Disney financing question

[Flyerfan]

Does anyone know the current rate? Is it 10.75%? Do they offer a lower rate if you direct debit?

We have been trying to figure out which financing route to take. We don't want to go the home equity route, even though the interest would be lower so I think we've decided on Disney financing because it seems so easy and convenient and we'd probably pay it off a lot sooner than our term states. Here is our scenario....please let me know if I have my facts straight (TIA)

We would buy 200 pts. SSR through Disney using their financing at $104/pt. = $20,800. The 10% down payment would be $2,080 but the current incentive ($10/pt or $2,000) would be part of the 10%, so we would only owe $80 dp. I hope this is not confusing, but am I right?

 

[MrShiny]

Don't forget to look into a home equity loan. If you own, even if you just bought, it might be a better deal than Disney's financing. Also, the Disney Visa card can give you 0% on the down payment (and I I think you can make a pretty sizable down payment that qualifies).

 

[hellerjw]

We would buy 200 pts. SSR through Disney using their financing at $104/pt. = $20,800. The 10% down payment would be $2,080 but the current incentive ($10/pt or $2,000) would be part of the 10%, so we would only owe $80 dp. I hope this is not confusing, but am I right?

The 10.75% rate is if you do direct debit. I believe they add 1% if you receive a statement each month.

The $10/pt incentive is taken off the amount financed, it doesn't reduce your down payment. So the amount financed would be $20,800 - $2,080 (down payment) - $2000 (incentive credit) = $16,720.

 

[deerh]

I would go the DVC finacing route myself..
1. It COULD be tax deductible (2nd home).
2. It is easier than a cc.
3. I have a tendacy NOT to pay off cc, but got rid of that bad habit, and
only have 1 cc now!!

P.s. I do advise checking with a tax person (cpa) on the mortagage, but it CAN be deductible in certain situations....

deerh

HTH!!

 

[whithouston]

I would finance through Disney also. It doesn't show up on your credit that you have the loan through Disney. Since the loan is done in house, all they do is a credit check, and that's it. I would hate to know that we have another $15,000 to $20,000 on our credit report! Also, the property taxes and interest you pay are tax deductible, which is nice!

 

[tiggercraZ]

Do anyone know if I added on points and charged to my Disney VISA, would that qualify for the 0% interest for 6 months?

 

[disneynutt1225]

I don't think we had an option when we financed - I think we were told it HAD to be direct debit. I'll have to ask DH, but I'm pretty sure we weren't given the option to receive a statement each month.