 kpatrick
Joined: 29 Oct 2007
Posts: 156
Location: Atlanta, Georgia
40.89 Dollars($)
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 Posted: Tue Jul 15, 2008 10:37 am Post subject: |
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Hi CDickson,
With a timeshare, you cannot go through the normal mortgage industry to get a loan, as you are not buying a property, just a week. To get financing, you have a few options.
You can do what you mentioned you didn't want to do, and pull money out of your primary home in the form of a second or a refinance. You can draw on a personal loan or line of credit that you may already have established. OR you can go through the company that the timeshare people use. This is usually not the best way, as the rates are rarely competitive, but it is a sure way.
Bottom line to keep in mind, is that you are not buying any real property (regardless of what the salespeople tell you). You are not buying an asset, you are buying a liability.
When you look at the upfront costs and then add the yearly maintenance fee, I think you will find that you will do as good or better if you just paid for your vacation yearly. (Or go to that timeshare place or another one somewhere else and get a crazy low rate for staying there in exchange for sitting through another 90 minute presentation). 
If you insist on buying a timeshare, please consider buying a "used" one as you will pay a fraction of the cost, and end up with the same exact "liability".
Kim
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