does anyone know what the average interest rate on a DVC resale?

[jlk806]

We are looking into buying a resale - does anyonw know the current average interest rate (just a ballpark guess, i know it depends on a lot of factors), also what is the standard loan term for a DVC resale purchase?? We are trying to figure out what our monthly payment would be about.

 

[hellerjw]

The only 3rd party source I know of for resale financing has rates of 12.9% and 13.9% with up to 10 year terms. This is a few points higher than Disney's preferred rate. However, it is considered a mortgage loan (like Disney's financing) since they secure the loan with the deed so for many folks the interest may be tax deductible.

 

[ToddyLu]

We purchased 210 points from Disney at AKV last summer at $93 point. We got the perferred rate from Disney at 10.75% for ten years. After incentives, closing and money down, we financed around $17000. Our monthly mortgage is around $230 with our MF at $80 month. We do not get penalized for paying it off early and it does not show up on your credit report.

I hope this helps you. It was very hard finding the info when we were looking and ultimately had to talk to a guide. It is a large investment in our mental health....like a boat or convertible...but will last a lot longer and is something DH and I enjoy equally.

 

[Deb & Bill]

We are looking into buying a resale - does anyonw know the current average interest rate (just a ballpark guess, i know it depends on a lot of factors), also what is the standard loan term for a DVC resale purchase?? We are trying to figure out what our monthly payment would be about.

You pretty much have to find your own loan if you decide to buy resale.

 

[disney ny]

Time Share Lending is the only lending available specifically to finanace a time share and someone posted ther rates above. Some people have advised there are other ways to get a loan such as using a home equity loan which gives you a better rate. Do your homework for sure as TSL has very strict requirements to get the better rate or a loan at all and Disney is a breeze to work with in terms of that. Your monthly payment really depends on how many points you buy and how much if the purchase you finance.

 

[Anthony1971]

Most will not finance a Timeshare as in the end it is not real property and has no true value. The value is set by the market and maybe some other ways as in the case of Disney....
If not through Disney or TSS you can fugure on a rate similar to what a credit card will give you unless you are willing to take a personal lone against savings or your house etc.

 

[scot@dvcstore]

At The Timeshare Store, Inc., we use a lender called Timeshare Lending Net (www.timesharelending.net). The rates are 13.99% with a 10% downpayment or 12.99% with a 20% downpayment.

Timeshare lending has an online application that can be completed for pre-approval of a loan. Good luck!

 

[charvel67]

I talked with Timeshare Lending that is referred by TSS and they told me that the terms depend on how much you borrow. For example if your loan was under $14000 they would finance for 5 years and over that amount 10 years. They also told that I would need 10% down and the rates stated in the previous reply were the same. If you find a contract for $14000 and put 10% down leaving a balance loan of $12,600 then you would fall under the 5 year term so you have take that into account. At least that's what they told me. Hope this helps