Considering Purchasing in Resale Market

[agie65]

Does anyone know the answer to the financing question?

There is a thread in this forum, not too old, everyone talked on direct vs resale, owning cost etc.. One more option you can explore will be equity line of credit as most I saw interest rate thru disney or other companies tend to be higher for timeshare purchases. Good luck, with your purchase.

 

[Disney Mom Dani]

We are currently financing and purchasing resale for our 2nd contract. I was unsure where to start as well, so I found a contract I was interested in, contacted the broker immediately and asked them where to go from there. They pointed me in the direction of a company that they have worked with and recommended and I contacted them same day. They have both been great, and are working with me (and together) to see that the payments are what we are comfortable with and work with our (very small ) budget.

Although, it is working out - it was definitely a whirlwind of trying to contact this person and then that person all while trying to get approved, and trying not to lose the contract.

It's smart you are trying to find out about financing before hand. Good luck!

We purchased direct, and financed our first contract for 11%. We signed the papers for 10 years of payments, but I knew full well I would never let that happen. As soon as we got home, I took out an 8% personal loan through my bank and consolidated all of our higher interest debt (DVC, Credit Cards) to a 5 year term.

We paid a lot more going direct through Disney and financing than we would have if we had the cash on hand and purchased re-sale, but to be honest... 1) I don't have 10,000+ that I can just give away and 2) Disney made it really easy. I knew about the resale market, and I knew it cost less - but I didn't TRULY understand it all until now.

Now, we are in the middle of ROFR on a resale contract and I am really happy to be paying barely over HALF of what my other contract cost. I'll likely never buy direct again, but I am OK with the fact that we started that way because otherwise I probably would have continued to not understand DVC enough, and would have never bought in at all.

I am in a situation where I can genuinely see the plusses and minuses for both situations.

Thank you! That helps!