I'm thinking of buying a nice timeshare somewhere in Florida but haven't got enough dough to spare. So, I'll have to borrow some money. :( Could anyone tell me how do I go about this? Is there a specific loan arrangement for timeshares, and if so how do I get it? Any input is most welcome.
I appreciate your comments. Thanks everyone.
You could get a bank loan, but the interest rates are quite high (around 14%). You might find it difficult to pay off your loan. Try using your credit card, if the interest rate is low. But IMHO, it's better to stay away from bank loans, that too for the purpose of timeshares.
First of all, it's not a good idea to buy a timeshare which you can't afford to pay on your own. Whatever your budget is, buy a timeshare which suits your budget and you will be fine.
The problem is, if you go for an expensive timeshare even when you don't have enough money, you might have to get a loan or borrow money from your friends/relatives, which puts you in a crunch situation. While you don't get any returns from your timeshare, (as it's not an investment) you still have to pay the EMI for the loan, which adds to your burden of monthly expenditure. Down the line, you might find it harder to cope up with the increase in expenditure. Besides, you might also have to pay MF and other fees associated with your timeshare.
Trust me, whatever your budget is, you can always get a nice timeshare which gives total value for your money. All that is needed is a little patience and a little alertness. So, buy one that suits your budget.
It's really hard to find lenders offering loans for timeshares. Instead, you can try out other financial institutions and get a loan if you have a collateral. But then it becomes risky, as one of your important properties could be at stake. You've gotta analyze things and then go for that.