DVC - How does Disney financing go?

[bsusanmb]

Can someone give me an idea of how the financing goes from DVC? What is the required downpayment, how many years do they finance, and how high are the payments?

Thanks to anyone who answers!

 

[JLPooh]

When I joined the required downpayment was 10%. I put down a little more than that and financed for 10 years. The payments will depend on the amount of your downpayment and the current interest rate and the amount of points you buy. I know when I joined that I got a 9.75% interest rate if I did direct debit payments. Hope this info. helps.

 

[Dreamfinder2]

This'll be real general; the good folks at DVC (your salesperson/guide can provide specifics, and they do vary.)

You'll need a minimum of 10% down. The balance can be financed over 1 - 10 years (something like for 1 year, 5 years, 7 years, etc.) Interest rates vary, from 9.5% to 10.75 or so. On a 150 point contract from SSR at $95/point, your minimum down payment would be $1,425.

The interest rate varies with the amount put down, the time financed, and whether you elect to have your checking account automatically drafted. If your credit is less than stellar, you may have to put more down.

Perhaps someone who has financed recently can give you specific numbers for their situation. I will say that financing is easy - almost too easy - to get.

 

[Happy Birthday Cat]

I will say that financing is easy - almost too easy - to get.

It really is. Depending on your credit, they may ask someone to put more of a downpayment on the purchase but no one that I can recall has ever said they were told no.

HBC

 

[mpaugh]

When we signed our contract in April, they had the "Magical Beginnings" deal in place, where you could opt to sell back your points the first year and have that money added to your downpayment. I think they wanted at least 20% and if you financed through Disney the term could be as long as 10 years and the rate is about 8 or 9%..........there was a one percent discount if you had your payments electronically debited from a checking or savings account. I had my notes for the pitch and it worked out that if you put the minimum down and financed through Disney for ten years, the payment correlated to your points, ie. if you purchased 150 points the payment was about $150 per month; 200 points, about $200 per month. You could get a shorter term and if you decided to pay more on the principal, you could pay it off sooner. You can probably find a better rate by doing a home equity loan, etc. Those payments didn't include the maintenance fees, which could also be paid monthly or in a lump once a year.
Good luck with your decision, we're happy to be members now!

 

[twotoohappy]

just went through it less than a month ago....very easy!

I got a 150pt BCV contract at 84 per point
put down 20%
financed for 10 years
payment is 124 per month

(I'll pay it off earlier, but I took the longer term incase there was a month I was short $$ )

 

[offtheice]

Originally posted by twotoohappy
just went through it less than a month ago....very easy!

I got a 150pt BCV contract at 84 per point
put down 20%
financed for 10 years
payment is 124 per month

(I'll pay it off earlier, but I took the longer term incase there was a month I was short $$ )

How did you pull off getting BCV in the last month . I've been looking for the last two months for BCV and BWV?

 

[bsusanmb]

Was this from the resale? Who did you go through? I am so interested in this, but I am unsure if I should do a resale or a new one from DVC. Since we are both 54 years old, I don't htink I need to worry about 50 years.....or maybe I do, but at any rate, I so appreciate your help

 

[twotoohappy]

Originally posted by offtheice
How did you pull off getting BCV in the last month . I've been looking for the last two months for BCV and BWV?

My guide, Byron, is the best! He looked everyday until 150 pts came in. I have a Feb. use year, but had to go with a new use year/Dec. and new member id in order to get the contract. I'm just happy he got it. It was a lucky week for him, he got me a new 150 pt. BCV and another dis'er a new contract for 150 at BW. Honestly, they're hard to come by, but if you're willing to wait, he can find anything.
.....timeline..... I called in March for a BCV add on.... that day got 45 pts. called back in late April and wanted 100+ BCV points, got them the end of June.
Hope it helps! If you call Byron, tell him Liz from Cape Cod says "hi"(and I'll get a referral too! ...)
(his number is 8005018668)

 

[offtheice]

Originally posted by twotoohappy
My guide, Byron, is the best! He looked everyday until 150 pts came in. I have a Feb. use year, but had to go with a new use year/Dec. and new member id in order to get the contract. I'm just happy he got it. It was a lucky week for him, he got me a new 150 pt. BCV and another dis'er a new contract for 150 at BW. Honestly, they're hard to come by, but if you're willing to wait, he can find anything.
.....timeline..... I called in March for a BCV add on.... that day got 45 pts. called back in late April and wanted 100+ BCV points, got them the end of June.
Hope it helps! If you call Byron, tell him Liz from Cape Cod says "hi"(and I'll get a referral too! ...)
(his number is 8005018668)

Thanks for the reply. My guide is robyn who is very nice. . She told us two weeks ago she will keep on looking so i want to give her a chance. The way I got my BWV was finding out after i got my docs for ssr I saw on here that a lot of people where getting BWv that disney got back..So i am spoiled because i didnt have to wait long at all. I am basically looking for a 150-200 in either BCV or Bwv so my sis can join with me.. ..