{"id":6813,"date":"2016-06-24T10:34:41","date_gmt":"2016-06-24T14:34:41","guid":{"rendered":"https:\/\/www.vacationclubloans.com\/?p=6813"},"modified":"2016-06-24T10:34:41","modified_gmt":"2016-06-24T14:34:41","slug":"best-reasons-to-finance-your-timeshare-purchase","status":"publish","type":"post","link":"https:\/\/vacationclubloans.com\/website_fd31748e\/best-reasons-to-finance-your-timeshare-purchase\/","title":{"rendered":"Best Reasons to Finance Your Timeshare Purchase"},"content":{"rendered":"

Financing your next timeshare may not be on your radar, however paying cash up front may not be the best financial decision either once you read the best reasons to finance your timeshare purchase below.<\/p>\n

Why Financing if Preferable<\/strong><\/p>\n

Having cash in hand and sending it to the escrow company at closing is great if you can afford it, but the fact is that many people scrimp and save for several months or years to pay for their timeshare.\u00a0 If saving has been this difficult for you, it\u2019s not a good idea to pay for the interval or points in full.<\/p>\n

Taking on a loan allows you to spread out some of that cost, so you aren\u2019t parting with all of your money at once.\u00a0 You can use a hefty chunk or as little as 20% of the purchase price as a down payment, but wiping out your savings is ill advised.\u00a0 This is because it\u2019s a much wiser decision to leave an emergency fund in your savings account for those unexpected costs that may arise.<\/p>\n

Furthermore, you could use some of that pay-in-full cash to actually go on vacation and enjoy what you just purchased. This is called \u201cbalancing the fun with the funds<\/strong>\u201d. Why pay $10,000 today for 10 years of future accommodations when you can pay $1,000 each year (plus a small amount of interest) for ten years and enjoy the same accommodations for the same amount of time.<\/p>\n

Financing will also allow you to get the vacation package that you otherwise cannot afford upfront.\u00a0 This way you have your choice of premium accommodations and best seasons more suited for your family\u2019s lifestyle, rather than settling for something not perfect and trying to upgrade on much later.<\/p>\n

This doesn\u2019t mean you should take on a loan bigger than you can afford.\u00a0 Your resale broker should be able to provide you with a few options and price ranges on the vacation package you want.\u00a0 Use this easy payment calculator here https:\/\/www.vacationclubloans.com\/rates-calculator\/<\/a>\u00a0 to see prices vs. down payment which result in different monthly payment amounts.\u00a0 You should pick the one that you are most comfortable with without stretching your budget.<\/p>\n

Timeshares Are Not Investments<\/strong><\/p>\n

Although this factual statement is true, investing in your family\u2019s happiness is priceless.\u00a0 If you are planning on vacationing as often as your lifestyle and careers allow, purchasing a timeshare is a great choice.\u00a0 It\u2019s well known that the superior accommodations over hotels will bring many happy memories and avoid many discomforts of sharing small spaces with little amenities.<\/p>\n

As individuals we purchase assets that depreciate all the time. Take a car for example.\u00a0 We purchase and they always depreciate (unless it\u2019s a million dollar sports car). If you are comfortable with the fact that a vacation is an expense, just like your car payment, why not save your cash and finance the larger purchases?<\/p>\n

It\u2019s implied in the \u201ccash only model\u201d is that all debt is inherently bad. This is not wholeheartedly true.\u00a0 If you paid cash for everything you would not build any credit and this can hurt you.\u00a0 Having good credit when applying for car insurance or a job can verify you are responsible and able to follow through on your commitments.<\/p>\n

Financing a timeshare purchase can also help increase your credit score.\u00a0 By using a lender that reports to credit bureaus you will benefit from making those payments on time.<\/p>\n

Regardless of the price and down payment you choose, make sure your loan does not have additional monthly fees or a prepayment penalty as this adds to the cost and can erase all the savings you made on your original purchase.\u00a0 You should be able to make your monthly payments on just the principle and interest and add additional principle payments anytime you like.<\/p>\n

Contact www.vacationclubloans.com<\/a> for a free credit evaluation and quote if you want to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financing your next timeshare may not be on your radar, however paying cash up front may not be the best financial decision either once you read the best reasons to finance your timeshare purchase below. 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