DVC Members..

[IheartMickey]

I just have a quick question. When you bought your DVC membership did you pay out right for the whole thing or is there some way to make payments?

 

[HookdonWDW]

I just have a quick question. When you bought your DVC membership did you pay out right for the whole thing or is there some way to make payments?

We bought outright, but you can make monthly payments for up to 10 years.

 

[IheartMickey]

Do you know if there's a calculator or something where I'd figure out how much a monthly payment would be?

 

[elijahpep]

Financing is available if you buy your DVC purchase directly through Disney.

If you purchase a resale contract financing will have to be sought through other means.

Also, there are yearly fees for maintainance.

If purchasing directly through Disney, you will have to do a downpayment to set up financing.

~DW

 

[HookdonWDW]

It would depend on the interest rate, which resort you were buying at, and the price/point. If you have that information, you can figure out the monthly payments with any online mortgage calculator. My quick guess would be that a 160 point contract would be under $200.00/month, including dues.

 

[Lynne M]

Call DVC and ask them to send you their information packet. There'll be information on financing and payments in the packet.

Don't worry, they're incredibly low-pressure, and won't pester you if you request information.

 

[IheartMickey]

Thank you! I started calculating points and I would need over 200 points to go on two yearly vacations and that would be in a studio and I'd rather not sleep on a pull out couch. But I want to be a DVC owner! Damn.

 

[Lynne M]

It's not just a sofabed in the studios....you get a queen bed, too.

 

[CapeCodFam]

This is by no means an exact calculation. Rather, it's an estimate. At $104 a point-$8(incentive)= $96 *160 points (initial buy-in) is about $15,500. Financed through DVC at 10.75% *10 years is about $25000. Add in about $600/year for dues * 10 years = $6000. That totals $31000 over 10 years.

I always use $3500 as a weekly cost if booking 1 BR villa via CRO. It's in the ballpark of what it normally costs (for BWV).

$31000 / $3500 is almost 9 years to break even.

If you can, find alternative financing. 10.75% over 10 years is is alot of money to give away.

 

[spiceycat]

Thank you! I started calculating points and I would need over 200 points to go on two yearly vacations and that would be in a studio and I'd rather not sleep on a pull out couch. But I want to be a DVC owner! Damn.

go buy OKW - it has 2 queen beds.

the other studios have a queen bed and double sleeper sofa.

200 points is pretty high for 2 yearly vacation is a studio.

how about going Sun-thur (leaving on Friday) - then you could go to OKW (Jan, Sept, Oct, - most of Nov & Dec) for 40 points.

you don't have to stay an entire week at a DVC resort unless you want too.

I think the sponsor of this site also has financing.

 

[TedraL00]

My husband and I just bought in and we used our Disney Chase. We had an offer for 4.99% financing for the entire amount we put on it. So you might be able to finance that way if you can find a CC that will do that. Another way is if you have a car that is paid off. You could use that as collateral for a loan. Just some food for thought. hope it helps.

 

[lovesdisney44]

We chose to get a Home Equity Loan when we purchased our points. With Home Equity Loans, the interest you pay on the loan is tax-deductible. I don't think you can deduct the interest on a loan through DVC. It was a no-brainer for our family.

Good luck with your decision.

 

[Maistre Gracey]

If you can, find alternative financing. 10.75% over 10 years is is alot of money to give away.

Very true, however...
Don't forget the interest is likely tax deductable.

For many people the actual interest paid per year will be closer to 8%.

MG

 

[3DisneyKids]

Lots of way to go...

Pay Cash upfront

Finance through Disney

Secure your own financing

Pay with Credit Card and get whatever points you get (either Disney Reward dollars, miles, etc._

Pay with a Home Equity line of credit or loan so that the interest is deductible.

Please note that many here will tell you that you should only purchase DVC if you can pay in full up front b/c as soon as you factor in finance charges it becomes not worth it. You will have to decide this for yourself.

Good luck on your decision.

 

[Slakk]

Very true, however...
Don't forget the interest is likely tax deductable.

For many people the actual interest paid per year will be closer to 8%.

MG

And I so appreciated it when I did my taxes!!!

 

[DeeCee735]

Only way that made sense for us was to pay up front in full, not over years with interest, we bought only the amount of points we could afford to pay in full for. Good luck, hope to be "welcoming you home" soon!

 

[ransom]

Just to verify...

You can buy DVC with a credit card, with no penalties? That is, you don't get a "service fee" or any of those other tricks that some companies have been pulling for the "convenience" of paying via credit card?

 

[3DisneyKids]

Just to verify...

You can buy DVC with a credit card, with no penalties? That is, you don't get a "service fee" or any of those other tricks that some companies have been pulling for the "convenience" of paying via credit card?

This is correct...no service fee added on (at least not when I purchased...and I have not heard of any changes).

 

[ransom]

This is correct...no service fee added on (at least not when I purchased...and I have not heard of any changes).

Oooh! That certainly is good to know! Thank you!

 

[TedraL00]

Chase charged me a one time fee of 50 for using a convience check. That was all.