Creatively Financing DVC

[ebenmax]

We are in the early add-onitis stage as many of you are in and have been in for years (so we read ). We have added on twice (50+30 at BCV) and now that we have stayed at SSR, my DH wants to add more there (50+50).

My question: What are some of the creative ways you have paid for DVC over the years that don't involve the lottery or huge inheritances? Nor do they involve 10 year financing through Disney? Just wondering what options we have overlooked or not considered.

TIA

Ellen

 

[edk35]

Bump Bump Good One!!!

 

[KelleyGirl]

For me, its going to be good, old-fashioned, hard work. I've started a new job at home, and get paid hourly (where my last job I got paid salary). I basically can work as much as I want, so when I lie in bed in the morning, and want to get a few extra winks, I think about how working that extra hour will bring me that much closer to my add-on!!! 1 extra hour a day can add up, and when its early in the morning before the rest of the house wakes up, its really painless!

And of course, I still keep my fingers crossed for that lottery. Points would be my first purchase!

 

[TenThousandVolts]

If you have good credit and want to pay it off within one year- you can get a 0% cc good for 12-18 months with a fat credit line and put the whole thing on that. Only do it if you are 100% sure you can pay $1000+ each month or whatever it would be. Make it a rewards card if possible.

 

[edk35]

For me, its going to be good, old-fashioned, hard work. I've started a new job at home, and get paid hourly (where my last job I got paid salary). I basically can work as much as I want, so when I lie in bed in the morning, and want to get a few extra winks, I think about how working that extra hour will bring me that much closer to my add-on!!! 1 extra hour a day can add up, and when its early in the morning before the rest of the house wakes up, its really painless!

And of course, I still keep my fingers crossed for that lottery. Points would be my first purchase!

Hey I want that type DVC paying job!!!!!!!!

 

[LauraLea]

Our good credit really paid off. A couple of years ago DH and I were both offered a Discover card at 0% for the life of the balance transfer.

Mine went to buy into DVC and DH's was use to do redeorating and updating of our home.

I don't think that offer is available anymore, but it was a great opportunity for us to go some things we really wanted to do.

Laura

 

[RobDoc]

We have financed our DVC purchases in 3 ways. We have paid cash, used DVC financing, used a Home Equity Line of Credit and have also used a 2nd mortgage on our home.

Each method has worked well for us.

We also considered selling our youngest child but were unable to find any takers - so we now totally enjoy taking her and her 3 children to WDW. We are so glad we couldn't find any takers!

 

[edk35]

Our good credit really paid off. A couple of years ago DH and I were both offered a Discover card at 0% for the life of the balance transfer.

Mine went to buy into DVC and DH's was use to do redeorating and updating of our home.

I don't think that offer is available anymore, but it was a great opportunity for us to go some things we really wanted to do.

Laura

I have gotten that before too. Hmmmmmm I must remember this one.

 

[ebenmax]

Thanks for some ideas!! I have never heard of a credit card that offers 0% interest for the life of the transfer!! We will have to open some of those offers we throw in the trash. But I did see a few people down in WDW world trying to sell their children for more points just like Doc!!

Thanks -

Ellen

 

[NYMomof4]

I didn't exactly pay it off this way, but when my car payment ended, I pretended that I still had one each month. The $ added up fast

 

[ebenmax]

Great idea to do with any payment you get rid of!!

Thanks -

Ellen

 

[JadeDarkstar]

well im making my payments cheaper by the month by paying the mantnce off by year. And Im gona see if I can save up 1200 and that way only have to make 109 doller payment a month in stead of 209. (or ill just put that 1200 towards my cruise and not have to worrie about saveing that up later..

Im poor but i figuer out how to keep my money budgeted, and I think paying for this is well worth it. (53 years of vacations)

 

[kend58]

Thanks for some ideas!! I have never heard of a credit card that offers 0% interest for the life of the transfer!! We will have to open some of those offers we throw in the trash. But I did see a few people down in WDW world trying to sell their children for more points just like Doc!!

Thanks -

Ellen

We had those offers and used them a few years ago - then 0.9 then 1.99 now more likely 2.99 to 3.99 (when I look as opposed to shred). Basic economics the Fed rates affect CC offers (our credit score which is very good has been fairly flat across last 6 years).

