DVC Financing

[mickeymoonbride]

Can anyone tell me if getting financed for a purchase directly from Disney is hard to do? Has the economy affected how they decide?? We are probably going to buy in this weekend if we get approved.

Thanks for any help!!

 

[browniemtb]

Financing through Disney is fairly simple and fast. Disney has a tremendous amount of control when it comes to the timeshare. If someone defaults they won't be allowed to use their points......so they do a credit check and from what I've heard DVC does not show on your credit report...just as an inquiry.

 

[thesupersmartguy]

The intrest rate for current DVC members is 10.75%. If this is your first contract it will be 14.something%.

 

[mgroshans]

correct, it doesn't show on your credit report. we just refinanced our mortgage, it wasn't on there. our credit union didn't bring it up once, and we have had the loan with disney since september. we got standard financing, even with our credit score being 735. our guide told us that mostly everyone who finances with disney is getting the standard rate, very, very few people are getting the preferred rate.

 

[Nikisha421]

fairly simple and easy to get...which is why they generally hand out the standard rate...they control it all!!!

 

[ToodlesRN]

Were 1st time dvc members back in March did the financing and got the 10.75% rate. I'd call and see what the rates are.

 

[dd08]

The intrest rate for current DVC members is 10.75%. If this is your first contract it will be 14.something%.

That's not correct.

For a good credit score it's 10.75.

We financed our first and only contract in Dec at 10.75.

 

[december14disney]

The intrest rate for current DVC members is 10.75%. If this is your first contract it will be 14.something%.

This cant be true. It was our first contract when we signed up on December 17th and we got the preferred 10% financing. It was incredibly easy and fast.

 

[Dee77]

We also bought our first contract in Nov and were told that the interest rate would be between 10.75% and 14.5%, we "qualified" for the 10.75% thankfully. I believe the way that Disney is making up money in the poor economy is by increasing the interest rates, a contract that a friend bought just 2 years ago was given with something like 7% preferred interest rate so.... there you go. I also agree that the "monies" borrowed don't show up against a credit report so we are looking to re-fi our home mortgage and hopefully pay off our Disney loan quickly.

Enjoy your new purchase!!!

 

[EnchantedPrincess]

The intrest rate for current DVC members is 10.75%. If this is your first contract it will be 14.something%.

That's not true...if it is your first contract and you have a good credit score, you should be able to finance at 10.75%.

 

[Tink-aholic]

Still...with a 735 score and over 10%?? Am I the only one here who thinks that is ghastly?

 

[jlewisinsyr]

740+ is preferred

Less then 740 is standard.

 

[thesupersmartguy]

My mistake. I apparently was misinformed by my guide.

 

[Tink-aholic]

740+ is preferred

Less then 740 is standard.

Regardless of "preferred" or "standard" (does this mean that you have to have a 740 or above to get 10.75%?), I am still shocked at those who would be grateful to get that rate.

The rate is what is is shocking me...not the score required to get it.

 

[jlewisinsyr]

Regardless of "preferred" or "standard" (does this mean that you have to have a 740 or above to get 10.75%?), I am still shocked at those who would be grateful to get that rate.

The rate is what is is shocking me...not the score required to get it.

Preferred is 10.75 and standard is 14.00.

As for the rate, its not really that bad in terms of timeshare financing. Short of a home equity loan or paying cash, you will be hard pressed to find a significantly lower rate. Also keep in mind, the interest on the loan provided by Disney is often tax deductable, not all secondary loans carry this benefit.

 

[vfd265]

What is the term length for these loans financed by Disney?

 

[brandip22]

You can finance for up to 10 years.

 

[simba20]

We finally got everything done with as far as financing on our contract (we started the process back in September). I had a judgment on my credit report and with explanantion to the lady at Dinsey handling our loan, we got approved. She was really nice and understanding.

Sadly we have our interest rate at 14 something, but that's okay.