A few Financing Questions?

[penlanspice]

We are looking to add on 100pts and finance through disney, anyone know what would be the minimum amount of years we could do this for?

Thanks

Sam

 

[hellerjw]

I believe they still offer a 1 year loan. They also offer a 5 year term, as well as, the more popular 10 year term. If I remember correctly the interest rate on the 1 year is around 5% and around 11% for the other 2 options. Ther is also approx. $350 in closing costs.

 

[penlanspice]

If I bought say 100 points could I have them on 10 year financing?

Thanks

 

[hellerjw]

Assuming you qualify, then yes. I believe their qualification process is pretty lenient. The loan does not show up on your credit report, just the simple credit inquiry they do during the application process.

Also, for most folks the loan interest is tax deductible as mortgage interest (like on a 2nd home), but you would need to discuss it with your tax advisor to be sure.

They require a 10% down payment, but current incentives may lower this through promotional credits. The "preferred" interest rate is 10.75% on a 10 year term. Add-ons don't have closing costs. I believe the minimum add-on to receive Disney financing is 50 pts. To receive any current incentives you have to add-on at least 100 pts.

Since you are from the UK I'm not sure if there are different rules for non-US Citizens

 

[Tozzie]

I just did a 100 point add on, I paid for it but I could have financed 1, 5 or 10 years. Also if you are already a member and add on through Disney ther are NO closing costs. It only cost me the total for the points.

 

[lowepg]

what is the APR on the non-preferred 10-yr?

Just curious.... the preferred isnt super enticing as it is- but i guess not bad for an unsecured loan....

Im assuming we will refinance in with HE or even 401k loan (and pay myself interest), but curious all the same...

 

[Tozzie]

what is the APR on the non-preferred 10-yr?

Just curious.... the preferred isnt super enticing as it is- but i guess not bad for an unsecured loan....

Im assuming we will refinance in with HE or even 401k loan (and pay myself interest), but curious all the same...[/QUOTE

When I purchased in June the non preferred rate was I think 14.75%

 

[MILLZ]

Just Did There 1 Year Loan Today Half Down And 4.95 Financing For A Year. I Chose This To Let The Market Rebound A Little Instead Of Taking Money From Investments

 

[WilsonFlyer]

what is the APR on the non-preferred 10-yr?

Just curious.... the preferred isnt super enticing as it is- but i guess not bad for an unsecured loan....

Im assuming we will refinance in with HE or even 401k loan (and pay myself interest), but curious all the same...

Unsecured? I can't imagine it could get any more secured than it is.

 

[RobDoc]

DVC financing is available for purchases of 50 or more points at 10.9% for up to 10 years with 10% down and the $5 incentive may be applied to the downpayment for purchases of 100 or more. There is also an option of 4.9% for 1 year with 50% down.