RE : PayPal for timeshare financing

[Thom Junior Member Find all posts View Profile Close Thom]

Word of advice and warning ....in my opinion ...DO NOT get involved with PayPal when it comes to timeshare financing. They charge around 20% on financing......Only after I had purchased more points did I learn what the real truth is about getting involved with PayPal and timeshare financing. The timeshare system I was with "neglected" , purposely in my opinion, to inform me of the % rate for financing thru PayPal. I have never had to finance anything with anyone, that the rates weren't in a single digit's , till I ran into PayPal . Don't use them !! Also ...PayPal lowers the monthly premium as the time goes on ...that drags out the repayment period and increases their monies collected .... think about it ..your paying 20% on the balance each month.

[ronparise Senior Member Find all posts View Profile Close ronparise]

You dont say whether you bought directly from a developer or on the secondary market. but either way most financial advisers would advise against financing timeshares at all.
The problem with financing a timeshare (from a lenders point of view) is that there is no collateral. Timeshares have no value; no one wants to take back the timeshare if you default. So these are extremely risky loans.. so the banks (and paypal) feel justified charging extremely high interest.

At this point The best advice I think would be to pay the loan off, If thats not possible, borrow against you home, or use a low interest credit card, or borrow against your 401k. Even a personal loan at your bank or credit union will be better, FYI the new Costco branded Citibank is I think 25% interest , but its interest free for the first year

Good Luck

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I've always said that a timeshare should be paid in full with any loans. If you can't pay for it with what you have, you can't afford it. Buy resale !

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I've always said that a timeshare should be paid in full with any loans. If you can't pay for it with what you have, you can't afford it. Buy resale !

I was gonna say the same thing, and that I have never heard of financing one on Pay Pal, but I didn't.

But, what a coincidence any way.