Basic DVC questions..thinking about buying in the Spring

[soulmates]

We are SERIOUSLY wanting to buy into DVC next Spring. I would be the one applying for the loan. We did the DVC tour last Oct and were VERY impressed. However, I knew then, I needed to clean up my credit a bit. My plan is to have the downpayment in cash next Spring. Here are my questions: What is the average credit score they are looking for? I am STILL recovering from a divorce 5 years ago so I've essentially started over I only have one loan, my car and I've never been late or missed a payment. My income to debt ratio is great, since I only have one loan. I just want to have my ducks in a row, so I can hand over the money and sign the papers. We are planning our next trip to DW and we would LOVE to be DVC owners, instead of having to rent again. ANY advice is really appreciated.

Thanks

C

 

[ToddyLu]

When we purchased direct in 2009 we had a great credit rating and qualified for the preferred rate of 10.75%, standard was around 13% I think. We had the option to do 5 or 10 years. We chose 10. There is no penalty for paying it off early and it does not show up on a credit report. Our financing literally took 45 seconds over the phone with the guide.

Because Disney is financing the loan, it is not sent to credit agencies--at least that is what I think the reason is---but it definitely doesn't show up.

We purchased 210 points at AKV with a Dec UY for $93 a point. Our monthly mortagage is $237 and then our monthly MFs are $80. You definitely want to read about UY, banking, borrowing and cancelling a DVC reservation. IF I can answer any more questions let me know.

 

[a742246]

You can call Jason at the timeshare store and ask him.

 

[DenLo]

Perhaps this thread will help you regarding Disney financing. http://www.disboards.com/showthread.php?t=2424650&highlight=disney+loans

 

[grandpawelch8]

We purchased in 94 after my DH was sold out and had to take lump sum 401K. We took the hit ant purchased 210 points at OKW with a Dec UY. We have been more then happy about our choice. Many great trips for what appears to be next to nothing since we only figure yearly dues as expense. We have stayed in Hawaii, the Keys and of course Hilton and Vera. Plus most of the property resorts. It has allowed us to share great vacations with our family. We will be staying at THV in June for a day before and day after cruise on the dream. We will have 4 generations with us with 2 novice cruisers so I'm sure this will be one for the books. You can't go wrong with the Disney experience. Use you points wisely and they go far.