Did you finance your DVC?

[RysMomma]

I'm just wondering about people who did in fact finance their DVC. I think when the time comes, my hubby and I are most likely going to finance in the beginning-I just know we won't have the cash for it at the point (unless we were to win the lottery ) So, I'm just wondering if you financed or not? What did you think about it? I know that the rate is high, and it will end up costing more than if you were able to pay it in full, but I'm just curious! Thanks!

 

[jlewisinsyr]

Yes we financed, preferred rate. Overall the "extra" cost of financing hardly changes the total cost benefit in terms of savings. Remember your dues will far exceed your initial purchase price over the contract life.

 

[mom of princessx2]

We financed about 1/2 but did our own financing with a Home Equity so it is currently about 3.5%.

 

[AnimalPrincess]

We financed the whole thing. We didn't plan on doing it for the life of the loan, but as you know life happens so I think we will take the full time to pay it off. However as someone else said I do think that even with financing it you still end up ahead, it just takes longer. Considering we went on our hineymoon with developer points, and that would have cost us over $4,000 I really feel like we still win

 

[Redbudlover]

I didn't finance. A vacation is not something I feel is something I need badly enough to pay interest on it. I go when I can afford it and not otherwise. That said, I also did not buy a whole bunch of points at first either. I bought a small 50 pt contract that was loaded. Then I bought another 50 pt contract, also loaded the next year. I could afford the cash on a small contract. Though I looked longingly at BLT and AKV and wanted enough points to stay in a 1 bedroom, I resisted. This year I was able to buy 100 points also for cash and again loaded. The small loaded contracts gave me enough points that I was able to use double the number of points I bought each year until I had enough points for what I like to do... Works for me. I think about interest whether credit cards or loans as scams run by banks to take my money!

 

[AKV707]

We financed. After going to WDW at least every year and starting to go twice, we knew we were going to spend the dollars. So DVC made sense. So we put a little down and financed through DVC at the preferred rate. Paying matching principal each month to attempt to pay it off in half the time. And we love our DVC!

 

[peloha86]

I'm just wondering about people who did in fact finance their DVC. I think when the time comes, my hubby and I are most likely going to finance in the beginning-I just know we won't have the cash for it at the point (unless we were to win the lottery ) So, I'm just wondering if you financed or not? What did you think about it? I know that the rate is high, and it will end up costing more than if you were able to pay it in full, but I'm just curious! Thanks!

I honestly think that it depends on your financial situation and how much (time and cost) you enjoy going on vacation. For me, I financed because it would take me a long time to save up the cash. Buying points, whether small or large takes time,patience, and research as you are doing now. It is a tax write off, but not very much.
Read the blogs, talk to people @ DVC membership then decide. There's good reads at mousesavers.com
I bought @ VGC because I like (OK, I'm a liar..I ) Disney and the location is convenient for me.
Good Luck!

 

[bumbershoot]

We did. It wasn't our intention, but it's what we ended up doing nearly 2 years after our first meeting with our guide.


We'll have it paid off rather quickly...that was always the plan of hubby's, but the actual way he was going to do that was thwarted (can't get stock grants if your department closes and it takes you too long to get back with the company!), so we're doing it the old fashioned way.

 

[DVC Mike]

I financed my first DVC contract using a home equity line of credit (HELOC). I paid it off within 9 months. Contracts #2 through #23 were all paid with cash.

I'm glad I didn't finance, as I can't imagine what the monthly mortgage payments would be for 1,250 points!

 

[nunzia]

I paid cash for my initial resale, then put a large down on my VGC points and financed the rest (2 small contracts)

 

[lulu2]

After renting points for 4 trips we decided to buy a 60 point loaded contract. We are taking our first trip as owners in October! We paid cash, my husband would never pay interest on a vacation. I'm certain we will buy more points some day, paying cash again. Maybe at VGC, we love California! When we asked my daughter where she wanted to vacation this year (shes 6) she said lets go to CA and stay in that really nice hotel in Disneyland (GC). My husband thinks were creating a hotel snob!

 

[jarrdisney]

We purchased our 200 BLT points in cash because we're young, have no kids, and had the money. I felt if we didn't do it when we did, we might not later on. We talked about it for a couple years and after our disney wedding in Dec, we purchased in April. It was one of the best decisions we made.

 

[tjhsr]

Put 1/3 down paid the rest off in less than 2 years. For add ons we paid cash.

 

[cvjw]

We paid cash for all 3 of our contracts. We would not have bought them if we had to finance - we save up and pay cash for all big purchases.

 

[marynvince]

then shifted to Disney Visa balance transfer offer of 2.9% for length of loan. will have paid off in 3 years total. @ 2.9% interest that is better then i can get on a car loan or home loan. As much as i appreciate the people that wait until they have the cash, my feeling is my kids won't wait to grow up.

 

[edk35]

Financed all 4 of our 100 point contacts however we paid off our first 3 well within 2 years. The 4th one we have had a year and are still working on.

 

[RysMomma]

then shifted to Disney Visa balance transfer offer of 2.9% for length of loan. will have paid off in 3 years total. @ 2.9% interest that is better then i can get on a car loan or home loan. As much as i appreciate the people that wait until they have the cash, my feeling is my kids won't wait to grow up.

I really like this quote. So true! I have an almost 2 year old and we're trying for our second and I just don't want too much to time to pass until we actually have all 20,000, ya know?

 

[gkrykewy]

Did not finance. No kids or house yet.

 

[arthur06]

then shifted to Disney Visa balance transfer offer of 2.9% for length of loan. will have paid off in 3 years total. @ 2.9% interest that is better then i can get on a car loan or home loan. As much as i appreciate the people that wait until they have the cash, my feeling is my kids won't wait to grow up.[/QUOTE]

Put me on the great quote list! We paid cash for our first resale...only 30 points... and just added on 125, only put 10% down. So this year, we paid almost $5,000 for our DVC. Two more years of that and we got it paid off. We thought about saving up and buying, but with 3 boys, things always come up. We just sacrafice eating out and other things for the time being! Its your money, use it as you wish!

 

[DisneySJB]

We financed thru Disney with the preferred rate. Every year, we budget our vacations with tax returns. So, in 2008 we used our tax return as a down payment for DVC and financed the rest. Every year, we will use our tax return to pay dues and the rest will go to the balance of the loan. It will take about 3-4 years to pay it off. But, as other posts have said, our daughter is young now. And, we would have been spending this $$ on vacations anyway. In a few years, we'll be able to spend our tax returns on something else since our vacations will be pre-paid for the rest of our lives. Or.... maybe we'll add on LOL