Non DIS Financing

[AnimalPrincess]

Just curious how you all financed (if you did) if you didn't finace through Disney? Thanks in advance!

[tacomaranch]

I paid cash for the purchase. I can't afford the interest rates.

[korbbec]

Credit Card. Most will frown on that I know, but I got an offer from a dormant card- they sent me checks- $75 fee, 5.99% for the life of the "loan". I plan to pay ot off within 6 mos.

[rie'smom]

We put ours on Amex and paid it off. However,I did ask at the bank and they recommended a second mortgage-the interest is deductible.

[mrsR123]

Equity line.

[dumbo71]

Geeze I didn't know the Dis offered financing.:rotfl2: :rotfl:

What kind of rates do they offer?

Seriously, financing a luxury purchase like DVC is not recommended so I won't even give you the options. Wait until you can pay cash. If you can never pay cash, well, no DVC then.

You'll thank me later.

[DisDaydreamer]

Geeze I didn't know the Dis offered financing.:rotfl2: :rotfl:

What kind of rates do they offer?

Seriously, financing a luxury purchase like DVC is not recommended so I won't even give you the options. Wait until you can pay cash. If you can never pay cash, well, no DVC then.

You'll thank me later.

You're probably right for most people, but we couldn't afford cash eight years ago and also took the Disney financing. Today we are paid-off and very happy DVCrs. Not suggesting that anyone take-on debt they are not ready to service, but sometimes it is a part of life. Plan carefully and honestly!

[Mahusky]

I financed a resale through Tamrack. They were reffered to me by the TSS.

["Got Disney"]

We just purchased 400 pts and financed through Disney but the interest is at almost 11% so will transfere most of it to our Equity line that is at 8% and pay off ASAP....if we were to keep the loan for 10 years on Disney the interest would be around 20,000...YUCK...

So here is how it looks...

200 + 200=400

first contract for 200 pts at $ 86.00 a point;pts originally $101.00 but was given 3,000 discount to bring down to $86.00
loan for 10 years
Deposit + other costs + 3,000 discount = 5.020.00
Amount financed= 15,180.00
interest is 10.75% and can go up= 9,726.72
Total of pmts(amt you will pay after you have made all pmts as scheduled)= 24,906.72
Total sale= 29,926.72
so...15,180 + 9,726.72= 24,906.72 + 5,020= 29,926.72 total price

Than you need to multiply 29,926 x 2(for the other 200 pts) = 59,852.00 that is an OUCH!!!:eek:

Than of course the $1500.00 assocoiation fee per year that will also increase yearly....so the only thing to do is pay it off and pay it off quick to save as much of the almost $20,000 in interest....:thumbsup2

But the interest can be used as a right off so that helps....right :goodvibes

Robinpopcorn::

No matter what the cost at this time in the long run when paid off it will be well worth it....we will also down the line get more points.

[byoung]

I paid cash for the purchase. I can't afford the interest rates.

Used Visa but paid it off without interest.

[AnimalPrincess]

Thanks guys and keep the replys coming. We actually bought in September and finaced through DVC. We can not afford to pay it off now but since we are currently CM's it would have been stupid to do it later when we might have had more cash (but no discount). I do want may it off asap or at least get the interest rate down so I wanted to know what others have done. TIA

[WendyinNC]

I'm thinking of borrowing from my 401k rather than selling any of my current investments or taking out a loan.

[cslittle999]

We used our equitity line of credit. If we had purchased direct from Disney we would have put it on our credit card to get the points and then paid the credit card off with the line of credit.