Finacing options

[BuzzandWoody]

We can't get a home equity and the 10.5 thru DVC seems high. Is it?

Has anyone refinance through their local bank?

Are their any other options to get a lower rate?

 

[drusba]

Other than home equity or belonging to a special group where you can get into low interest loans programs (like professional groups, unions,or the like), you face a tough market. Disney's rate is actually lower than the typical rate lenders are willing to give for a timeshare purchase (you will find them in the 13% to 14% range).

 

[Mic]

If I remember correctly, you got a 1% discounted interest rate through Disney if you purchased within 30 days of your tour or something like that. Also, the interest rate was considerably less if you paid half the total purchase price, and financed the balance for 12 months. There was also a discounted interest rate for 3 or 5 years, but I can't remember. Disney's interest rate of 10%(which is what I opted to do) is only 2-3 points higher than the average mortgage rate right now, and you can always make an extra payment every now and then to pay the loan down. I opted for the automatic draft out of my checking account each month, which is very convenient.

 

[BuzzandWoody]

to go with Disney finance with 10% down keep our points instead of selling them back and finance for 7 years. This works out to be less the 20% for 10 years.
Higher payments but cheaper in the long run.

Thanks for the info!