Another Question - Financing

[What the Heck]

I do have a question regarding fnancing. Is it easier to get financing through Disney? What are the terms (approx), esp how long? Thanks.

 

[Doctor P]

Getting financing through Disney is generally fairly easy. They are more likely to change the amount you need to put down rather than deny you financing. Not sure what the current interest rates are, but they lower the interest rate a little bit if you agree to automatic withdrawal of your payments and the terms of the loan range from 1 to 10 years, with varying rates for those terms.

 

[sleepydog25]

I'm sure someone will correct me if I'm wrong, but the current interest rate offered by Disney hovers between 9% and 10% based on 10% down. I believe they drop the rate slightly for a higher down payment, and as mentioned by Doctor P, payments can be spread out between as little as 1 year to a maximum of 10 years. Based on what I've read on here, financing through Disney is pretty much a snap as long as you have a steady job and don't have a horrendous credit record.

 

[shelleyz]

Direct Debit for 3, 5, 7 and 10 years is 9.75% with 20% down. It is 10.75% if not doing direct debit.

 

[JimMIA]

The other easy financing option - which you can use either buying direct or buying resale - is a home equity line. Easy, cheap (much lower than 10%), and tax deductible. The interest on Disney financing may or may not be deductible - you'd have to check with your tax advisor to be sure.

 

[CapeCodFam]

I would think that DVC loves it when members finance through them.. $15000 x 10% x 10 years is about $23k-$24k in total payments. But, if you're shopping for low payments and ease of transaction, DVC might be right for you.

 

[Disney Doll]

Not knowing your financial situaiton, I will give you a few other options about how other folks I know who have purchased DVC did it.

1. Home equity loan or line of credit
2. Disny VISA (get the rewards $$)-they were prepared to make big payments for the first year to pay it off quickly
3. Disney VISA followed by paying off with a home equity (get the rewards $$ and the tax break for the home equity line)
4. Cash

Obviously, the quicker you pay it off, the better it is as far as recouping your investment.