Disney Financing?

[mrsschlep]

How does Disney's financing work? Is there a down payment required? Should we take our checkbook on the tour with us? What is the current interest rate? Thanks so much!

 

[RobDoc]

Depending on your personal financial situation there will be a deposit of 10 - 20% required. There are different finance rates depending on the length of the loan, 1- 10 years.

I think there is a 1% discount if direct debit is used from a bank account.

DVC will also accept a credit card for the deposit, but will also take a check. Once the deposit has been made, you can even begin making reservations.

Enjoy!

 

[NemoMOm]

We Just bought last night over the phone. We were asked to put $1500 down plus 210 closing costs for 150 pts. She asked for a credit card so we could be a member asap. It took 10 mins on the phone. She said the packet will come next week for us to sign the forms mail it back but as soon as we recievd the papers we could make ressies.

We really think it was worth it. We go down at least once ayear. We had made resssies for the last week of Feb. at POR during their special and the hotel alone was $1200.

Good Luck!

 

[chevyAZ]

We Just bought last night over the phone. We were asked to put $1500 down plus 210 closing costs for 150 pts. She asked for a credit card so we could be a member asap. It took 10 mins on the phone. She said the packet will come next week for us to sign the forms mail it back but as soon as we recievd the papers we could make ressies.

We really think it was worth it. We go down at least once ayear. We had made resssies for the last week of Feb. at POR during their special and the hotel alone was $1200.

Good Luck!

Congratulations. You'll love it.

We bought in 2005, and took our first trip earlier this month. It was great. All it took to convince me that I made a good decision was checking the Disney website to see how much my accommodations at SSR would have been if I wasnt using my points.

 

[Mark099]

Disney is pretty flexible about the size of the deposit -- at least it appeared that way to me. The financing rates were not that great IMO. We financed for 10 years at 10.75% knowing that we could increase our payment and/or pay it off at anytime.

Our first payment was in Aug 2004 and I just paid off the last $1000 on Dec 29th. I made small lump sum payments throughout anytime I felt we had extra money available.

 

[Newcastle]

Disney is pretty flexible about the size of the deposit -- at least it appeared that way to me. The financing rates were not that great IMO. We financed for 10 years at 10.75% knowing that we could increase our payment and/or pay it off at anytime.

Our first payment was in Aug 2004 and I just paid off the last $1000 on Dec 29th. I made small lump sum payments throughout anytime I felt we had extra money available.

Congratulations on paying it off early. The amount of interest that one has to pay if you paid off the loan over the entire ten year period is staggering so it must feel pretty good to have avoided all of that!!

 

[Cruelladeville]

I did the same thing, paying extra on my loans, and paid them off after 3 years instead of the 10 years that I financed the loan for. Since most of the 10 year loan is interest, it helps alot to pay a little extra each month. I know that there are credit cards with low interest that you can use, but being late on just one payment has huge consequences.

 

[JMLBrats]

Our last trip we put $5000 down on 200 points at SSR. financed @10.75% for 5 years. No chance I let it go that long but with the money spent on the trip etc I couldnt do more(financially we could have but mentally not so much. I think there is a 50% down option at a low rate (around 4.5-5%) but they will only do 1 year on that. Dont worry if you forget to bring your checkbook on the tour. They had a van take me to OKW to get my DW's license and would no doubt do the same for your check book(there are no barriers between WDW and your cash ) Good luck

 

[TenThousandVolts]

I think there is a 50% down option at a low rate (around 4.5-5%) but they will only do 1 year on that.

This is what we did- it's 50% down and 4.95% for 1 year. I get a higher rate than that in my savings so it makes it a pretty painless way to finance. We got 160 points at ssr- our cl.costs were under 200 and our monthly pmt will be around $550.

 

[WDWDaisy]

When did disney start adding closing cost? I have added on 4 times and never have had any closing cost.

 

[DiznEeyore]

When did disney start adding closing cost? I have added on 4 times and never have had any closing cost.

Closing costs are for new purchasers only, not existing members.

 

[Rlbren]

My husband and I just purchased 150 points at SSR and we are financing through Disney and we were asked to put $1500 down and the closing costs were $200. I couldn't believe what little information that they wanted from us. We recently bought a house and I was stunned that Disney was just interested in running our credit. But as our very nice sales rep said...Disney holds the keys....no $$$...no ressies...good point Mike.. Of course, he also mentioned that Disney doesn't even run your credit with add ons...just give them a call. Talk about service..


Gotta love Disney!
Laura