DOWN PAYMENT- Always 20%?

[BeachBaby310]

Is the down payment amount always set at 20%? And if you finance is there any prepayment penalties if you pay off early?

 

[pumpkinboy]

Downpayment is generally 20% but they could ask you for 30% if yur credit scores look sketchy. Remember tho, they will include any discount from Magical Beginnings in you downpayment, so if you take the $10 off per point (offered thru the end of the month), they apply that to your downpayment, so you could end nup with a 10% downpayment under these circumstances.

And no, there is no pre-payment penalty, which is great for getting Disney Rewards on the Disney Visa.

Good luck!

 

[Lady V]

Is the down payment amount always set at 20%? And if you finance is there any prepayment penalties if you pay off early?

We did a 10% down payment. At SS-don't know if that makes a difference.

 

[Cruelladeville]

You can pay off your DVC any time you want to! I financed each of my 3 contracts for 10 years, so the payments would be low, then I turned around and paid them all off in about 3 years by paying extra every month! I just felt better having that control, rather than being forced to make that bigger payment every month. Also, if I needed the money at Christmas, it was available.

 

[BeachBaby310]

Sounds great everybody. Thank you for the info. Now I just have to pick up the phone and call. Hopefully I'll soon be joining everyone at my new "home"!!

 

[MarylandPirate]

It took me a year and a half to decide.....wish I had done this years ago. They are very flexible with financing...my 18 year old DS just bought as well.The only advantage to waiting was I went from 40 years to 50 years worth of vacations! I can see me now at 92 riding the rides!

 

[BeachBaby310]

Maryland Pirate, LOL! I was just thinking that my greatgrandchildren will be enjoying the DVC! I called to day and all the paperwork is being FEDEXed today. Soon we'll be neighbors!!