 

[ScottakaMickey]

Here is what I've been looking at.

1. Resale Financing - High Interest Rate and not tax deductible.
2. Disney - Not preferred for me as the per point is signficantly higher then resale. It is tax deductible though, the interest that is
3. Credit cards only work if you purchase from Disney to get the points, as most points cards don't give you the points if you do a balance transfer.
4. 401K Loan - Nice idea as the interest isn't bad, and the interest you pay actually goes to yourself.
5. Sell a few misc. stocks - Capital gains are a killer here.

Noting here that I haven't done that, just what I am evaluating as we entertain our first purchase.

 

[ebenmax]

3. Credit cards only work if you purchase from Disney to get the points, as most points cards don't give you the points if you do a balance transfer.

So does that mean if we put it on our Disney VISA and transfer most of it, we will not get the points for the full purchase?

Thanks -

Ellen

 

[mprewitt]

So does that mean if we put it on our Disney VISA and transfer most of it, we will not get the points for the full purchase?

Yes, you can charge it to your Disney VISA, and then do a balance transfer to another card at a lower interest rate. You still get the Disney points.

 

[ebenmax]

Thanks - that was our plan!!

But do you have to wait one billing cycle first?

Ellen

 

[PinGirl]

We are in the early add-onitis stage as many of you are in and have been in for years (so we read ). We have added on twice (50+30 at BCV) and now that we have stayed at SSR, my DH wants to add more there (50+50).

My question: What are some of the creative ways you have paid for DVC over the years that don't involve the lottery or huge inheritances? Nor do they involve 10 year financing through Disney? Just wondering what options we have overlooked or not considered.

TIA

Ellen

We are soon to be new DVC owners and a way we have found to have extra cash and not worry about vacation money or a big purchase like DVC - is to bring breakfast and lunch from home to work and limit eating out dinners when lazy.

I know this sounds totally crazy but we are able to save $600.00 a month by simply planning evening meals and preparing the others. Simple? Well - at first you can feel like you are depriving yourself - however once you get use to it - you love the freedom it gives you! - If you prefer to pay cash for things and not worry about bills coming due later this really works.

I should also mention having a specific goal helps and feels great afterward when you have accomplished it simply by planning well.

We also use club cards at the market and coupons on items when we can - for instance Lean Cuisines are on sale in our area all the time - usually 4 for $10.00 then if we have a coupon $2.00 off on 4 or 8 - we use that. That is what we usually take for lunch - but it is much cheaper than buying lunch out in my area which can run $7.00-$10.00 a POP!

 

[DVC-Don]

Our first contract (VWL) we financed through DVC and then paid that off with a Home Equity Line of Credit. Then we did an add on (VWL) and used a Southwest Rapid Rewards credit card (for credits towards free flights) to pay for and then paid that off with the HELoC. Our second contract (OKW) we just used our HELoC for payment. I just did another add on (OKW) and used the Southwest credit card again.

 

[sjdisneywedding]

We are soon to be new DVC owners and a way we have found to have extra cash and not worry about vacation money or a big purchase like DVC - is to bring breakfast and lunch from home to work and limit eating out dinners when lazy.

I know this sounds totally crazy but we are able to save $600.00 a month by simply planning evening meals and preparing the others. Simple? Well - at first you can feel like you are depriving yourself - however once you get use to it - you love the freedom it gives you! - If you prefer to pay cash for things and not worry about bills coming due later this really works.

I should also mention having a specific goal helps and feels great afterward when you have accomplished it simply by planning well.

We also use club cards at the market and coupons on items when we can - for instance Lean Cuisines are on sale in our area all the time - usually 4 for $10.00 then if we have a coupon $2.00 off on 4 or 8 - we use that. That is what we usually take for lunch - but it is much cheaper than buying lunch out in my area which can run $7.00-$10.00 a POP!

doesnt sound crazy at all
many money saving programs/systems usually start with things that seem too simple to be actually work such as eating out, buying coffees, and all those other little extras.

I know we could save at least $200 a month just simply by not eating dinner out once a week. that alone would cover about 120 points over about 5 years