Can anyone help me???

[BetsyluvsMickey]

My husband and I are looking to buy into DVC at BCV, the problem we are worried about is the financing... About 5 years ago my husband became sick and the medical bills were enourmous ($100K plus after insurance), so we defaulted on a few loans(student loans, medical bills, credit cards) and were late quite often.. Since then we have turned things around and paid off all of our debts and have not had a late payment in close to two years..

My question is, will we have a problem getting Disney to finance our purchase of 150 points????

Thanks, Betsy

 

[Firefighter Mickey]

All you can do is ask. Usually Disney will work with most anyone to arrange financing; in cases where they are concerned about past financial history, they may ask you to put more money down.

 

[Richyams]

Disney is about as easy as posible to get financing. If you are in arears with either your loan or your dues, you can not make reservations. They are in a position to easily take back your points.

I don't believe we have ever heard of someone being turned down, we have heard of a larger downpayment being required.

 

[TnRobin]

Only Disney will be able to give a 100% correct answer for your particular situation. But here are a few words of encouragement.

I have seen a few post here from persons with "less than perfect" credit. They indicated that they were able to get financing through Disney. They said that they were required to put down a larger downpayment. I think Disney is willing to work with most people because they really have nothing to loose. If someone were to default on their loan, they repossess the real estate interest and then resale it.

Good luck - Keep us updated

 

[Jacksmom99]

I know how you feel...it was only a few years ago that i cleared up all of the mistakes that i made when I was in college...It cost me a higher interest rate on my house, and both my cars...However i had no problem with disney financing on 300 points. I did not have to pay a higher down payment or a higher interest rate...It worked out quite nicely.

it just goes to show you that the advice our parents give is absolutely correct. you get nothing for free in this world....but with those college credit cards evrything sure seemed free for awhile

GOOD LUCK!!!

 

[BetsyluvsMickey]

Thanks everyone for the help. We both had good credit before his medical problems and after two years of pinching penny's and tapping into his 401K to cover the remainder, we are on our way to recovery. Thankfully, we are both 34 years old and have plenty of time to recover.

I see a few of you have mentioned we might have to put more money down. Right now we have enough for the 20%, would we possibly need to bump it up even more?

 

[Jon99]

Not sure about being asked to put more than 20% down, but we too are a little worried about getting the financing as we just bought a house and while my wifes credit is perfect, I had some financial problems a few years ago after losing a job,,,

 

[ErinC]

If you are really concerned that you might be turned down, they can fax you just the credit application, by itself, and you can fill it our first. Once it clears you can give them the down payment, and then they will send you all the other paperwork. I was a little concerned because of some incorrect info on our credit report (long story), but we had no problem being approved.