Resale Loan Info

[Luckymomoftwo]

I was curious about length of financing, how much to put down and interest rates. If anyone has answers I would appreciate it! Thanx!

 

[Dean]

I was curious about length of financing, how much to put down and interest rates. If anyone has answers I would appreciate it! Thanx!

My recommendation would be to save up the money and pay cash. However, to answer your question directly, there are few options on financing a resale directly. You could use a HELOC or a non interest CC but both are too risky IMO. TimeshareLending will finance a resale as a mortgage. Here is a quote from Jason at TSS about this company. I was curious so I contacted them and they do write these loans as mortgages which would give the potential to deduct the interest if you qualify otherwise.

TimeShareLending.net offers financing for Marriott, Hilton, Hyatt, Disney, Starwood and Season only. Funding available in all US states.

www.timesharelending dot net

Interest rate as low as 12.9% - Subject to change.
Terms up to 120 months.
No prepayment penalty for loans over 12 months.
No points.
Minimum loan amount $5,000.
Maximum loan amount $250,000.

Soft Qualifier:
Minimal personal information required. No credit report is run. If you want
to know if you qualify for a loan and for what amount prior to submitting a
full credit application, fill out a short form and you will have an answer
within 24 hours. NO OBLIGATION.

Credit Application:
When you agree this loan is for you, complete the credit application and
submit it. NO OBLIGATION.

Manual Application Form:
Credit application, Hard copy, available for printing


There have already been 2 approvals today. Call with any questions and any associate will be glad to assist.

 

[disney ny]

Has anyone used this company? We are looking to use them and would like any input/advice. Thanks!

 

[disney ny]

I realize it is best not to finance but we won't have all ther money to pay it off until August or into next year. We do not plan to keep it mortgaged after the first year as that is when the penalty for paying it off ends. I know people say that etc. but in our case it really is true as we would not be buying in if we did not know the money to pay it off is coming.

 

[Sandisw]

I realize it is best not to finance but we won't have all ther money to pay it off until August or into next year. We do not plan to keep it mortgaged after the first year as that is when the penalty for paying it off ends. I know people say that etc. but in our case it really is true as we would not be buying in if we did not know the money to pay it off is coming.

If you go through Disney, they have an option (or at least they did) that you could finance for one year at, like 5%. I don't know if the down payment is more than the typical 10%, but it is a really good deal if you need simple short term financing.

Also, if you own a Disney Visa, they will allow you, up to $5000, 6 months, 0% interest. If you know you will have the money by August or the end of the year, this might be an option and worth going through Disney since the saving in interest might help make the cost of buying through Disney a lot closer to resale.

We did that last year. And, when we bought, we asked Disney to hold off the final charge to the credit card so we could get an extra month. We put the down payment on June 3rd, and they waited to charge the rest on July 3rd so I would miss the statement closing date. I ended up stretching things out until January, which was great.

 

[sleepydog25]

Has anyone used this company? We are looking to use them and would like any input/advice. Thanks!

Timeshare Lending will work with you, and do so quickly. Moreover, they do a ton of resale contract loans in conjunction with the Timeshare Store. The downside to using them as lenders is their finance rate which is high, but given the size and length of most contracts, it's not a huge financial drain, especially if you plan to pay it off after the first year (you are correct that there is a penalty for paying off a loan with them in the first year). Hope this helps.