Marquis Villas Resort

What is the best place to refinance a timeshare?

I just bought a timeshare and am in desperate need of refinancing bc it has a 15.99% interest rate. I don't know where to go though to get a better rate. Any help is very much appreciated. Thanks! The credit union offered to let me put my cars as collateral to pay off the timeshare then my car payments would just be higher and with a 6.5% interest rate for 4 & 4.5 yrs. Does that sound like a good idea?

Public Comments

1. Did you just buy it a a few days ago. Research the laws on how to get out of a contract. In my state you have only 72 hours to re-neg on a contract. Timeshares are never a good financial move. It is always cheaper to rent a nice condo (same size). See if you can get out of the contract. /
2. No one will be interested in refinancing this as they will not be able to foreclose it, you do not own enough of it. You might try a personal loan, secured with a different asset, and pay it off that way.
3. If you cannot rescind the contract because you just bought it, one of the best things to do is to pay off your timeshare like you're trying to do. You will most likely have to go through a personal loan like what your credit union is offering in order to do it. No bank will refinance a timeshare loan, which makes a statement as to the value of a timeshare. Do it only if you know that you can make the payments. I don't want you to lose your car. But in the end it's better to pay 6.5% than 15.99%. Plus, if you want to get rid of the timeshare, you'll be in a better position to do so.