Credit checks to purchase

[pickles]

they financed me..I cant imagine who they wouldnt finance

no reason why Disney would turn anyone down, unless they thought you were heading to jail soon and even then, it wouldnt matter much, they get the points and the money. They will be just fine

The fellow can tell you right there that minute on the phone how much your interest is and how much you need down. The mouse is so good sometimes their incentive money can be used as your down

 

[arthur06]

i thought all you needed for approval was a pulse!

 

[crys5]

If you were to get denied would it be right away or during escrow?

I think if you were to get denied it would be right away. when i called in Nov. he told me i was approved right away about 5 minutes after i was on the phone with him, and i have a bankruptcy on my record....it was the easiest financial thing i have ever been through, it happened all so fast! i was calling to ask questions because i was not sure if they would finance us because of the BK but they did without saying a word about it, and i ended up purchasing with that phone call.

 

[jrigney515]

You find out about the financing after filling out an info sheet. It's pretty quick and you get your answer in 5 minutes.

We were surprised to get the Preferred Financing. Our credit had some hiccups in the recent past (no bankruptcies or anything major) and we have been slowly working towards getting our scores up. I guess it was good enough. We were fully prepared to pay the 14% though, so it was a nice surprise.

 

[DVCGeek]

The mouse is so good sometimes their incentive money can be used as your down

I think they stopped doing that several months ago, BUT they certainly could always bring it back, and it was in effect when I purchased IIRC.

I financed my BLT "Master Contract" but was making double payments each month for the first year and a half or so, including some before the loan even closed so that principal amount never had ANY interest charged against it! Those extra payments knocked out a LOT of interest and really accelerated my payoff! I just checked and even if we don't make ANY additional principle payments we'll be paid off on 5/1/2013; our original "Maturity Date" (final payment) was 01.01.2019!

 

[heathers4um]

I have always wanted to look into this but always assumed my credit wouldnt be good enough. I dont have any major potholes in it - just some bumps but this gives me a bit of hope. I was just looking at buying resale for whatever I could pay in cash but some at the increase in points was a much better deal but just out of my cash range. .

 

[delmar411]

Honestly I don't know specifically, but if I had to guess, he had only been in his job about a year and I would suspect they have a very high debt-to-income ratio. A PP said they don't look at much but I would guess they have to give some weight to normal credit things like the ratio and time on job.

I also don't know how well they keep their finances. My sister and her late husband were horrible with money so my niece did not learn financial resposibility at home. I have no idea what her DH's parents taught (or not) him. Unfortunately I spent more time around her when she was younger and less time when she was a teen which is when she really needed to see real world finances. (Don't get me wrong--I'm not perfect and have made poor choices but I do try and learn from my mistakes and make an effort)

There must have been something seriously wrong with their credit to be turned down. I don't even have a job and I'm the one who owns our DVC contracts and has the financing through DVC.

While things may have tighten up over the past couple years, DVC used to finance anyone who was alive and willing to sign the papers.

 

[bumbershoot]

I have always wanted to look into this but always assumed my credit wouldnt be good enough. I dont have any major potholes in it - just some bumps but this gives me a bit of hope. I was just looking at buying resale for whatever I could pay in cash but some at the increase in points was a much better deal but just out of my cash range. .

Well there's nothing wrong with starting off small and paying in cash.

But they are generous. DH had "neutral" credit...some nasty stuff in the past thanks to an authorized user on his CC that then took off, and then just plain old NOTHING for 10+ years...and still he got the preferred rate.

I don't even have a job and I'm the one who owns our DVC contracts and has the financing through DVC.

Love that!

 

[heathers4um]

Plus I am looking into planning a vacation this summer and would be spending almost 4k for what I want...maybe i should call them and see if I should just go with a resale instead since its so much money? Doesnt seem reasonable to pay all that money and then turn around and look into buying, right?

Well there's nothing wrong with starting off small and paying in cash.

But they are generous. DH had "neutral" credit...some nasty stuff in the past thanks to an authorized user on his CC that then took off, and then just plain old NOTHING for 10+ years...and still he got the preferred rate.



Love that!

 

[DVCGeek]

Plus I am looking into planning a vacation this summer and would be spending almost 4k for what I want...maybe i should call them and see if I should just go with a resale instead since its so much money? Doesnt seem reasonable to pay all that money and then turn around and look into buying, right?

That seems rational to me, BUT it's certainly a heated topic! GL with your choice. And if you want to travel THIS summer, I'd probably buy direct from Disney; resale might not get you points in time, but that's just my opinion...