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timeshare loan recommendations

D

decadude

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Before I get flamed too hard on this because I know the forum subscribes to the idea of if you can't afford it you shouldn't be buying it. I won't get into my personal financial situation; however, in short I dump any extra money on my house pay which is toward principal balance so I have no money saved. I don't want to miss out on this timeshare and it would take no more than three months to pay off a loan and I would because I don't like interest.

I have only called Citibank for a personal loan and they are at like 16.75% interest for me which won't do too much damage in a three month max. Need to borrow $8000 and am just trying to weigh my options.

Thanks to anyone who replies
 
The best timeshare advice you will ever receive is not to buy one if you have to finance it. It's really unnecessary. You can "buy" something for $1 and trade it for almost anything.
 
if you are bound and determined a home equity loan would have lowest rate. for three months, maybe even a low interest credit card, i have a 7.99 card from credit union that I use for short term float.

http://www.bankrate.com/
 
I'm curious on why you feel you need to buy now? Why won't the deal be there in 3 months - or next year for that matter?
 
What are you looking to buy that costs $8K and why are you in such a rush to take a loan on a timeshare ?
 
Along with the 'Never finance a timeshare' advice, we ALWAYS pitch 'Buy resale, save thousands'. At today's prices, I can't visualize ANY resale that will command an $8,000 price. Even the Starwoods, and Marriotts and Hiltons are going for around half that price.

I won't tell you not to do it. You seem savvy about the value of your money- based on your decision to pre-pay your mortgage, but still, overpaying THEN financing a timeshare is, at best, suspect. You do the math, don't let the 'but I wanna give my family great vacations' out of it. Either way, you'll be welcome here. You can;t possibly make a financial misque that some TUGger hasn't beat you to.

Jim
 
Even the Starwoods, and Marriotts and Hiltons are going for around half that price.
Click to expand...

Well, actually, an Ocean Front unit in Hawaii goes for far more than that. ;)
 
I disagree with the conventional wisdom regarding financing. If I have a choice I prefer using other peoples money whenever I can. .. And if I dont have a choice ....If I dont have the cash, I take the loan

The real question is do you have the cash flow to handle the payments...and it sounds like you do
 
DeniseM said:
Well, actually, an Ocean Front unit in Hawaii goes for far more than that. ;)
Click to expand...

Our intrepid potential buyer has not shared the reason s/he feels this is worth (IMO) far more than the going rate. location and/or season would be one such.
 
Hopefully it isn't the SilverLeaf week he was looking at 2 weeks ago that the original owner still owned $2800.
 
Lightstream, the online part of Suntrust Bank. (To answer the question you asked)
 
may just save

I may just save for the simple fact that this timeshare is no longer being advertised.

This timeshare is definitely an exclusive timeshare I think I could be overpaying by $2000 I tried talking the couple down to $4000 I wanted to go no more than $5000. Yes definitely a resell I am looking at owning one maybe two silverleaf timeshares and here is why. I have done an immense amount of research.

I want silverleaf
I want a presidential
I want a good week in the summer highest usage times
I want a presidential purchased before Jan 10, 2001 (Endless Escape will be attached) It shouldn't transfer but there is a slim possibility and if it doesnt transfer. If by chance it does I dont ever want to worry about upgrading the reason I want presidential is free inhouse exchange and way more opportunity to use bonus time. Orlando Breeze location you have to use new bonus time anyway.
If endless escape transfers I am done buying on the resell market. Again its not suppose to but I hear about a small margin of the time they just forget to take this off.

Trust me when I say I have searched I am a programmer and I even developed an application to find these types of timeshares. I found a presidential for $2000 but no developers benefits would transfer on resells.

So if I get bonus time which on this purchase would be the least I would get then I will purchase another and the only one I have found is at $6500 for exactly what I am looking for a red week presidential with endless escapes.

So I look at it like this from the developer the best I was offered was.

Red week lodge with bonus time for $14,500

If all goes perfect I will get a better destination and could potentially net EE for $7000 in a presidential

and even if I dont get EE and get bonus and have to purchase the other one then im still at $13,500 which is $1000 cheaper than my red week lodge at the villages for two presidentials with bonus time.

I have done my homework here believe you me when i say

The cheapest presidential where bonus time would transfer is on redweek and its hill country for $4100 and under contract for probably way less :(. There is no EE though, but if I get bonus on my first transaction then I won't be so hung up on getting EE on the second transaction it would just be a preference.
 
lol

tschwa2 said:
Hopefully it isn't the SilverLeaf week he was looking at 2 weeks ago that the original owner still owned $2800.
Click to expand...

Its not I have learned since then and that one is a white week not a red week. SL will not give you SL equity either so it would be pointless so mise well start at the top and get red week presidential
 
If you like it and you have the money then go for it.
 
proper

thanks for the prosper link I wonder if they do a hard pull or soft pull up front I bet it is a hard pull it looks like right out of the gate on their website they try to get you to do a hard pull.

anyone had any positive experience with this website?
 
decadude said:
thanks for the prosper link I wonder if they do a hard pull or soft pull up front I bet it is a hard pull it looks like right out of the gate on their website they try to get you to do a hard pull.

anyone had any positive experience with this website?
Click to expand...

I've used them. Great experience. All on line until they make a final confirmation phone call at the end to make sure you're who you say you are. The higher your credit score the lower the interest rate.
 
If that deal is no longer available, put that loan payment you would have made into a slush account and when the right one comes along you may not have to go for that short term loan.
 
decadude said:
Before I get flamed too hard on this because I know the forum subscribes to the idea of if you can't afford it you shouldn't be buying it. I won't get into my personal financial situation; however, in short I dump any extra money on my house pay which is toward principal balance so I have no money saved. I don't want to miss out on this timeshare and it would take no more than three months to pay off a loan and I would because I don't like interest.

I have only called Citibank for a personal loan and they are at like 16.75% interest for me which won't do too much damage in a three month max. Need to borrow $8000 and am just trying to weigh my options.

Thanks to anyone who replies
Click to expand...

How about a home equity loan? Interest is tax deductible.
 
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