshare obligations (pesonal loan and maintenance fees) then your credit will be adversely affected ... again just my personal opinion.

You might also check out the site below:

http://www.tammacfinancial.com/

Unfortunately these guys start at 13.25% which is very high. You are better off with a home equity line of credit which is about 7% and tax deductable.

Don't buy what you can't afford is also great advice.

Depending on how much it costs, consider paying by taking cash out on a low interest rate credit card (say one with a 0% introductory credit rate; probably higher for cash withdrawals, but still better than 14% bank loans).

samic wrote:

Depending on how much it costs, consider paying by taking cash out on a low interest rate credit card (say one with a 0% introductory credit rate; probably higher for cash withdrawals, but still better than 14% bank loans).

Why don't you ask the seller to take back a mortgage on the timeshare. Make monthly payments to them with a reasonable interest rate. If they are not willing to do this, then tell them you will not buy it. Their price may be way above what you could get it for from many resale sources. Are you sure that you know the true value of the timeshare? It's way below what they paid if they bought it directly from the developer.

If you care to discuss the details of the property (resort name, unit size, week # or season, and asking price etc.) some experienced owners might ofer opinions on this forum.