DVC Interest rate

[maddiemom]

I just got off the phone with DVC and the person mentioned a special interest rate offer good for the first 30 days after initial offer. I guess it is to intice people into buying. She said the current rate is usually between 12 or 13 percent depending on length of loan. My question is has anyone taken advantage of this and what kind of percentage are we talking about.

Thanks

 

[DVCDAVE]

The indroductory rate was 10.95 % this past summer for up to 10 years with 20% downpayment. It may have changed since then. AND the special rate is only good for 30 days from the point in which they offer it to you, with NO exceptions.

WDW:
76,77,78,87,FW
92,Offsite
95 POL
96(2), GF,Offsite
97,GF
98,99,00,FW
8/00 DVC member
3/2001 BWV
11/2001 BWV

 

[DVCDAVE]

OH,!!! I forgot to mention, that in order to take advantage of the special rate, you MUST have the loan direct debited to your bank account. Your choice of either the 1st or 15th of the month. If for any reason you cancel the direct debit, the rate adjusts up to 13%. You may however, pay the loan off early with NO penalty. If you itemize your tax return, you may be eligable to deduct the interest as a vacation home mortgage. Check with your tax advisor to make sure.

WDW:
76,77,78,87,FW
92,Offsite
95 POL
96(2), GF,Offsite
97,GF
98,99,00,FW
8/00 DVC member
3/2001 BWV
11/2001 BWV

 

[SEC]

We are waiting for our paperwork and the rate is 10.95% currently. Our guide said it was 10.95% whatever length it was financed over. We are doing the 20% down at 3 years.

 

[SusanSeng]

We got a much better deal going through our bank. I think we are paying 8%. It can make a big difference.

 

[MN_DizNut]

Hi, just rec'd the new book today (we've been waiting to buy at VWL). At 50% down, you can get 10.25% rate w/ 1 year payoff. With 20% down, it is 13% for 3 year, 13.5% for 5 year, 14% for 7 year & 14.5 for 10 year payoffs. (this is with them sending a monthly statement)

For the direct pay option, it is 9.25% w/ the 50% down, 1 yr option, and 12%, 12.5%, 13% & 13.5% respectively for 20% down with 3, 5, 7 and 10 year payoffs.

 

[kem330]

This is really funny, because we were there in Jan and with 50% down at VWL (I still have the sheet) you only paid 5.95% on a one year payoff with direct debit.Has it really gone up that much considering interest rates have gone down?

 

[MN_DizNut]

I'll trade ya sheets! I like your rates MUCH better!!! LOL.

 

[ripleysmom]

DizNut, the sheets don't list the special interest rates. If you haven't taken the tour then ask them about the special rate but be assured that the 30 day rate is indeed gone at the end of that time. sigh!

Kimberly-Lucas and Ripley's Mom

 

[BobH]

I investigate a home equity line if it is available to you. I believe you may get a far lower interest rate. Good luck!

 

[jfulcer]

When we initially looked at purchasing, we decided that we couldn't afford it at that time, so we lost our 'special' financing.

Fast forward 3 years (this past august) when we re-toured and talked seriously abouy buying. Our guide surprised us by saying since we were buying into some of the new units at OKW, it was considered sort of a initial presentation, and we were able to get the lowered interest rate.

Obviously, you cannot do this anymore because OKW is sold out again, but if they build new buildings, I would assume that they would do the same thing again.

Jeff <img height="80" width="55" src="http://www.geocities.com/jfulcer/goofhead07.gif"> <img height="80" width="125" src="http://www.geocities.com/jfulcer/vacclub01.gif">
8/95 WL - Honeymoon!
3/87 Offsite
3/99, 3/00 Offsite - Premier Vacation Homes
11/99 Offsite (Tampa!)
8/00 Wilderness Lodge
9/00 Offsite - MOWC
3/01 VWL (DVC points)