financing a DVC resale

[magicalmickey]

Hi! I am thinking about buying into DVC. It looks like you can save money buying a DVC resale. Does anyone know if you can finance if you buy a DVC resale? If so, what kind of down payment is required and how does it work? Also, can you put your down payment on credit card through resale or direct Disney buying, either one?

Thanks!

 

[jel0511]

If you buy re-sale the only way to obtain financing is usually through a home equity loan. You have to pay cash during the resale process, so you'd be required to pay by cashiers check, meaning a home equity loan would be the best way. There really isn't much in terms of third party financing for timeshare purchases, so you're pretty much stuck there. If you buy directly from DVC, you can finance there, with usually a minimun down payment of 10%. It can be placed on a credit card, as can the whole purchase price. I paid for mine with my Amex, to get those great miles!!!!

 

[Dean]

The only company I'm aware of that will finance a resale direction is Tammac.com, they have high rates. You can do a home equity or similar or use a credit card.

 

[TheRustyScupper]

1) It is almost impossible to get a resale with a credit card
. . . few real estate offices usually are equipped for CC sales
. . . no one wants to pay the credit card fee of 2%-4%.

2) The typical route is a home equity loan.

3) For people with no home or equity, TAMMAC is a choice.

4) Banks & finance companies usually don't loan on timeshare.
. . . timeshare have a high foreclosure percentage
. . . foreclosure is a long and expensive route
. . . there "usually" is not enough residual value

5) The other choice is a signature loan - but very high interest.

 

[CarolA]

You can finance via a credit card. I am sitting here doing my bills. I have a stack of checks with a 3.9% rate from Amex. All I would have to do is write the check either to myself or to my reseller (if they take checks!) I get checks from my credit cards all the time!!! (I have no idea why, but hope springs eternal in the CC world that I will use these things!)

 

[Aimfred]

We just bought a resale, and we got a great rate from one of our credit cards - no interest for one year, after that, 3.9% for the life of the loan. Instead of calling it a cash advance (which has higher interest and extra fees) they called it a balance transfer, but deposited the funds directly into out checking account. We just went to the bank and got the money put into a cashiers check, as required by the closing company.

We have budgeted to have the entire amount payed off in less than two years, so we only will pay interest for less than a year. This worked out much cheaper than a home equity loan, and all it took was checking with our credit cards to find the one with the best offer. However, if you go this route, make sure that you use a card without a balance, otherwise, you will get stuck with more interest fees.

Our resale closes this week, and I can hardly wait to make that call to member services for ressies!

 

[Dancind]

I actually paid for a resale contract with a convenience check from my credit card company. My rate is 5.9% until paid off. It may be that they didn't require a cashier's check because I sent the entire amount in as a deposit. They had plenty of time to clear it. Diana