Financing ReSales?

[Stonerozez]

Just a quick question, do places like the timeshare store finance or does disney still do financing on resales or is it a 'on you own' situation (cash or mastercard or bank loan) Just curious- also new to the group- Love the threads i'm addicted already- after a week of lurking

Wishing of another home!

My Best

Stone

 

[DVC-Don]

I do not think Disney ever did resale financing. You are pretty much on your own. We used a home equity line of credit for our resale.

 

[JimC]

There is one company that I am aware of that finances timeshare resales. Rates and required down payment are probably high.

Tammac Financial -- www.tammacfinancial.com

 

[pirateparrot]

Originally posted by JimC
There is one company that I am aware of that finances timeshare resales. Rates and required down payment are probably high.

Tammac Financial -- www.tammacfinancial.com

Also they finance as unsecured loans so you would lose any possible tax deductibility that you might have if it was financed as a mortgage the way Disney does. This was one of the reasons I chose SSR since I did not have a huge preference for a resort.

 

[RobDoc]

Most resale brokers can suggest a financing option- I'm aware of none will accept credit cards. Disney will not finance a resale purchase and the Disney financing can't be assumed.

As suggested, many will use a home equity credit to finance a timeshare purchase, but you could also use a 2nd mortgage on your home. Few banks will offer direct financing for timeshare purchase.

The Disney fininace package is a mortgage and interest can usually be deducted on your taxes. If it's financed by other means, it may not be deductible. (Home equity would likely qualify- be sure to check with your tax advisor).

Enjoy!