Can You Refinance Your Timeshare or Timeshare Resale? Part 3 of 3
Friday, September 25, 2009
In our last two blog posts (Part 1 and Part 2), The Timeshare Authority has looked at options for refinancing timeshare or selling timeshare on which you still owe debt. Here in Part 3 of the series, we’ll look at borrowing money against a timeshare you own.
Once upon a time (which is how so many fairy tales begin) timeshare owners with good credit could sometimes borrow money against their timeshare. Opportunities to do so were never abundant but there were a few specialized companies that offered loans under specific circumstances. Two such lenders, Tammac Financial and First Again, were mentioned in Part 1 of the series, but due to the current economic climate neither company is making this type of loan.
Although you will probably not be able to find any lender today who wants to loan money against your timeshare, that doesn’t mean that you are without opportunities to make your timeshare pay off. One option is to use your vacation ownership property as a timeshare rental.
The Value of Renting Timeshare
It always surprises me how many people miss this opportunity, but if you are not using your timeshare for your own vacations and travel, why not take advantage of it as a timeshare rental? Every year timeshare owners let their timeshare weeks or intervals go unused because of illness, schedule conflicts, or any number of other reasons. Yet, if you rent timeshare for an amount of money equal to your annual fees, then you have covered your expense for the year. And if you rent your timeshare for more than your annual fees, you have actually recouped money which you can use in any way you choose, including applying to your timeshare loan payment. To learn more about the possibility of turning your unused timeshare week into timeshare rental cash, visit the Sell My Timeshare NOW website or talk to the timeshare rental specialists by calling: (877) 815-4227.
While there presently may not be as many alternatives available in timeshare financing or timeshare refinancing as there have been in the past, you do still have options. And whether you have made good choices in the past about buying or selling timeshare, the important thing is that you make good choices now and in the future. There is no such thing as a one-size-fits all answer to your timeshare concerns, so take the time to ask questions, get information and find the solution that is right for you.
