Financing Add-On Thru DVC-Need Info Please

[keishashadow]

heretofore have been able to pay cash for DVC habit

appears as though we may have to finance CR thru DVC

couple questions...as usual, guide is MIA

Trying to get ducks in a row as to whether DVC financing would work for us or we should go forth in search of better funding options

1) What is the down payment required (a %?)?

2) Is it safe to assume the % rate will be based on credit score, etc.? Anyone know what the range is currently?

3) What is the maximum length of repayment?

 

[hellerjw]

I assume add-on financing rates would be equivalent to new financing rates, which I have some experience with.

1. The down payment is 10%

2. With good credit the interest rate is in the 10.75% range. This is with automatic draft payments. The "invoiced" method is 1% higher. I believe the "poor credit" rate is a point or two higher still.

It is a high rate regardless, but it is treated like an amortorized mortgage (you will get an interest statement at the end of each year like a traditional mortgage) and it doesn't show up on your credit report.

3. The maximum term length is 10 years. They do offer 1 year (50% down), and I believe 5 & 7 year terms also (based on what I've read on these boards).

 

[tedisney]

I was told that all add-ons are at the preferred rate of 10.75%, even if your original loan was at 14.75.

 

[keishashadow]

thanks, that is a rather high rate of interest

If financing, do you know if the DP has to be cash/check or can you run it thru a Disney Visa for rewards earnings?

 

[hellerjw]

You can pay the down payment with a credit card. I believe that's propbably how most people do it just for speed sake and to get rewards dollars, 0% interest offers, etc.

 

[keishashadow]

You can pay the down payment with a credit card. I believe that's propbably how most people do it just for speed sake and to get rewards dollars, 0% interest offers, etc.

didn't think of opening a new one for 0%; just wondering if it goes thru as a "goods" purchase or "cash" = fee?

 

[AKV707]

didn't think of opening a new one for 0%; just wondering if it goes thru as a "goods" purchase or "cash" = fee?

I think that the 0% offer is for Disney Visa. It is listed as lodging on your statement.

 

[keishashadow]

I think that the 0% offer is for Disney Visa. It is listed as lodging on your statement.

slowy understanding ; so it would be the same as the 6 months 0% we now get when booking DCL! excellent

 

[Rambler5678]

I know 25 points is the min. you can buy as a add-on but how does it go from there 30, 35, 40 etc?

Thanks,

 

[tammymacb]

I just got a great CC deal. 3.9% finance checks for the life of the loan.

I'm going to write myself a check to pay for my points, wait for it to clear and then get a certified bank check to send off Disney. I'll then pay off the loan at 3.9% I don't owe anything else on the card...so this is a Sweeeet deal!

 

[luvindisneyworld]

Yes 25 is the minimum but you can add on anything after that you just cannot finance anything under 50.You can add on 29,31 or whatever you want to as long as it is at least 25.

I know 25 points is the min. you can buy as a add-on but how does it go from there 30, 35, 40 etc?

Thanks,

 

[JaxFLBear]

I know 25 points is the min. you can buy as a add-on but how does it go from there 30, 35, 40 etc?

Thanks,

Minimum is 25 Cash or 50 if financed by Disney. You can purchase any number of points above the min.