Another trip and DVC update

[rbthntschl]

My dear friends,

We are officially 38 days away from our Grand Holiday Weekend at the World, Dec. 19-21. Anybody else going to be there? I'm leaving work early on the 19th so we can see all the holiday offerings at all the parks.

As for the DVC, we won't be buying any time soon. I need the time to save up the cash since the financing I was considering (not through Disney) is not considered a secured/collateralized loan and for me personally, it needs to be a secured loan. I don't own so a home equity loan is not an option. I know Disney does financing but what I don't know is if they do it themselves or farm it out. If any one knows, I would appreciate hearing from you.

Luv 'n' Stuff,
Bob of

 

[jlewisinsyr]

As for the DVC, we won't be buying any time soon. I need the time to save up the cash since the financing I was considering (not through Disney) is not considered a secured/collateralized loan and for me personally, it needs to be a secured loan. I don't own so a home equity loan is not an option. I know Disney does financing but what I don't know is if they do it themselves or farm it out. If any one knows, I would appreciate hearing from you.

From my understanding Disney holds the loan, it is not reported as debt on your credit report.

From a financing perspective, you are required at minimum to put 10% down. Part of the 10% can be "per point cash back" incentives (AKV was at $8.00 but now is $6.25 and BLT is $5.00). The minimum down may change based on your credit rating.

To get preferred financing, the last I heard was a minimum FICO score of 740. This would give you 10.75% for up to 10 years (if financing for less then 5, the rates get better). The next tier is non-preferred (or standard) and that is for ratings less then 740 and comes with a rate of 14.75% (again same rules apply for length). If you have a FICO less then 700, don't be shocked if they ask for more then 10% down (including the incentives).

If you finance through Disney, the interest paid (in addition to the taxes due on your Maintenance Fees) are tax deductable if you itemize.