Timeshare loans are a great option for people who enjoy traveling and want to own a vacation home that they can visit every year. However, they can be expensive, so it’s important to know what your options are and choose a timeshare loan that’s right for you.
Use a personal loan to buy your timeshare
The best way to finance your timeshare is to use a private personal loan. These loans can come with lower interest rates and more flexible repayment terms than those that are recommended by salespeople. The key is to compare a few lenders before deciding which one is the right fit for you.
If you have good credit, a personal loan from a reputable lender may be the perfect way to finance your timeshare. Some personal loan companies, like Upstart, have a lending model that considers many different factors when determining your eligibility. These include your education, employment history, and your credit score.
Some personal loan companies also offer a low-interest rate and a flexible repayment term for those who have bad credit or are self-employed. These types of loans can help you avoid the high interest and long repayment terms associated with traditional mortgages.
LightStream, an online lender owned by SunTrust Bank, offers timeshare refinance loans for those who have excellent credit. The company offers low interest rates and no origination fees or prepayment penalties.
Figure is an online lender that offers both personal loans and home equity lines of credit (HELOCs). If you have equity in your home, using a Figure HELOC can be a great way to secure the money you need for your timeshare.
Upgrade is another online lender that offers personal loans to those who have good credit. They require a credit score of 680 for investment properties and 640 for primary homes, but they offer loans to customers with a wide range of other financial situations.
Unlike some other personal loan companies, Upgrade does not require that you have a minimum credit score. Its application process is 100% online, and its requirements are based on your specific financial situation.
The company’s credit minimums are significantly lower than those of many other personal loan companies, making it a good choice for borrowers with poor credit histories.
In some cases, timeshare resorts have been known to mis-sell loans in contravention of regulations. This is mainly due to the fact that most of the timeshare resorts use what are commonly referred to as sub-prime lenders, which means they are more likely to investigate loans less stringently.
If you’ve been mis-sold a timeshare loan, it can be very frustrating and stressful. The salesperson who sold you the loan might be liable for the debt that you have, so make sure to check your credit report and file a dispute if you feel that you’ve been treated unfairly.
It’s a good idea to talk to a lawyer about your case before filing a lawsuit. A lawyer can help you understand your rights and work with you to get the most out of your case.