dvc Financing approval?

[azcanbhm2]

How hard is it to get financing through disney, if you have poor credit? is it possible?

 

[donutz022]

How hard is it to get financing through disney, if you have poor credit? is it possible?

I just purchased yesterday over the phone got the credit approval in two minutes. if you are purchasing with another person they go with the best persons credit score to get you the best rate. all they asked me was if i had an open bankruptcy or federal tax lean. when i mean open bankruptcy im talking about a chapter 13 where you are paying back a portion of your debt not a chapter7.

 

[disneynutz]

Your interest rate will depend upon your credit score. Low scores pay more. DVD will do a quick check over the phone but a more through check will be made later and you will receive a written letter notifying you if you are allowed to finance.

 

[DisneyWalker44]

Do you have a pulse? Are you currently in jail?

If you can give the correct answers to those two questions (yes and no respectivly in case you were wondering) then you can probably get financing from Disney.

Now a bigger question is *should* you? Disney charges sky-high interst rates, especailly for people with bad credit. That's not for us to decide or debate... but do look around and see if you have other options.

 

[bumbershoot]

DVD will do a quick check over the phone but a more through check will be made later and you will receive a written letter notifying you if you are allowed to finance.

Our guide told us that the check done online IS the check. The paperwork is just a formality; no further check is done. That's what he said, at least.

 

[wdw1972]

Doesn't it make more sense to simply wait until you have the cash saved up?? Someone with poor credit having to finance dvc sounds like they're making yet another irresponsible decision. Buy fewer points at a time, if need be - just don't go into debt for something as frivolous as a prepaid vacation!

Don't get me wrong - I love my dvc & it's a great value. But, I paid cash for every single point, even though that meant accumulating 15 or so contracts to get the # of points I wanted At least I knew I could afford it each time...no debt for me!

 

[arthur06]

Do you have a pulse? Are you currently in jail?

If you can give the correct answers to those two questions (yes and no respectivly in case you were wondering) then you can probably get financing from Disney.

QUOTE]

That's pretty much the way I see it too!

 

[lark]

QUOTE]That's pretty much the way I see it too![/QUOTE]

I think at this point, they are self financing, right? In other words, they don't sell the mortgages any more.

So, basically, they get at least a 10 percent downpayment, plus any payments you make before you default, and a security interest in your unit. It's not like it's difficult to foreclose on you. Your "unit" is sitting right there on their property. The 10 percent is based on $112 per point, so it should easily cover the legal formalities they are required to jump through to foreclose.

It's pretty low risk. If they can get 11 percent or 15 percent interest for loans on property that easy to foreclose, it's all good for disney. Once they foreclose, the points are easy for them to resll. Bottom line -- why wouldn't they extend credit as much as possible?