New TUG Member with a question about Financing Options

[tbrophwg]

Hello everyone,

I have been an HGVC member for a few years and just discovered the forum. I sure wish I had found this place sooner. What a great reference and resource for HGVC TS owners.

I have fallen for the Upgrade sales pitch twice as we have increased points and tried to keep MF's low. I had no idea that these same properties were available on the resale market at a fraction of what we paid. Oh well, nothing I can do about that now except enjoy what we have which is definitely what we have done.

Putting that retail purchase issue aside, I have financed through HGVC for the purchases and are paying their very high rates of interest even with very good credit. I would like to know some of the creative ways people have refinanced their timeshares that may not be obvious to newby TS owners like me since most banks would laugh at you if you tried to get them to give you a loan for a TS property.

Any suggestions or insight would be very helpful.

Looking forward to gettting to know everyone on TUG.

Thanks,

Terrence

 

[DeniseM]

The best deal is often using your home equity - low interest rate, and tax deductible.

 

[VegasBella]

Try Lightstream
https://www.lightstream.com/timeshare-loans

We have a car loan we got there - less than 2% interest.

I don't feel comfortable using home equity because if something goes wrong you could lose your home. Id' rather foreclose on the timeshare and lose that than foreclose on my home and lose that.

 

[holdaer]

The best deal is ofter using your home equity - low interest rate, and tax deductible.

+1 with Denise.

We did just that a few years ago to get a low interest rate and payoff come credit cards. And it's tax deductible.

 

[weems637]

for future reference, you have now discovered the world of resale, pay cash for all future purchases, once you have paid off your balance, that is......

and what Denise said

 

[tbrophwg]

All good advice. Thanks everyone.

 

[Jason245]

Hello everyone,

I have been an HGVC member for a few years and just discovered the forum. I sure wish I had found this place sooner. What a great reference and resource for HGVC TS owners.

I have fallen for the Upgrade sales pitch twice as we have increased points and tried to keep MF's low. I had no idea that these same properties were available on the resale market at a fraction of what we paid. Oh well, nothing I can do about that now except enjoy what we have which is definitely what we have done.

Putting that retail purchase issue aside, I have financed through HGVC for the purchases and are paying their very high rates of interest even with very good credit. I would like to know some of the creative ways people have refinanced their timeshares that may not be obvious to newby TS owners like me since most banks would laugh at you if you tried to get them to give you a loan for a TS property.

Any suggestions or insight would be very helpful.

Looking forward to gettting to know everyone on TUG.

Thanks,

Terrence

First of all, the interest you are paying on this purchase is probably tax deductable (don't forget to include it on your tax return, along with the property tax component of your MF)

Secondly, you need to know the answer to the following questions:

1. How much do you owe?
2. How much longer are your payments?
3. Do you have the means to make extra payments every month?
4. Do you have other credit opportunities available to you, and if so, what would those costs be?

If you have the means to pay off the entire balance within 12 months, I would just do that and not start balance transfering ETC. Assuming you are in a stable income situation, and have home equity, HELOC is probably a good bet.