Adding on and Financing Questions

[FinallyBoughtDVC]

We are getting ready to add on when Contemporary (i am NOT calling it the BLT, I am starving and it just isn't fair ).

We have 510 points we paid cash for in 2005. We are in the midst of a huge house renovation and don't want to use any cash right now. So, my questions are:

1. Can we 100% finance an add-on through Disney since we already own such a large interest?
2. We would want to pay it off in full within a year (once all our house stuff is done). So, we also need to know if there are any pre-payment penalties for paying the loan off so quickly.

Thanks so much!

 

[tedisney]

I've never heard of anyone financing without the 10% minimum down payment, but it never hurts to ask.

There are no pre-payment penalties.

Hope that helps!

 

[FinallyBoughtDVC]

Well, 10% is nothing - never really thought of it like that. Duh. I need to chill out. LOL.

 

[disneynutz]

We are getting ready to add on when Contemporary (i am NOT calling it the BLT, I am starving and it just isn't fair ).

We have 510 points we paid cash for in 2005. We are in the midst of a huge house renovation and don't want to use any cash right now. So, my questions are:

1. Can we 100% finance an add-on through Disney since we already own such a large interest?
2. We would want to pay it off in full within a year (once all our house stuff is done). So, we also need to know if there are any pre-payment penalties for paying the loan off so quickly.

Thanks so much!

We put our purchases on CC to get the points. Some cards have a differed payment option. You might be able to get points and not pay for a few months.

 

[icydog]

We put our purchases on CC to get the points. Some cards have a differed payment option. You might be able to get points and not pay for a few months.

I don't believe you can put the whole thing on a cc. I think they will only allow $2500 per contract.
What about a Home Equity note. It is cheaper and you can pay that back as soon as you want. Pay whatever you can with a CC and the Pay the rest with a Home equity loan and then repay it as soon as you can.

 

[FinallyBoughtDVC]

Thanks everyone. Honestly, my brain was just not thinking. We don't normally finance anything, so I thought it would be easier to finance everything.

Honestly, even if we buy 300 points, 10% down is only $3000. We have a huge cushion in our construction budget, and will more than likely have the money left over at the end of our renovation (unless something comes in way over budget). But, we don't want to tie it up any money during construction.

Anyway, if I knew exactly when Disney was going to release the Contemporary points, it would make life easier. Just wanted to have all our ducks in a row.

BTW, we did put our first purchase on our Disney Visa in three steps to get the points. We did $15K, paid it in full, $15K, paid it in full, $15K and paid it in full (that was the limit on the card at that time). That's actually a good idea too.

Thanks again everyone. Now I know what all my options are!

 

[disneynutz]

I don't believe you can put the whole thing on a cc. I think they will only allow $2500 per contract.
What about a Home Equity note. It is cheaper and you can pay that back as soon as you want. Pay whatever you can with a CC and the Pay the rest with a Home equity loan and then repay it as soon as you can.

The $2500 limit is for the Disney Chase card. We use a airline CC and get free airline tickets.

 

[kgc07]

The $2500 limit is for the Disney Chase card. We use a airline CC and get free airline tickets.

Actually, you can charge the full amount on a Disney Chase card (we did). You get the 6 months without finance charges on the $2500.

 

[icydog]

Actually, you can charge the full amount on a Disney Chase card (we did). You get the 6 months without finance charges on the $2500.

I think I was trying to use an American Express Card. They made us pay part of the price of our contract with a cashiers check. Too bad cause all my points would equate to several airline tickets.