Financing costs of DVC

[cgoldburg]

Hi,

I've looked on the thread and don't see actual financing costs through Disney.
I am considering a DVC purchase but would like some finnancial info.

I'm considering SSR for 150-200 points, can anyone tell me what the monthly payment would be with a 10 year loan with 20% down?

Thanks!

 

[vascubaguy]

Here's a previous post I made about financing:

http://www.disboards.com/showpost.php?p=9282510&postcount=8

 

[go cowboys]

we bought 250 at ssr last month and financing it through them with the same terms will cost us about 240.00 per month.

 

[Coastie]

Based on the current Disney selling price of $92/point, 10 year term with an annual percentage rate of 9.75% (This was the going rate with Disney last month with 20% down). All rounded up...

200 points = $18,400

10% Down $1,840
Financed Amount $16,560
Monthly Payment $214
Finance Charge $9,154

20% Down $3,680
Financed Amount $14,720
Monthly Payment $190
Finance Charge $8,137

There are any number of other financing options. Because of the 10 year term, the interest charge is pretty substantial. I opted for a 2 or 3 year home equity loan. Even a short term personal loan makes sense as you will end up paying far less interest.

Hope this helps! Believe me, DVC has been well worth it for us. If we did not have DVC, we wouldn't be taking a vacation every year. This "forces" us into going to Disney!!

 

[Pluto 2]

thanks vasubaguy that was a great breakdown

 

[cgoldburg]

Thanks! Very helpful info everyone!

 

[vascubaguy]

Based on the current Disney selling price of $92/point, 10 year term with an annual percentage rate of 9.75% (This was the going rate with Disney last month with 20% down). All rounded up...

200 points = $18,400

10% Down $1,840
Financed Amount $16,560
Monthly Payment $214
Finance Charge $9,154

20% Down $3,680
Financed Amount $14,720
Monthly Payment $190
Finance Charge $8,137

There are any number of other financing options. Because of the 10 year term, the interest charge is pretty substantial. I opted for a 2 or 3 year home equity loan. Even a short term personal loan makes sense as you will end up paying far less interest.

Hope this helps! Believe me, DVC has been well worth it for us. If we did not have DVC, we wouldn't be taking a vacation every year. This "forces" us into going to Disney!!

$92 per point is the going rate for the sold-out resorts (OKW, BWV, BCV, VWL, HHI & VB). SSR is $98 per point and current has an $8 off incentive that can be used as a discount or applied towards the down payment.

If you decide to go with DVC, I'd go with the 10 year financing but pay as much as I could each month to get it paid off sooner. DVC uses simple interest and their is no prepayment penalty so it would allow you to pay the minimum each month if you needed the extra money for something else.

 

[Disney Doll]

If you decide to go with DVC, I'd go with the 10 year financing but pay as much as I could each month to get it paid off sooner. DVC uses simple interest and their is no prepayment penalty so it would allow you to pay the minimum each month if you needed the extra money for something else.

This is what we did, and we had it paid off in about 3-4 years.