View Full Version : How does financing work from the UK?
09-05-2003, 01:58 PM
I was just wondering how most people paid for DVC?
Do a lot of people use the financing option?
I think we will be able to pay half cash but i will need to finance the other half. Can someone explain to me how this works from the UK!
Did most people do the financing through disney, is this easy?
Or, did they do the financing in the UK?
Any small amount of information would be helpful and greatly appreciated.
Thanks in advance:)
09-05-2003, 06:43 PM
We've not financed either of our purchases, we did look at the Disney financing though as a possible option and thought it was astronimical compared with interest rates on loans / credit cards here to be honest.
I'd say, if you need to finance use a 0% interest credit card and pay it off as soon as you can, therefore you get to take advantage of the good exchange rate, and don't end up paying a fortune in interest.
09-06-2003, 09:36 AM
I would agree, although Disney's interest rate isn't THAT bad, about 10% I think, but it is still possible to find other deals if you're looking for a short term answer.
I took up Disney's financing because it was easy to do and I knew I had a bonus payment coming 6-8 weeks after I'd signed up. Disney had no penalty for paying off the loan early so it was easier for me to do it that way and the slightly higher interest rate didn't make much difference on a couple of payments. What you have to think about is also how you make the loan payments, it may be possible to do them on a credit card payment, but if not it may work out a little expensive to send small amounts of dollars to the US on a regular basis. Usually banks will charge a fixed charge of about £15-20 for a telex transfer, that may put the overall charge up again for you. Another consideration is the exchange rate, if you think £ is a good rate at the moment and you leave the loan in $$s it will cost you more £ to repay that at a later date.
All in all I would try to get the financing here in the UK, it will be a lot easier to cover the charges/payment etc and you should be able to get a better rate.
09-07-2003, 06:53 PM
We used Disney finance on our main purchase (had three add on's since but used credit card !!) mainly because it was easy to do and at the time didn't seem that expensive compared to UK rates.UK rates have obviously fallen recently and I'm not sure if Disney's rates have dropped too.We pay our monthly payment by automatic debit to our credit card.If you do decide to borrow the money in the UK you may find some companies are reluctant to lend money for "time shares".
09-08-2003, 01:10 PM
Ok we got a personal loan through our bank -- which then paid disney in a U.S dollar draft. For our add on at Vero we just used our credit card which comes out every month.
09-09-2003, 05:07 PM
We paid for our purchase outright ( via our credit card), however I do remember our guide saying that if we were interested in financing that DVC has some kind of tie in with the Abbey National in this country for UK members.
I didn't enquire further at the time as we did not need to go down that route? Does anyone else know more about this?
09-22-2003, 01:33 PM
we did ours thru persoal loan at our bank glad we did *** the exchange rate went down. now we have paid back we love seeing how much it would cost to stay at disney esp the boardwalk without the dvc i.e $300+ a night lol
09-24-2003, 04:16 AM
I am not on commsion, but we just used the nationwide credit card. They don't charge a penny fo any overseas transaction, and got a better rate than you could get via a SWIFT payment.
They are the best for this by a long way.
This month, I am then using a transfer cheque from an interest free card and trying to pay off over the next 9 months.
That way, you don't have to pay interest at all on any loan.
If you need longer than 9 months then Barclays at the moment are offering that you never have to pay any interest on any transfers for the rest of your life, the only catch is that you have to spend £50 a month on your statement, and the minimum payments need to be made. Don't use Barclays for the initial transfer though as you do pay interest and they do charge you astronomical fees for doing it.
Who says I am a boring accountant!!!!
09-24-2003, 07:16 AM
We are in the process of purchasing at the moment.
This is the way we're doing it:-
We've got a personal loan from Lombard Direct at 6.6%.
Then, opened an account with a company called TTTMoneycorp in London.They only charge £15 for a U.S. transaction and I've got a rate of $1.64 from them as of yesterday which is better than the high street banks will give you, I think.
They ask me how much in Dollars I want to send over and then I send a cheque to them in sterling. (@1.64)
I looked at the credit card option but they charge around 2.75% commission on foreign exchange(though the 'Nationwide' card 0%mentioned earlier seems a good way to go)
10-06-2003, 03:01 PM
When we financed our dvc we used disney as us rates were cheaper and if you paid the loan of early as we did there was no penalties as it would be if we financed it through uk ( they used Abbey national at the time)if you can pay of as soon as you can we paid ours of in 6 months and paid 50% up frount.If you are good at playing the cards you could pay 0% on the ballance to pay
10-06-2003, 03:53 PM
Just aplyed for the Nationwide card as it will save me monney on my dvc dues and when we go at xmas and may,on the dues it saves £15.00 and each holiday we can put about £1000 on a card so that would be £60 pays for a meal!
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