How did you finance your resale?

[mickerbaby]

If ROFR works out for us we will be buying a 150 point contract at BCV. The Timeshare store sent us info on their bank, Benchmark. Did you use them? If not, did you use a home equaity loan or another bank for a loan?
thanks!

 

[T.E. Yeary]

A home equity loan is usually always best as the finance rates are lower.

We found Benchmark Bank to have the lowest rates of banks "WILLING" to lend to timeshare purchasers. It's a tough market and fortunately the more people that want loans for timeshares, the market will eventually respond.

I, too would like to know how those that financed through Benchmark felt about the program.

Regards,
Tom

 

[drakethib]

I would use a Home equity loan.

To risky IMHO, if things go bad and you start missing payments couldn't they foreclose on your home?

 

[mickerbaby]

what about refinancing our home? I just found out we could get a better rate then we have now (6.875% vs 6%), end up with a lower monthly payment and get a cash payout to pay off the entire DVC contract???!!! Wouldn't this be the best bet??

 

[deide71]

Only if you want to finance your DVC for 30 years.

 

[mickerbaby]

Only if you want to finance your DVC for 30 years.

Good point. I think getting a seperate loan which will be paid off in a small amount of time is probably the best bet......

 

[brasey]

I did it with a 401k loan and pay myself back. The way the market was going on my investment options it couldn't hurt. I put the initial purchase on my Diney Visa to get the points and then just paid it back with the proceeds from the loan. The poinst from the visa paid for a lot of our expenses in the parks last month.