Timeshare loans are a way to pay for fractional ownership of vacation homes or condos, typically in popular travel destinations. They can provide an affordable option for those who want to make a memorable family vacation, and are usually a better deal than buying the property outright.
Purchasing a timeshare involves several steps, from visiting the resort with your family and choosing a unit to signing loan documents and closing the transaction. If you are in need of timeshare financing, it is important to do your research and be prepared for the financial implications of the purchase.
If you have good credit, there are a number of timeshare loan options available. Personal loans, home equity loans and credit cards are common options.
Personal Loans – These are unsecured loans and are often offered by banks or online lenders. They are generally lower interest rates than those from a timeshare’s designated lender and can be a good option for buyers with excellent credit.
Credit Cards – If you have a high enough credit limit, you may be able to take advantage of introductory promotional rates from some credit card issuers. These promotions can offer a 0% annual percentage rate for as long as 18 months. However, you should be sure to read the fine print on the terms of these offers because they could end up being more expensive in the long run.
Resale – If you have a reputable dealer who sells resale units, this is a good alternative to developer-based financing. However, this route is only recommended if you can plan ahead and find a property that meets your needs.
Developer Loans – Many developers will offer a financing package for their timeshares. This can be a convenient option for those who are looking to get into their timeshare quickly, and who may not have other financing options at their disposal.
These are unsecured loans and are generally lower interest rates than those from eTimeshare. They are also less likely to have hidden fees or be subject to prepayment penalties.
If you need a quick, easy and affordable timeshare loan to finance your new vacation home or condo, apply online with one of the companies below to see what they can offer you. Most of these lenders are members of the American Resort Development Association, adhering to a strict code of ethics and guidelines to provide borrowers with a superior consumer experience.
LightStream – A branch of SunTrust Bank, LightStream offers a variety of loan options, including timeshare refinance loans for customers with good credit. Their application process is 100% online and they offer low interest rates, no original fees or prepayment penalties, and no hidden fees.
Upgrade – With the lowest minimum credit score of any of the major timeshare loan providers, Upgrade offers competitive rates and is a great option for those who have good to excellent credit.
If you are in need of timeshare financing, be sure to research the options and choose a lender with experience. This can be a crucial decision for your future vacations and enjoyment of the property you purchased.