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Old 08-21-2013, 10:29 AM   #1
nyisles84
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Question on how Disney Financing works

Hello All. I have a quick question of how interest and financing works through Disney.

I am a dummy when it comes to math and all these fancy calculations.

So my question is, if you are offered the 8.99% interest rate (DVC Member putting 20% down), is that interest hit every year? Or does it work where they just add 8.99% interest to the total amount you loaned through Disney.

Any help would be great.

Thanks!
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Old 08-21-2013, 10:31 AM   #2
erionm
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Your monthly payment will include interest and principal.
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Old 08-21-2013, 10:39 AM   #3
nyisles84
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Quote:
Originally Posted by erionm View Post
Your monthly payment will include interest and principal.
Yes. I guess what I am trying to find out really is how much in interest will I be paying over the course of a loan.

Do I just take the amount loaned and add 8.99% to it or is 8.99% charged every year based on the amount that is left?
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Old 08-21-2013, 10:45 AM   #4
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I'd just google for a loan calculator. Most will provide the total amount of interest paid.
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Old 08-21-2013, 11:11 AM   #5
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Quote:
Originally Posted by Lynne M View Post
I'd just google for a loan calculator. Most will provide the total amount of interest paid.
I've used this one -- http://www.thecalculatorsite.com/fin...calculator.php.
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Old 08-21-2013, 11:18 AM   #6
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Quote:
Originally Posted by nyisles84 View Post
Hello All. I have a quick question of how interest and financing works through Disney.

I am a dummy when it comes to math and all these fancy calculations.

So my question is, if you are offered the 8.99% interest rate (DVC Member putting 20% down), is that interest hit every year? Or does it work where they just add 8.99% interest to the total amount you loaned through Disney.

Any help would be great.

Thanks!
If you financed $20,000 at 8.99%, you would pay approx. $10,389.20 in interest over 10 years. You could reduce that by about half if you financed for 5 years.
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Old 08-21-2013, 11:23 AM   #7
nyisles84
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Awesome. Thank you everyone!
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Old 08-21-2013, 11:25 AM   #8
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It is per year, but as you pay it off, the amount charged will be based on the balance. As mentioned, it is easy to find and use the rate calculators for the exact amount. There is no prepayment penalty with Disney so you can pay off the balance whenever you want and that will reduce the total interest paid. The longer you hold the loan, the more interest you pay.
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