Can you get a timeshare with no credit or bad credit?

[LilMamiBella]

I'm very interested in getting a Disney timeshare but we don't have any credit and/ or bad credit..We stayed in Daytona last year and was able to get a timeshare there but I'm not sure how Disney will be..does anyone know?

 

[jcodespoti]

Probably, you may have to put more for the down payment but I think they work with you. Also DVC does not show up on you credit report...at least mine doesn't.

Joe in CT

 

[FamilyGuy]

I would recommend contacting DVC and discussing it with them. As stated above, you will probably require a larger than normal down payment. I would say between 20-30% cash down.

I review credit for a living (I am a Finance Director for a car dealer) and can tell you that many times people don't realize the exact status of their credit. Many times it is better than they describe it. Other times they tell you they have great credit, yet that's not the way it turns out!

It is my understanding that DVC is more flexible than most, as long as you can put a larger amount down if needed. Also, current income needed to repay the debt is a factor also.

If you stay with Disney annually, the DVC makes a great deal of sense..... Good Luck!

 

[durango kid]

I asked that very question of my "guide". I was told in the 5 years that she has be working there, she has never seen anyone rejected. She did say that some people have to do come up with a larger down payment.

 

[Rence]

As mentioned before, they may require a higher downpayment. When we applied, I asked about this. I have very good credit, but my co-borrower had a bankruptcy five years ago (but had actually rebuilt his credit quite nicely since then). Our guide said that our application would either be accepted or rejected, if rejected it would most likely come back with a request to put more money down. We were going to do 20% down anyway and had no problems.

I have read postings by others on here, where they were told that they needed to put more down. I believe that one poster indicated that they had to put 30% down, most of the others were 20% to 25% depending on the situation.

The loan is secured by your points. Disney is well protected. If you default, Disney will take the points back and sell them to someone else. Because of this, they can take on riskier loans.

 

[LilMamiBella]

Thanks all for posting!

 

[pumpkinboy]

I asked that very question of my "guide". I was told in the 5 years that she has be working there, she has never seen anyone rejected. She did say that some people have to do come up with a larger down payment.

When we did our Febrary add-on, my guide informed me that these were points that came back to DVD after the first buyer was rejected for financing. So apparently they do reject some folks.

In our initial contract we had to put a whopping 10% down, so I guess our scores were pretty good.

BTW Durango Kid, I love your home town. When we were there we visited friends in Bayfield (8 yrs back), and when DW's allergies no longer permitted us to stay with them, we moved to the Strater Hotel for a few nights. Loved it! I would always prefer to live someplace pretty or interesting, preferably both; oh and well-paid jobs in my field help a lot too (which is why I live in Boston now).

 

[debbiedoo]

We had to only put 10% down. My best advice is to go for it and see what they will tell you!!!!

 

[MrShiny]

I don't think Disney would turn many people down. Unlike a bank financing a house, there is no asset here you can destroy. Unlike another company financing your DVC points, if you default on the loan, Disney doesn't loose much, they just sell the points to someone else.

In fact DVC might be a good way to establish credit, assuming you can make the payments!

 

[LilMamiBella]

In fact DVC might be a good way to establish credit, assuming you can make the payments![/QUOTE]


Yes..My husband and I have bought 3 trucks in the past three years.. i think we could have $15,000 paid off by 1-2 years..its just that I don't have any credit..

 

[durango kid]

Pumpkinboy,

We're no WDW, but we are beautiful, interesting and fun. Come back soon!

Lilmamibella,

Good luck to you and your hopeful DVC home purchase

 

[brandip22]

We have a BK that was only a year old last year when we first decided to purchase and we hadn't re-established much credit, yet. So, we were offered 30% down and financing the rest for 5 eyars. They also said we could put the first 10% down and then $1500 was put towards that for the buy-back of points, so we really would only have to have 20% out of pocket. We decided to wait, though. I did speak with my guide on Tuesday and asked what she thought since it's been another year. She said that even if they still wanted the 30% down, that they would let us spread our downpayment over the 6 months that it took until our building was ready. So, they will give you many options. I think that the only rejects would be based on Debt-to-income and if they offered to finance at 30% down and the buyer said no. Good luck!

 

[wordzylady]

I have been wondering about adding hubby to my DVC. We did it soley in my name to start with because he had bad credit from previous divorce situation but now he has built it back up. Anyone know if this is possible and the cost of doing it?

 

[OneMoreTry]

.We stayed in Daytona last year and was able to get a timeshare there but I'm not sure how Disney will be..does anyone know?

If your credit is bad having payments on one timeshare may limit your ability to finance a second. Not to mention it might not be a good idea to buy a second.