Why It Is Tougher to Get a Timeshare.

Qualifications Getting Tougher

May 10th, 2009

I am sure you are all aware that the Timeshare industry is not as lucrative as it was this time last year and the year before. With that being said, for those who still find themselves wanting to purchase a timeshare, or upgrade your existing ownership you will find it to be more difficult to qualify. Many of the major timeshare companies carry their own paper and make the loans themselves. Until the last 6 month, it has been known that ANYONE could qualify for a loan to purchase a timeshare.Even if you had a terrible credit score, the timeshare companies where proud of the fact that anyone could qualify for a loan. It just depended how much you would have to put down. Many found themselves able to use the equity they built on their existing timeshare to roll the loan over and not have to put anything down. Some  could qualify for an interest rate of 8.99%. Well, as I am sure you know, those days are long gone. Now, if you do not have a credit score of over 700 you do not even get to play ball without a huge down payment and a ridiculous interest rate. That was the one problem that sales reps would run into. The ones that wanted to buy new or upgrade were always the ones with bad credit. Now that is not the issue. Now it strictly depends on how much money do they have in savings, investments, or that they can barrow from another source.

The bar to qualify for a loan has been raised. Additionally, you can count on the scams and tricks to be raised as well. Think about it, sales reps need to make a living, and the only way to do this is to make a sell. You may think that they are there to help you, but the simple fact of the matter is that they are only concerned with one thing. Do you have the credit score to qualify, and if you don’t, they will do one of two things. Sales reps will either kick them to the curb, or they will be so convincing that you will find yourself desperately needing to find the money for the down payment.

Owners, and those who plan on taking a timeshare tour this summer in hopes of getting free gifts. You are not alone, and the sales reps have had all winter to practice thier tactics to get the sale closed. Remember a couple of things. If it sounds too good to be true, it probably is. Second, you can always walk away and come back if this something that you want to do. I am sure that there are not too many truck lovers going out right now and looking at those big diesels, of huge gas guzzlers. Why should vacationers be any different?

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