There are no penalties. You can pay it off when you wish.Weighing my different options and I’m considering buying OKW direct for the 2057 expiration date. My question is since it would cost more I might put half down and finance the rest. Does anyone know if there are penalties for paying the loan off early?
No penalties.Does anyone know if there are penalties for paying the loan off early?
I agree with this. I do believe a lot of people "finance" as to just pay it off in large chunks over 1-2 or even 3 years and not all 10. Still pay some interest (but not nearly as much) but it takes the burden off of dumping the cash in one shot. Direct financing makes this really easy (instant over phone approval); especially if you don't want anything that will affect your credit score (which DVC loans do not).Financing is your choice, but you will find many people here that do not recommend financing.
Whether financing makes sense for you, is your choice. As far as paying off early, it all depends on the terms of the loan you take out. In general, there is not a penalty for paying off early.
DVC does put a hard pull on your credit score thoughI agree with this. I do believe a lot of people "finance" as to just pay it off in large chunks over 1-2 or even 3 years and not all 10. Still pay some interest (but not nearly as much) but it takes the burden off of dumping the cash in one shot. Direct financing makes this really easy (instant over phone approval); especially if you don't want anything that will affect your credit score (which DVC loans do not).
Great job! I don't think there is any penalty to paying off DVC early...and SO many great vacations to look forward to!Most likely I won’t finance. I’ve begun putting money aside to save up. If I did I would not want a term longer than 2 years as the interest is very high. We have paid all our vehicles off early without penalty here in Maryland and I was curious if the DVC loans worked that way too.
Most likely I won’t finance. I’ve begun putting money aside to save up. If I did I would not want a term longer than 2 years as the interest is very high. We have paid all our vehicles off early without penalty here in Maryland and I was curious if the DVC loans worked that way too.
If you're looking for 2 year or less payoff, you may still find it as being a good value for your family. 2 recommendations I have, as I just went through the purchasing process.Most likely I won’t finance. I’ve begun putting money aside to save up. If I did I would not want a term longer than 2 years as the interest is very high. We have paid all our vehicles off early without penalty here in Maryland and I was curious if the DVC loans worked that way too.
The information the Vacation Guide gave me showed 14% for almost every resort. He emailed me this interactive pamphlet where you could click on the resorts and see the pricing info. This was without even pulling my credit. True, this could be a rate that constantly changes, but based on the info I had, it looked like if I wanted to finance through Disney, the going rate was 14% for excellent credit.Are you sure about that 14%? I just did a direct purchase last month and while I had no intention to finance the financing information sent by my guide offered me 8% with a 20% down payment and 11% with 10% down.
if you're financing...explore other options...HELOC...personal loan...any of those will have better rates than Disney.