Buying DVC process (financing)

[criddopher]

With the prices of contracts super low, and my need to go to disney twice a year, I'm looking to buy a contract. My only question is: With financing through monera, am I supposed to get a loan approval before I make an offer, or after the offer is accepted? I'm getting varied responses from monera and the DVC resale companies.

 

[holden]

We didn't finance our purchase but I would think pre-approval would make your offer more appealing.

 

[Matty B13]

The prices are not super low right now, but seem a little lower than where they were this summer.

As far as financing, you might want to look around, you might be able to find a better rate than Monera has available
from some other lenders. If your FICO score is good then you might be able to do a personal loan at a lower rate.
But most people think that financing a DVC contract is a poor financial decision.

 

[DisneyRegulars]

I would recommend talking with your bank as well. We got a super low personal loan rate from our bank.

 

[criddopher]

Thanks for the tips,

 

[headzip]

weigh your financing options. When we made an offer, we selected we did not need financing, we sent in a personal check of 10% as a refundable deposit, no credit check was done, we went through ROFR, then when closing time came we sent a cashier's check for the remainder. Neither the title company nor the reseller cared what the source of the funds were - even though we said we did not need financing, we could very well have financed from another source.

 

[kmn952]

I'm using Morena right now. They told me you don't need to get preapproved through them since they do not run credit checks and they approve everyone. That being said, you must finance at least $4,000 for them to be willing to do it. We were buying a small contract and learned that! Passed ROFR and are waiting now. Once the offer is accepted you file with them and then they send your broker a promise to finance letter. Hope this helps

 

[criddopher]

Sweet kmn952 thats exactly what i needed to know!