1 year Loan for DVC from Disney

[Lorrie7249]

Hi-has anyone done the 1 yr loan for direct DVC purchase from Disney? Have you been able to use credit card to make payments, including paying off early? If you use Disney Visa does it code as travel?

 

[Sandisw]

You can get 6 months 0% interest with the purchase of DVC on Disney Visa and you get the reward points,

DVC will allow you to break payments up to 90 days..for example 1/3 at 30 days, 1/3 at 60 and 1/3 at 90 days and then you get your 6 months additional from each one, basically getting 9 months to get it paid off,

I did this but only over 30 days so I had 7 months to get it paid! It was a nice feature as I was selling a contract at the same time as buying RIV so this just bridged the gap,

However, i do not know how it works if you take out an actual DVC loan with the Disney Visa and if you can use it to pay on that.

 

[sethschroeder]

Do not do a 1 year loan if you can avoid it instead do this:

- get Disney Visa
- request extended terms on cash payment of 90 days
- request $1k per 30 days charged until day 90 when remainder charged to your CC
- Disney Visa will get you 6 months interest free from time of charging
- if you get to the end of the bulk payment and are short money then balance transfer to another card that has an offer to get and extra 6-24 months

I would be absolutely sure though it's easy for you to pay off and you are not stretching yourself thing.

 

[sethschroeder]

1/3 at 30 days, 1/3 at 60 and 1/3 at 90 days

They can approve most things you ask for it doesn't have to be 1/3rd. We did like $2k/month with remainder at 90 days on your 300 points at RIV.

I had just randomly asked for $2k as well didn't push for less.

 

[Sandisw]

They can approve most things you ask for it doesn't have to be 1/3rd. We did like $2k/month with remainder at 90 days on your 300 points at RIV.

I had just randomly asked for $2k as well didn't push for less.

That was meant to be an example....not that it has to be that break down. I did $10K and then 30 days later split the balance on two different a Disney Visas.

 

[Lorrie7249]

You can get 6 months 0% interest with the purchase of DVC on Disney Visa and you get the reward points,

DVC will allow you to break payments up to 90 days..for example 1/3 at 30 days, 1/3 at 60 and 1/3 at 90 days and then you get your 6 months additional from each one, basically getting 9 months to get it paid off,

I did this but only over 30 days so I had 7 months to get it paid! It was a nice feature as I was selling a contract at the same time as buying RIV so this just bridged the gap,

However, i do not know how it works if you take out an actual DVC loan with the Disney Visa and if you can use it to pay on that.

i did this also with my first purchase, and if i do decide to go straight with disney visa, i will stretch it out over 90 days. It was just difficult to balance the credit limit before next charge came...

Was hoping to still get rewards while having more time to stretch out the payments against the balance

 

[Lorrie7249]

Do not do a 1 year loan if you can avoid it instead do this:

- get Disney Visa
- request extended terms on cash payment of 90 days
- request $1k per 30 days charged until day 90 when remainder charged to your CC
- Disney Visa will get you 6 months interest free from time of charging
- if you get to the end of the bulk payment and are short money then balance transfer to another card that has an offer to get and extra 6-24 months

I would be absolutely sure though it's easy for you to pay off and you are not stretching yourself thing.

Thanks for this... hadn't thought of that approach with the smaller charges the first couple of months. The first time i did this, i put about 1/2 down first, then split the next 2 in half again. Backwards! Although it did force me to pay off the bulk faster to stay within the credit limit and still be able to use my card day to day.

 

[KPeterso]

You can make loan payments on your credit card on the DVC site. I took a loan on my AKV points with the plan to pay within 2-3 years tops. I do the monthly deductions for the payments. And then when I wanted to make an interim payment, I would just logon and could make a principal payment at that time. Would usually take 1-2 days to show up online, but it would always tell you the full pay off amount and would tell you based on the extra payment how much else you still owe and when it would be paid in full if you were to follow their payment schedule. Not sure how it was coding exactly as I decided to go for miles on my extra payments so was using my Delta AMEX.

 

[Where'sPiglet?]

You can make loan payments on your credit card on the DVC site. I took a loan on my AKV points with the plan to pay within 2-3 years tops. I do the monthly deductions for the payments. And then when I wanted to make an interim payment, I would just logon and could make a principal payment at that time. Would usually take 1-2 days to show up online, but it would always tell you the full pay off amount and would tell you based on the extra payment how much else you still owe and when it would be paid in full if you were to follow their payment schedule. Not sure how it was coding exactly as I decided to go for miles on my extra payments so was using my Delta AMEX.

I did not know this was possible. I had heard you could do this for dues.

Do you use a Disney Visa to pay on the loan? Does it code in a way to give you 6 months 0% or is it just a regular charge?

 

[DVCSunDevil]

You can get 6 months 0% interest with the purchase of DVC on Disney Visa and you get the reward points,

DVC will allow you to break payments up to 90 days..for example 1/3 at 30 days, 1/3 at 60 and 1/3 at 90 days and then you get your 6 months additional from each one, basically getting 9 months to get it paid off,

I did this but only over 30 days so I had 7 months to get it paid! It was a nice feature as I was selling a contract at the same time as buying RIV so this just bridged the gap,

However, i do not know how it works if you take out an actual DVC loan with the Disney Visa and if you can use it to pay on that.

Interesting. Do you know of any site or link that explains that?

 

[DVCSunDevil]

Do not do a 1 year loan if you can avoid it instead do this:

- get Disney Visa
- request extended terms on cash payment of 90 days
- request $1k per 30 days charged until day 90 when remainder charged to your CC
- Disney Visa will get you 6 months interest free from time of charging
- if you get to the end of the bulk payment and are short money then balance transfer to another card that has an offer to get and extra 6-24 months

I would be absolutely sure though it's easy for you to pay off and you are not stretching yourself thing.

Absolutely correct on the "stretching yourself thin" part. I would always recommend to anyone NOT to buy into DVC unless they have the money. I would say definitely NOT to take out a loan to pay for a timeshare. However, if you have the money, the option of 0% over 6 months and getting the points makes sense. I mean if you are buying DVC anyway and can get credit card points for that purchase, why not?

 

[KPeterso]

I did not know this was possible. I had heard you could do this for dues.

Do you use a Disney Visa to pay on the loan? Does it code in a way to give you 6 months 0% or is it just a regular charge?

Only interim payments on your loans can be done on the credit card. The regular monthly payments still have to be linked to a bank account. I have not used my Disney Visa for the interim payments, so honestly no idea how it codes. I use my Delta AMEX to get the miles instead. I did not make extra interim payments unless I had the extra money that month (Covid and not going anywhere leads to extra savings so extra payments).

 

[Disneycouple99]

I did not know this was possible. I had heard you could do this for dues.

Do you use a Disney Visa to pay on the loan? Does it code in a way to give you 6 months 0% or is it just a regular charge?

When I used my Disney Visa to pay off the loan I only got the 2% reward points and not the 6 months. I did get the 0% when I used it to pay for a small add on.

 

[Where'sPiglet?]

When I used my Disney Visa to pay off the loan I only got the 2% reward points and not the 6 months. I did get the 0% when I used it to pay for a small add on.

That makes sense. Thanks.