Resale financing?

[s830632]

Does anyone have any experience with resale financing? I found a resale that I'm interested in, they're supposed to be sending me the contract, but I'm trying to get financing before I sign the paperwork. Does anyone know how hard they are about credit scores and such? I was approved by Disney, but apparently everyone gets approved through them, my credit scores are from 615 - 660, so, I'm not exactly great there but nothing really bad either. If the timesharelending place rejects me, is there any other way of doing this?

I'll go with Disney if I can't get the financing, I'm just curious if anyone else has been through this. I'm supposed to have an answer in 24 to 48 hours, but I'm going to be a wreck until then.

 

[sweetdana]

It will be tough with under a 740 credit score, but a Home Equity Loan is the easiest option. A signature loan is your other option which are tough to get. Easier with a smaller amount like 3K - 6K.. If you are looking for 10 - 20K. DVD is likely one of your only options.

 

[Capo]

In my humble opinion, if your credit score is low you will have a hard time finding financing. Even if you can, your rate is going to be high.

I would HIGHLY advice against tapping your home equity for a vacation purchase...

If your credit is low (heck, even if it's high), I'd really suggest you consider if you can truly afford this if you can't pay cash for it up front.

 

[Deb & Bill]

If for some reason you can't make the payment on your timeshare, you lose your home if you go with a home equity loan.

Why not just purchase a reservation from a member when you want to go. You'll still save some money and get the feel of DVC.

 

[jlewisinsyr]

Does anyone have any experience with resale financing? I found a resale that I'm interested in, they're supposed to be sending me the contract, but I'm trying to get financing before I sign the paperwork. Does anyone know how hard they are about credit scores and such? I was approved by Disney, but apparently everyone gets approved through them, my credit scores are from 615 - 660, so, I'm not exactly great there but nothing really bad either. If the timesharelending place rejects me, is there any other way of doing this?

I'll go with Disney if I can't get the financing, I'm just curious if anyone else has been through this. I'm supposed to have an answer in 24 to 48 hours, but I'm going to be a wreck until then.

Honestly, the score range you provided is probably too low to get any sort of loosely collaterly secured loan in the current market (timeshare collateral is not nearly as good as a home or car). The scores you provided are pretty low in the grand scheme of things.

 

[hellerjw]

I think any loan you might qualify for would have a high interest and may require a substantial downpayment, 20% or more. As mentioned before, you may want to try renting points for the short-term until your credit score improves or you are able to save enough for a small contract to get started with.

 

[DVC-Don]

We purchased our 3 resale contracts with a Home Equity Line of Credit (all of them were paid off within a year or two of purchase). Your credit score may be too low for that.

 

[OrangeCountyCommuter]

I financed my first resale purchase years ago.... I only did it because I found the "perfect" contract and decided to finance rather then disrupt some other investments since I knew I would have the money in a few months.

If the company is the same one I used then it's not a secured loan so it has a much higher interest rate then Disney and you will not be able to deduct the interest on your taxes as it is a personal loan not a real estate loan.

I had a very good credit score so I don't know how a low score would impact that process.

 

[DVCconvert]

Speaking for myself only, I would never fiance a dvc purchase.
I look at it as an 'extra' thing, not one which if I can't pay for it would I go into debt over it.
YMMV

 

[s830632]

Thanks for all the info. Turns out my credit union was willing to give me a signature loan, so now I just have to wait for the seller to sign the contract and hopefully it'll get submitted before the deadline on Sunday!

 

[JWG]

Thanks for all the info. Turns out my credit union was willing to give me a signature loan, so now I just have to wait for the seller to sign the contract and hopefully it'll get submitted before the deadline on Sunday!

Good luck! I just found a resale contract matching our needs today that we're hoping we get in ahead of the buzzer. My only concern is the deposit check doesn't make it. We were having a hard time getting FedEx to deliver to a business on a Saturday. They say they'll "try".