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Refinance loan with Marriott?

jbeachlvr

TUG Member
Joined
Sep 5, 2006
Messages
49
Reaction score
26
Points
378
Location
Gloucester, MA
Resorts Owned
Marriott Aruba Surf Club
The Suites at Eastern Slope Inn
Vistana Flex
Any reputable company to refinance timeshare loan ? I like to find a lower rate and bump up payments.
 

dioxide45

TUG Review Crew: Expert
TUG Member
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Location
NE Florida
Resorts Owned
Marriott's Grande Vista
Marriott's Harbour Lake
Sheraton Vistana Villages
Not a lot of options for TS loans. You can use a HELOC. Though getting a new HELOC might be more difficult now. You can also use a low rate credit card.
 

Dave M

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Tammac Financial is a reputable company and has been around for a number of years. I did an extensive interview with the owner about six years ago for an article I wrote for Timesharing Today. The problem is that their rates are high (starting at 10.99%) and the interest, unlike the interest on your Marriott loan, doesn't meet the IRS rules for tax deductibility.

You can get a lower rate (likely 7.99%) from First Again, the only other lender I know of that makes timeshare loans. Again, the interest isn't deductible, so you'll need to earn at an after-tax rate of more than that on your savings to come out even.

For example, if you are in the 30% tax bracket, you would need to earn at an 11.4% rate on your savings to offset the non-deductible 7.99% interest expense.

A better deal, if your circumstances permit, is to get a home equity loan, as suggested above. The rate should be lower and the interest in almost all cases will be tax deductible.
 
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