Timeshares are excellent investments. Because most resorts feature in-house financing, most people can qualify for a timeshare. Unfortunately, in-house financing means higher interest rates. If you want to save money on a timeshare, consider a refinance of your timeshare. Here's what you'll need to consider.
Instructions
1. Check your personal credit report. If you have bad credit, a refinance may not offer a lower interest rate. Before contacting a lender, order a copy of your credit report. The idea is to get the lowest rate possible. If necessary, put off the refinance and make credit improvements.
2. Contact a timeshare refinance company. Several companies specialize in timeshare refinances, in which you can obtain a better interest rate or extend your loan term. Rather than pick a random company, look for 3 or 4 different companies and request a no-obligation quote. Hence, you get the best deal on the refinance.
3. Refinance the loan with a bank or credit union. Banks and credit unions often offer the lowest interest rate on timeshares. Initially, you may have to purchase the timeshare with in-house financing and then refinance at a later date.
4. Get a home equity loan. Another way to refinance and ultimately pay off a timeshare is to apply for a home equity loan or cash-out mortgage refinance. You#x2019;ll receive a lump sum of cash, in which you can pay off the timeshare loan. Sine home equity loans and mortgage refinances have lower rates, you#x2019;ll save money.
5. Transfer the timeshare balance to a low-interest credit card. If you have an excellent credit history, you may qualify for a low-rate credit card. Use the credit card to pay off the timeshare. This method is risky, but if you#x2019;re able to pay off the balance within a couple of years, it#x2019;s an easy way to refinance a timeshare.
Related Posts:
Cashout Refinance Rules
If you decide on a cash-out refinance option, there are some rules and guidelines you should know. A cash-out refinance is when you refinance your current mortgage with a bigger loan and take the...
Refinance Your Car With Bank Of America
Many Americans turn to Bank of America, the largest bank in the U.S., when they need to refinance car loans. Most people refinance loans to lower their interest rates, but some extract cash from v...
Refinance Your Car With Usaa
Refinance Your Car With USAAUSAA, also known as the U.S. Automobile Association, is a membership bank that United States soldiers own, operate and use. As long as you are in the U.S. Army or you h...
Sell A Wyndham Timeshare
You may be able to get cash for your Wyndham time-share points.Purchasing points at a Wyndham time-share resort might have seemed like a good idea at the time you did it, but later you may realize...
Bowflex Financing Options
Finance your Bowflex.The Bowflex is an innovative home gym that allows the user to exercise all muscle groups using one machine. Its compact design makes it easy to use from home. As of 2010 a Bow...
