View Full Version : Interested Canadian
01-04-2007, 10:38 PM
Any Canadians out there who can offer some advice with becoming a DVC member? How did you choose to finance? Did you use the financing through Disney or a Canadian route?
01-05-2007, 07:04 AM
When I originally bought thru Disney, I financed thru them but then did have a few months before payments started. Then a GIC become due and I paid it off right away.
I know of some that take out a line of credit to pay off DVC.
If you buy resale, you must pay right away, but I think they do offer financing but not sure if to Cdns.
01-05-2007, 02:12 PM
We bought our DVC in 2001 and financed thru Disney. We took out the 5 year payment plan. The interest rates were high so we paid it off in about 3 years.
We now have a line of credit at the bank and we used that when we added on last March. We charged the payments and then paid off the credit card using the line if credit.
We have no regrets. We are looking forward to our next trip in May
01-05-2007, 02:22 PM
If you are buying through Disney, I believe that Ontario is the only province they are registered to sell in. If you are outside ON, your options are to buy while you are at WDW (or DL) or to buy resale.
If you are interested in one of the older properties, you can still buy through Disney, but you may have to push the guides a little bit to let you do it. You can also buy resale, which may or may not be a better deal depending on closing costs, how many points are banked/borrowed, and price per point.
When we bought, we financed through Disney. A better option if you can afford it is to use a LOC against your house. The interest rate is usually at prime, which is considerably less than Disney. Disney financing though is very easy to set up, so you may consider going this route, at least at the beginning. There is no penalty for paying down or paying off early with Disney.
Be aware that unless you have a US bank account, you will need to pay your maintenance fees all in one shot in January each year. If you finance, you will pay that loan monthly. All payments can be made by credit card (including extra payments).
We are very happy with our stays at DVC. We love OKW and have never stayed anywhere else. I keep thinking about an add-on or resale, as we only have 150 points and sometimes it's not enough.
01-05-2007, 08:09 PM
We paid for ourpoints on our visa when we were ay WDW in 2005. Then paid with our line of credit. Paid our intial 150 point purchase off this year and plan on adding on another 100 points in September using the same plan. Best decison we made to purchace DVC, no regrets:cloud9:
01-05-2007, 09:15 PM
We bought 200 BWV points resale last March. We paid for them with our secured LOC. The was financing through the resale company but it was at a crazy interest rate. If we had bought through Disney we would have done what ont/ohana did to get the credit card points.
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