Financing DVC

[arwood82]

I am completely new to this so I have a few questions that i am hoping someone on here can answer. How hard is it to finance through Disney. My fiance and I are wanting to buy into DVC. However, we do not have perfect credit. We have been to Disney several times and feel as though, in the long run, that purchasing into DVC would be a good move for us. We normally go at least once a year and we plan to continue this especially after we have children. So has anyone with nolt great credit been able to get financed. Thanks for any help.

 

[mel&me]

Friends that Melissa works with had a horrible credit rating, (lot of debt) and Disney financed for them. They asked us about DVC . My suggestion was wait until they had stuff worked out. I even offered to rent them points cheap if I was not using. They wanted to buy and did. Went right threw no problem.

 

[arwood82]

Thank you so much for the info. My next question is did they buy in while they were visiting disney or did they do it over the phone. Another question I have is we are not married yet so should we wait until we are married. We are really wanting to buy into the new BLT so this is something we are wanting to do pretty quickly.

Thank You

 

[mel&me]

They had bought over the phone. They had thought about it on a previous trip, never took the tour. They wanted to buy so they could book there next trip thru DVC. They also used us for a referral, It got them an extra incentive from disney and we got the referral credit.
As for your other question, A little FYI we are not married either. Both our names are on the contract. We were told that if we got married (gonna happen sooner or later) we would be able to change the name if needed. Disney I guess normally does not let stuff be changed after the fact but this is one of there few exceptions. Someone else can chime in on that if they have any prior experience with it.

 

[WilsonFlyer]

I am completely new to this so I have a few questions that i am hoping someone on here can answer. How hard is it to finance through Disney. My fiance and I are wanting to buy into DVC. However, we do not have perfect credit. We have been to Disney several times and feel as though, in the long run, that purchasing into DVC would be a good move for us. We normally go at least once a year and we plan to continue this especially after we have children. So has anyone with nolt great credit been able to get financed. Thanks for any help.

Don't fool yourself and buy into what most people assume. I'm in the banking industry and I can tell you that most credit is WAY less than stellar. There seems to be this mindset in America that everybody's credit is better than mine. Believe me, it isn't.

If you try to pay your bills on time and do for the most part and haven't had many high-dollar write-offs, you'll get credit at Disney. Same was true in the banking industry until about a month or two ago.

From what I can tell, Disney hasn't tightened up very much. Why should they? They have the down payment, they have the payments you DO make and most importantly; they HAVE the property and the absolute right to foreclose if you default. They, in essense; have nothing to lose. Don't forget that. They can take everything you've paid at any given point, foreclose and sell it as new all over again. Believe me, they get it. They're not affording anybody credit as a favor.

 

[RussN]

Thanks for all the information everyone has given. Has anyone bought DVC re-sale? Any recommendations or cautions to stay away from?

 

[WilsonFlyer]

Thanks for all the information everyone has given. Has anyone bought DVC re-sale? Any recommendations or cautions to stay away from?

Buy from a reputable and licensed reseller like the sponsor of this forum. They are constantly getting accolades from a job well done and it's apparently not because they sponsor the board.

Click the link up-top.

I bought both of my contracts directly from Disney but basically, had no choice since I didn't know better with the first one (AKV) but I'm happy with it and the second one I had no other option (BLT early).

There's a thread going on right now about buying through a time-share posting board that went south. Actually, I suspect it was doomed south to begin with. If it sounds too good to be true, it is.

 

[jlewisinsyr]

Disney from my understanding has tightened down their lending as well.

Minimum FICO for the lowest financing rate is ~740 currently. At one time this was as low as ~680.

Anything below is financed at the higher rate or requires a larger down payment (there have been many people recently told they need to put significantly more down).

Keep in mind, although the risk is low to Disney, foreclosing costs money, time and leaves open properties. Disney could find itself with a glut of for sale units or even worse a lot of foreclosed or unsold units on their hands, which means, they're not making any money and the maintenance fees are not going to be where they are, specifically for fund reserves and property taxes. Having a lot of properties for sale also creates a fund balance issue in terms of Right of First Refusal.

If anyone thinks Disney is immune to this current market and situation, they are sadly mistaken.

 

[Uncle Remus]

I am completely new to this so I have a few questions that i am hoping someone on here can answer. How hard is it to finance through Disney. My fiance and I are wanting to buy into DVC. However, we do not have perfect credit. We have been to Disney several times and feel as though, in the long run, that purchasing into DVC would be a good move for us. We normally go at least once a year and we plan to continue this especially after we have children. So has anyone with nolt great credit been able to get financed. Thanks for any help.

Thanks for all the information everyone has given. Has anyone bought DVC re-sale? Any recommendations or cautions to stay away from?

First of all, welcome to the DIS, you've come to the right place for all kinds of info and you can certainly get it here!

Ask any questions ya got, I've been askin' for days 'n it gets worse 'n then it gets better, don't get frazzled. There's a lot to know, but like I said, DIS is full of good folks who will help ya with lots of info.