Disney financing -- what's your experience?

[Dreamfinder2]

I've looked at other threads that dealt with financing thru Disney as opposed to home equity, etc., loans. Without being too nosy (well, maybe I am), here's a couple of questions:

(1) Have any of you been turned down or offered different terms after your credit application? Or do you know firsthand of anyone else that has? (I know there's all sorts of anecdotal stuff out there).

(2) Will Disney pre-approve loans?

(3) What's the best interest rates you've seen from Disney with 10% or 20% down?

It seems that Disney has a pretty safe revenue stream with doing their own financing; they have so many built-in safety features for them (i.e., direct draft of your checking/savings account) that a foreclosure is easily recouped. I really appreciate your input!

 

[BillM]

I've only used DVC financing for two 50 point add-ons and for 1 year only(50% down and the balance in 12 payments). This was at a very low interest rate, less than a home equity line of credit that I have.
DVC rates are market responsive. They will be higher than the present home equity rates because of the 7 interest rate cuts. No penalty for pay-offs or accelerated payments. DVC interest is deductible. If you choose DVC use the direct debit method for a lower rate.
I would guess DVC runs a credit check when you finance but there is no credit app that I know of.

 

[Dreamfinder2]

Thanks for the response! It just seems from the occasional post that Disney is real liberal about offering financing, but I don't want the ease to offset any potential savings I might get somewhere else. We just don't do the home equity thing...

 

[Lisa F]

I've never heard of Disney declining anyone for financing. I'm not sure what the latest is but I remember interest rates being around 9.95% for direct debit and a percent more without direct debit (for a first contract, interest is significantly higher for add ons). I don't think interest differs much, if at all, between 10% and 20% down (this is financed over 10 years).

The best thing for you to do is to call your guide and have them send you a sheet that outlines interest rates and montly payments for all of the various options they have.

Lisa