Timeshare Loans – How to Financing a Timeshare

timeshare loans

If you are buying a timeshare, there are several options for financing your purchase. You can use your own cash, take out a personal loan, or get a home equity loan to cover the cost.

Whether you decide to use your own money or obtain a loan from a third-party, here are some important factors to keep in mind.

Aside from the interest rate, you should also consider the repayment terms and the length of the loan. This is because it can impact your monthly payment and how much you’ll pay over the life of the loan.

Timeshare financing can be a great way to get the vacation you want, but it’s important to make sure you’re getting a fair deal. If you aren’t, you may end up paying more than you would have with a better-term loan.

The best place to start looking for a timeshare loan is with the developer of the resort you’re considering. Many times, they will have a lender they work with who can help you with the financing on the spot.

This could be a good option if you’re able to put a large portion of the purchase price down or have a flexible schedule. The only problem is that this type of financing can be costly and can have high interest rates.

You can also find a personal loan through a online lender, such as Figure. This company offers both personal loans and home equity lines of credit, so you can secure the money you need to purchase your timeshare quickly. They require a credit score of 680 if you’re purchasing an investment property, or a credit score of 640 for a primary home in most states.

They also offer a timeshare financing option that requires just a one-time $179 loan origination fee at the time of closing. They’re a top pick by LendEDU and offer low rates to customers with good credit scores.

There are also lenders that specialize in helping people with bad credit buy timeshares. For instance, LightStream is a timeshare financing lender that offers a 0% APR program to customers with credit scores below 600.

In addition, they have a program that allows you to beat any competitor’s rates by 0.10 percentage points3. They offer loans from $500 to $1 million and accept both cash and check.

You should also ask your developer or the homeowner association for their resale market policies before signing on the dotted line. This can save you thousands of dollars over the lifetime of your timeshare.

A 0% APR credit card is another way to finance your timeshare, but it’s not as good a deal as a loan because of the potential for interest to start accruing again in a few years.

Using your personal credit card for a timeshare purchase can be risky and expensive, so it’s a good idea to research the fine print before committing to it. You should also consider paying your balance off as quickly as possible to avoid interest charges.

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