With the low interest rates currently available in the finance marketplace, consumers have been refinancing their loans for years. Mortgages, car loans, just about every type of loan imaginable. So why hasn’t the timeshare industry caught up with this trend by offering timeshare refinancing?
The answer is, it has.
Timeshare owners who purchased their ownership through their resort may have taken out a loan to pay for it and understand the high interest rates charged by those resorts.
Loans with double digit interest rates have been the norm for nearly as long as resorts have been selling timeshare but, by refinancing your loan, you don’t have to keep paying those high rates.
How Does Timeshare Refinancing Work?
It’s simple. Banks and finance companies now understand the needs of the growing timeshare secondary market, especially for existing owners to make their current ownership more affordable.
By offering loans in the after-market for refinancing or resale purchases, these institutions have created new programs to satisfy the financing needs of current and future owners.
In the online-driven world we live in, owners now have the chance to explore websites created by these companies which allow owners to search for timeshare refinancing programs that best suit their circumstances.
Not everyone is in the same financial situation, with various credit scores, outstanding loan balances and personal finance considerations, so these sites have been set up for owners to easily apply for programs for which they qualify.
Who Can You Talk To?
1) First State Bank of the Florida Keys
The name may indicate the laid-back feel of the Keys, but this bank offers financing for certain timeshare resorts across Florida as well as Hawaii, Nevada, South Carolina and California. To learn more and apply online to request a loan, owners can click on the following link:
SunTrust Bank has created an online lending division under the name LightStream, with a new program specifically tailored to timeshare owners. Fast and paperless, owners can learn more through the online application process by going to:
These companies are trusted providers of finance options, so there is no need to keep paying those exorbitant interest rates any longer. Lower your payments by working with them and have more fun on your vacation.