Disney not offering finance to UK for DVC?

[disneydan864]

Hi,

I am very interested in purchasing DVC, applied for the DVD and booklet and received a call from a DVC guide yesterday. I explained that my only questions at present related to financing options and she said that disney (at the moment) are unable to provide financing to UK as the provider they used has pulled out. She said she worked there 16 years and has always been the same financing company and she is unsure why they have pulled out but disney have not got another plan in place as yet. Has anyone else heard this???

She was advising me to get a loan in the UK to purchase but as I explained the fact that disney do not charge early repayment was what I was interested in and most UK based companies do not provide this.( My intention is to pay up quicker that the term of the loan).

Would be grateful for anyones opinions/ or if anyone has heard something similar as thought it strange!

Thanks

D

 

[JimC]

The financial/banking/credit crisis has altered financing arrangements across the globe. Part of the problem has been the lack of buyers for portfolios of these loans. I thought it was beginning to sort itself out, but maybe not entirely.

 

[Claire L]

With the 'Global Credit Crunch' I am not surpirsed that loans for non resicents of the US have been suspended.

The only way round it is if you are able to remortgage soon and then make additional payments back on your mortgage.

Claire

 

[wilma-bride]

We financed with a UK company and paid our loan off early with no additional penalties at all. The financing was arranged for us by Disney when we bought DVC but we financed with them rather than Disney because we didn't have as large a deposit as Disney required.

 

[Bumbleink]

Does anyone know if this would apply if you already have DVC points and want to add on points?

 

[Wedgeh]

DVCs finance was generally pretty expensive compared to getting a loan, however it does sound like your circumstances are different with early repayment being an issue. Is it not possible to just take a shorter loan, I imagine this would make it more difficult for you to pass affordability views from the bank even though you are confident you can pay it back in this timeframe...?

 

[Wedgeh]

Does anyone know if this would apply if you already have DVC points and want to add on points?

Whilst I don't know for certain, if the provider has pulled out entirely I would imagine this would also apply. As I stated in my previous post in most cases a UK bank loan was a lot better value than the rates offered through DVC (although I haven't kept up to date with that in this 'credit-crunched' environment).

 

[disneydan864]

Yes thats right, not sure they would loan the amount over shorter term. Will look into further and see the Bank see what they say. Thanks for all your replies.