Can I have them check our credit?

[3girlsfun]

Can I have DVC check our credit, and then wait a few days/weeks before we purchase. That way we would know what kind of deposit we needed?

 

[hbehrman]

Can I have DVC check our credit, and then wait a few days/weeks before we purchase. That way we would know what kind of deposit we needed?

Yes, they can tell you whether or not you get the preferred rate or the standard rate. I did this with my son in January when we were in WDW and we just bought in June. The preferred rate in June was 10.75% (same as in January).

I do not believe that this has anything to do with down payment. I believe 10% down by close is standard. At point of sale (when you say, "Lets do it send me the papers.") you put down $500 minimum and when you return the papers you provide the remaining down payment and provide account info for monthly draft.

Also I would suggest multiple contracts in 50 or 100 point increments. For exampe:
150 points = three 50 point contracts
200 points = two 100 point contracts or four 50 point contracts

There are threads on this board that discuss this, but only Disney can do this at original point of sale. If you need/want to sell later small contracts typically have a higher resale value per point than larger contracts and usually sell faster (so I have heard). Also if you do need to sell, you would not have to sell all of your points, but could do it incrementally. It is also handy if you plan to leave them to your kids, at some point as you can designate specific contract to a particular child. There may be others but those two are what mattered to me as we did three 50 point contracts at SSR and Disney paid all closing costs.

Good luck

 

[bumbershoot]

I think that the credit check they would do would be just the preliminary one. Recently there have been reports of people being told one thing, but once they run it further, Disney is asking for more of a down payment. I think that's what the OP is referring to.

OP, if you're concerned, why not just estimate 20%, make sure you have that, and go forward? If it ends up being more than you need, well hey, that's a nice chunk of principal to put towards the loan quickly!

 

[bobrex]

Yes, they can tell you whether or not you get the preferred rate or the standard rate. I did this with my son in January when we were in WDW and we just bought in June. The preferred rate in June was 10.75% (same as in January).

I do not believe that this has anything to do with down payment. I believe 10% down by close is standard. At point of sale (when you say, "Lets do it send me the papers.") you put down $500 minimum and when you return the papers you provide the remaining down payment and provide account info for monthly draft.

Also I would suggest multiple contracts in 50 or 100 point increments. For exampe:
150 points = three 50 point contracts
200 points = two 100 point contracts or four 50 point contracts

There are threads on this board that discuss this, but only Disney can do this at original point of sale. If you need/want to sell later small contracts typically have a higher resale value per point than larger contracts and usually sell faster (so I have heard). Also if you do need to sell, you would not have to sell all of your points, but could do it incrementally. It is also handy if you plan to leave them to your kids, at some point as you can designate specific contract to a particular child. There may be others but those two are what mattered to me as we did three 50 point contracts at SSR and Disney paid all closing costs.

Good luck

One other advantage to multiple contracts is that you will only pay closing costs on one of the contracts. The others can be treated as add-ons, so you don't pay closing on those.

There is one possible downside though.... it can ba a pain to track points usage across multiple contracts.