DVC finance credit checks

[TandCmum]

As you may have gathered in the future we are considering purchasing DVC, however we would need to finance it as unfortunatly we don't have that kind of money hanging around, we have had some bad credit issues in the past too

We are in the UK and i wondered how they go about doing credit checks?? I've also heard that if you put down 30% they will automatically approve you but you have to do this in person at WDW. Anyone know if this is true??

I need to know if my dreams of owning DVC are worth pursuing? I did think about calling DVC and asking them but not sure what kind of response i would get

Thanks

 

[flechette]

Call them! They are very low pressure and quite understanding that you may not be buying right off.

Actually - you may want to ask and see if anyone can give you a referral- doesn't do anything for you but the referree gets a nice bonus- or so I understand.

Get them to send the pretty purple book. It is actually informative!

 

[Rence]

I wouldn't think that you being there in person would impact whether or not you get approved. Having to be in Florida in person would have to do with whether or not they can sell to you and whether or not they can offer financing to you at all. I don't know the specifics of trying to buy long-distance from the UK, but I would think that these issues would be seperate from whether or not you are approved.

Now with regards to financing. Disney will approve most applications for financing. The loan is a secured loan, you are using the points as collateral. If you don’t pay, Disney repossesses the points and can sell them to someone else. Since they are a non-physical item, they are rather easy to repossess (unlike a house or a car), so Disney’s risk is rather low.

What has been seen in the past is that in some cases with less then perfect credit, Disney asks for a higher down payment. If you apply with 10% down, Disney may come back and ask for 20% to 30% down. This is where you are getting the 30% from. I seem to recall one situation where Disney asked for 50% down, but I think that may have been a more extreme case. For the most part 30% seems to do it.

Now 30% is not automatic approval. I have still heard of cases where Disney has declined to finance. The situations I recall included a total lack of credit history or a really bad debt ratio (The person applying was already paying out so much of their income to debt that it would not have been possible for them to make the payments).

I do not know if the criteria would be different for a loan to a UK resident. But this is what I have picked up from reading the boards here over the past couple of years.

 

[Boston5602]

Just to let you know I was told by my guide it's 10% down New , SSR , and 20% down sold out. These are minimums anyways. He also said they check your credit in credit file and then have nothing to do with the file again, since its all done in house. Good Luck