The DVC is a timeshare. Rather than buying a period of time though, you buy points, which you then spend based on the size unit, the length of your stay, and the time of year.
You decide the # of points you want and you buy them. You need to think of how you vacation, how much time you'd want to spend in WDW & what size unit you'd need. Studios& 1BRs sleep 4 (5 if one can be in a pack & play), 2BRs sleep 8, Grand Villas(3BRs)sleep 12. You can buy points from Disney. I believe they are selling Saratoga Springs Resort right now...it is their newest resort. They also sometimes have resales at other resorts, although they are not as quick to tell you about that, since they really like to sell out their newest property. I believe they are selling for $95 per point. You can also purchase a resale through a resaler. The Timeshare Store is the sponsor for this board, and they have many contracts available. DH & I purchased a 2nd contract as a resale through them about 3 years ago and it was a very good experience. If you purchase through Disney, they will offer you financing. If you purchase through a resaler, you generally have to have some other form of financing, since I don't believe they offer financing. We paid cash for our resale, but I have also heard of folks who paid for it with thier Disney CC then paid off the Disney CC the next motnh with a home equity loan. That way, they get the Disney Rewards dollars and the tax advanatge of the home equity loan. We bought our 1st contract in 1997 through Disney, and took out a 10 year loan on it, because that ahd the cheapest monthly payment. We took a 10 year loan because it had the cheapest monthly payment, and our thought process was that we could always pay more on the loan to pay it off faster, but if we had a month where money was a little tight, all we "had" to pay was the cheapest monthly payment. We did end up paying it off in about 2.5 years.
The DVC is not a financial investment, in terms of money-making. However, if you are a person who would go to WDW at least every other year, it is a worthwhile investment to look into. You get at least as nice of an accomodation as you would in a deluxe hotel if you stay in a studio, and if you go to a 1BR or larger, the accomodations are just amazing. Even the studio has a kitchenette, the 1BR & larger had a full kitchen and laundry and jacuzzi in the master bedroom.
We have owned since 1997, and still feel that it was one of the best purchases we have ever made. We enjoy vacationing in a more home-like atmosphere. It's great to sit on the balcony in the morning with a cup of tea, it's great to have more space to spread out, the people are nice, the units are well-maintained overall, the themeing is great.
Good luck with your decision.