DVC Disney Financing

[tiberius]

I have gotten bits and peices of information about Disney's financing for DVC through this board. However, there are still some gaps in my information. Can someone please tell me how many years they offer for financing (I know 3 and 10 years, but is there anything in between?) and what is the interest rate?

 

[Deb & Bill]

We got 5 years - and just paid off the first one in January. Hooray!! Interest rate varies by the amount of the purchase left for financing, length of financing. Can't even remember what we paid for our two that we financed.

 

[karebear1]

Well tiberius, I do believe you're in luck! I just happened to have closed on BCV last week and have all the paper work in front of me! If you finance thru DVC they have a 1, 3, 5, 7 and 10 year options. According to the paer in front of me, which was just sent to me about 10 days ago, the 1yr option is at 9.25%. 3yr.-12.00%, 5 yrs- 12.50%, 7 yrs - 13.00% and 10 yrs- 13.50 %. I do believe however that the rates are even better then that because we put just over 20% down and financed for 10 years and I believe our interest rate was at 10.50%. We chose to do the ten year because we can pay off the loan early (which is what we plan to do) and have no penalty attached to paying it off, but if for some reason we get in a financial bind, we only have to pay the minimum which was about $184.00/month not including maintanace fees.
Hope that helps!

 

[Noelle]

We also did the 10 year @ 10.95 APR. But that rate was with the automatic withdrawl from a bank account. If we had chosen to mail our monthly payments, it would have been 11.95 APR.

 

[tiberius]

Thank you for your answers!

 

[imgoingtodisney]

Whats the benefit of paying it off early?
The coupon amts for this year are the same amt of the coupons for last year. We obviously have less coupons by paying it off early so therefore are paying less interest?
I know, dumb question.

 

[jel0511]

When you pay it off earlier, you pay less interest. Interest is compounded onthly, so if you decided to pay off your balance today, your amount due would be less then the total of your remaining payments. DVC loans are the sme as mortgages, so when you refinance your mortgage you only refinance the remaining balance of the loan, which is less than the total of your remaining payments.

 

[imgoingtodisney]

thanks - we're paying off our 5yr loan in 2yrs

and we just remortgaged the house at 5.375 instead of 7.25 - cut off 6yrs

 

[karebear1]

5.3!!! WOW was that for a 30 or 15 yr. mortgage??? That's a GREAT rate! Congratulations!!!

Noelle- you're right, we did the automatic withdrawl as well and now that you mention it, I believe our rate was 10.95 too. Sorry for the misinformaton on my rate tiberius- evrything else was right off the paper!

 

[imgoingtodisney]

remortgage going from a 30yr to a 15yr. Already paid 9yrs of that 30 so basically cutting off 6yrs. The house will be paid when I can get my retirement money without a penalty - 59.5
It took me a while to get my act together.

 

[mamarobin24]

thank you so much for this thread. I've been reading this board for about 3 months, and just signed on. We almost bought at BWV in 1999, but just couldn't swing it (I was in grad school). We leave for a Land and Sea vacation in 16 days, and one of our objectives is trying to buy in.

. . .and we just refinanced our mortgage, took a home equity line of credit so we could.

I am definitely possessed, says my spouse.

Cindyellen
Tigger Mama

DL: right next door, 1968-73
offsite: 1989 (still have my ears)
Contemporary:1999
CBR: 2001 (marathon)
CBR: 2002
Poly and the Wonder: Feb 20, 2003