Finance ?, Last question today, I promise...

[ericamanda01]

Is it easier to finance through The Timeshare store or Disney? Or is there even a difference?

 

[carolina_yankee]

Is it easier to finance through The Timeshare store or Disney? Or is there even a difference?

Financing through Disney is very easy. I think you have to use a 3rd party for the Timeshare Store, but I'm sure they have all the referral information necessary! Disney's terms are minimum of 10% down and payments up to 10 years. Interest has been 9.75% for direct debit or 10.75% for statement billing. If you own a home, you might want to check around and see if other resources are more cost effective for you.

I filled out a fairly simple credit app and things were pretty settled withi a week, though official word couldn't come until official paperwork had gotten in (My W-2 came late).

 

[ericamanda01]

Thanks. DH is still unsure which way to go. So this will help.

 

[CHIdadOF3]

We just purchased last month at SSR using the F&F discount. Our plan was to put down close to half the cost as a deposit (using our credit card to get the reward points) and finance about $10k. We used the DVC finance options because it was EXTREMELY easy and convenient. Here's the trade-off: the rate through Disney is high (5.95% for 1 year option or 10.75% for 3, 5, 7, and 10 year options). If you go with direct debit you get a 1% discount on the rate (4.95% or 9.75%). In most case, you can get an outside loan much cheaper. But it was so easy!!! I can't emphasize that enough.

So the question becomes "What is most important to me?" I liked the idea that all the paperwork came in the package from DVC and all I had to do was fill it out, make a few copies, and send it back. No shopping around for rates or lengthy inquisitions from a banker. Just fill it out, send it back and we were approved.

I chose the 10 yr plan so that we wouldn't feel the effect of the payments in our bank account but we plan to pay it all off (or at least most of it) before our first payment is due once I receive my bonus check.

Do what is best for your situation. If you know that you are going to carry the debt for a while and won't be able to pay it all off quickly then the interest rate might be your most important issue. There really is no right or wrong, just what you and your family will be comfortable with.

Good luck!
- Tony

 

[MinnieGirl33]

FWIW - Financing through Disney does not show on your credit report as debt so depending on your situation this might be a factor.