Finance question

[PixiePop]

If anyone that has financed 150-200 points would be willing to let me know how long you financed it for, what the payments are and the interest is, I would really appreciate it.

Thank you so much.

PixiePop

 

[tjkraz]

Assumptions:

$95 per point
9.75% interest
20% down payment
10 year financing

Under the above terms, you will pay $.99 per point, per month for the next 10 years. On 150 points, your payment would be about $149 per month. On 200 pts it would be about $198 per month.

If you take advantage of the current $10 per point discount promotion, that money will go toward your down payment.

Don't forget to add annual dues on top of the figures noted.

 

[goofyforlife]

We financed 200 points.

Our payments started in May.....

For a ten year loan from disney ---

We put $5000 down (3000 from us - 2000 from Disney as discount on points)

Our payments are around $125 for the loan part $75 for the dues.

Monthly of course.....

(And I was very happy to see that we can probably deduct the interest and tax portions of these on our income taxes.)

 

[BuzzandWoody]

We financed for 7 years. I think it cut the interest a little too. And now we only have 4 more years!

The payment is a little higher than the 10 year but it is automatic and now stable in our budget.

 

[pumpkinboy]

When we bought initially and when we added on, we were offered two interest rates: the one-year financing (50% down) had a 4.75% (I think) rate, and we took that for two add-ons; the other rate was for 3,5,7 or 10 years and was 9.75% for all categories. Just to repeat, it was the same interest rate for all terms over 1 yr.

IMO, take the longest term you can to maximize financial flexibility, even if you only need to do it over a shorter term; the ten year deal minimizes the minimum due, allowing you to pre-pay in flush months and pay the minimum in lean ones. With our initial contract, we signed up for ten year financing, and pre-payed it in less than 2. But, if we had run into leaner times in that period, we would have been able to pay the lowest possible minimum bcs of the ten yr term. An added bonus is that you can pre-pay on your credit card, and get whatever premium your card pays; in our case we used the Disney Visa, and the rewards points are covering DD's annual pass this year.

Good luck with your calculations. I think tjkraz' breakdown above should be helpful.