Compare destination club financing in January 2019 | finder.com
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Destination club financing

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Vacation at luxurious houses around the world without having to buy a second home.

Despite the hefty cost, you may not have to empty your savings or liquidate valuable assets in order to fund your membership with a destination club. Check out the cost of different clubs and how you can get financed to make your vacations the best they can be.
Credible Personal Loans

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    How do destination clubs work?

    When you’re part of a destination club, also known as a vacation club, you can choose from locations around the world every year and spend your free time in luxurious houses without having to worry about maintaining a second home. Instead of buying property, you can choose to either buy equity in several locations or rent a place when you need it by using a point system.

    Both options have a similar price structure: an initial fee that acts as a deposit for your membership, a per-night cost to cover your stay and an annual membership fee that is generally used for house maintenance and employing staff. These are the most common expenses for vacation clubs, but the actual cost and fees will vary club-to-club.

    How can I finance my destination club membership?

    Your financing options range from personal loans to in-house financing. It all depends on the vacation club you’re interested in.

    Personal loan

    Personal loans are general-purpose credit products that can be borrowed from a bank, credit union or online lender. Online lenders typically have quicker turnarounds.

    Pros

    • Turnaround time can be quick, sometimes as soon as the next business day
    • You can potentially secure the loan with a luxury item for a lower APR
    Cons

    • Maximum loan amount may not be enough to cover the entire deposit for certain clubs
    • Higher credit standards than credit cards

    Peer-to-peer loan

    Peer-to-peer lending marketplaces bring individual investors and borrowers together. Rather than being a direct lender, peer-to-peer services act as a platform and connection service for people who want to take out loans and those who want to fund them.

    Pros

    • Higher maximum loan amounts than most unsecured personal loans and credit cards
    • APR offered will typically be favorable to other forms of credit
    Cons

    • High credit standards
    • Your loan may not get fully funded

    In-house financing

    Certain destination clubs, like Marriott and Disney, offer direct financing. This means potentially cutting out a third-party lender completely.

    Pros

    • Potentially finance the entire cost of membership
    • Can be offered for both initial deposit and annual dues
    Cons

    • Financing can only be used to fund membership to the club offering it
    • Typically only established hotel and resort chains offer in-house financing

    Credit cards

    These lines of credit issued by financial institutions via a plastic card give you a borrowing limit that you borrow from again and again.

    Pros

    Cons

    • Lower maximum financing amounts than other options
    • APR is typically less desirable than other financing options after the introductory period

    Compare personal loans from top providers

    Rates last updated January 24th, 2019

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    3.99% to 35.99% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit.
    550
    $100,000
    3.34% to 35.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    640
    $40,000
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.79% to 16.24% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    550
    $100,000
    3.84% to 35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    640 FICO®
    $35,000
    5.99% to 29.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    How much does a destination club membership cost?

    It’s pretty easy to break down the cost of a destination club membership. How frequently you use your membership, when you want to go and what status you want to hold in the club will all impact your cost.

    • Initial deposit. Likely the biggest expense, this can range from as little as $7,500 to more than $800,000.
    • Annual dues. You’ll pay as little as $0 all the way to $40,000 or more depending on the club.
    • Additional rental costs per night. Though discounted from the normal cost of the location, this can run around $2,000 or more per night.
    • Cancellation fees. These vary based on the club. Some also charge transfer fees when passing on a membership to a friend or family member.
    • Taxes. Your location and the other costs will impact what taxes you pay.

    Costs of popular destination clubs

    Initial CostAnnual DuesPrimary Locations
    Inspirato$10,000–$35,000$3,500Global
    Solstice$15,000$44,000+US, Europe
    Disney Vacation Club$18,200–$40,950$750–$1,700Global
    G2G Collection$18,995$0; must purchase one trip to be donated or make a donation of $1,000 or more to The Giving Plan Foundation each year to maintain an active membershipUS, Mexico
    Rocksure Property$83,000–$410,000$1,600–$12,500US, Europe, Asia Pacific
    Exclusive Resorts$85,000–$250,000$19,725–$39,450Global
    The Hideaways Club$85,000–$281,000$10,500–$21,000Global
    Ritz-Carlton Club$100,000–$800,0000VariesGlobal
    Equity Estates$257,500–$692,500$13,500–$40,500US, Europe, Caribbean

    Destination clubs vs. timeshares

    There’s a lot of initial overlap between the two: You pay for the privilege of vacationing at a specific destination for around a week a year. But overall, timeshares are a much more limiting experience. Although you’ll own a piece of real estate, you won’t be able to access it all the time.

    With a destination club, you’ll not only have access to a piece of property whenever you want, but the luxury aspects as well. Many clubs offer vacation packages, specialty planning and other amenities you’ll need during your stay. Although you won’t necessarily own the property you’re staying in, you’ll have much more flexibility. Destination clubs allow you to pick when you’re going on vacation, where you’re heading to and how long you want to stay.

    The added flexibility is why destination clubs come at a premium price and why many timeshares are starting to rebrand themselves based on the destination club point system.

    5 easy steps to have a top-of-the-line vacation

    1. Start planning early. A year in advance may seem like overkill, but it can get you the best rates and the best locations — especially if you’re a member of a popular club like Disney.
    2. Do your research. Find out if any local festivals or celebrations are going on while you’ll be visiting. Not only will it mean more crowds, but your per-night cost might be more than during a regular time of year.
    3. Have backup plans for your backup plans. Life can go awry at the worst possible times, and having a contingency plan can make you the hero of the day. And depending on your destination club, you might also have access to a vacation planner who can help.
    4. Take out travel insurance. On the same note, taking out travel insurance where you can might save you a lot of money if your plans are prone to changing.
    5. Hire a concierge. Should your new destination club membership not afford you one, hire a concierge to make your experience one of a kind. They’ll know all the great local spots and how you can get the most out of your stay.

    Bottom line

    Joining a destination club can be a big expense — one you may need help with. To find the best financing option for your choice, take your time and compare your loan options. It’s hard to remove the emotional tie to choosing where you’ll be relaxing, but sidestepping heavy sales pitches in order to make a clear decision could save you big in the long run.

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    Rhys Subitch

    Rhys Subitch is a content creator and editor for finder.com. They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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