Financing DVC...

[88golf88]

We have been talking to Disney about financing options and their rate isnt all that bad and I feel pretty safe going thru them.

But with there being some pretty darn good deals thru resale sites, has anyone financed thru some of the rebuy companies? I have seen them advertise that they can finance at 12%ish, which isnt far from Disney and you can get a heck of alot more points thru rebuy obviously...

 

[Sandisw]

I have not used the finance companies, but when I investigated it, one of the differences was the term. Disney's term can go up to 10 years, and is tax deductible. It also doesn't show up on your credit, which can be a good thing.

Some of the other companies may not be and in order to qualify for a longer term, you have to finance a lot.

So, depending on how much you buy resale, it may or may not work for you. But, you can definitely save going resale, especially if you are buying one of the larger contracts.

Good luck!

 

[robert@dvcstore]

88golf88,

The Timeshare Store, Inc.® offers financing for DVC resales through a 3rd party financial institution. They have loans for up to 10 years, rates under 13% and their loan, like Disney's financing, is a mortgage loan.

Please give us a call and we would be happy to answer any questions you might have on financing or particular listings.

Robert

 

[GoofItUp]

We financed through our local bank. The rate was 6%. Not a mortgage loan, but if you're paying 1/2 the interest, who cares. Plus we don't plan to carry it long, so wouldn't get much of a tax credit anyways.

 

[ToddyLu]

We financed thru Disney and it was quick and painless. Took about 3 minutes to get the preferred rate. There is no penalty for paying it off early either. We bought when no one was financing second mortagages and the rate or two we did find in our community was so close to what Disney had...we went for it.

 

[hardhead]

I felt that DVC is a luxury item and if I couldn't pay cash for it I couldn't afford it. SO I bought a resale SSR contract for half of what disney is selling BLT

 

[88golf88]

Yea, I look at Disney as a long term benefit for my family. If I pay a few extra bucks over the course of a year, we will be ok. Plus, Id rather get in now and start paying it off. For what we would pay this year for just our lodging (if we went non dvc) will more than cover the extra $$$ that will cost to finance it for a few years.

We will be members for 47 years, at least. I think over time, its a pretty good "investment"...

 

[Sandisw]

Yea, I look at Disney as a long term benefit for my family. If I pay a few extra bucks over the course of a year, we will be ok. Plus, Id rather get in now and start paying it off. For what we would pay this year for just our lodging (if we went non dvc) will more than cover the extra $$$ that will cost to finance it for a few years.

We will be members for 47 years, at least. I think over time, its a pretty good "investment"...

That was one of the ways I looked at it as well. I have been going to WDW for years, always paying cash for the trips. But, about $2500 of that was for our room,

I decided that if I could buy in to DVC and keep my payments (MF's and loan payments) to around that same figure, than it wasn't costing me more for DVC. Yes, paying interest depletes some of the saving and causes it to take longer to "break even" over a straight cash sale, but unless I stopped going to Disney for a while (which was not going to happen), I would be paying $2500 a year for rooms at Disney, regardless of whether it was for DVC (with interest) or for a cash room through DRC.

As it turned out, I was able to work things so that I could use the Disney Visas (I have two) to pay for all my BLT points and was able to push things out in a way that I didn't have to finance, but to do it for the year or two I originally had planned, was okay with me.

 

[88golf88]

That was one of the ways I looked at it as well. I have been going to WDW for years, always paying cash for the trips. But, about $2500 of that was for our room,

I decided that if I could buy in to DVC and keep my payments (MF's and loan payments) to around that same figure, than it wasn't costing me more for DVC. Yes, paying interest depletes some of the saving and causes it to take longer to "break even" over a straight cash sale, but unless I stopped going to Disney for a while (which was not going to happen), I would be paying $2500 a year for rooms at Disney, regardless of whether it was for DVC (with interest) or for a cash room through DRC.

As it turned out, I was able to work things so that I could use the Disney Visas (I have two) to pay for all my BLT points and was able to push things out in a way that I didn't have to finance, but to do it for the year or two I originally had planned, was okay with me.

Are you saying you paid for your dvc membership with your disney visa? Or did you make your monthly payments with your disney visa? That part confused me...

Other than that, thanks for backing me up. We have been going to Disney for 20+ years with our respective famalies and now that we are the ones paying the $$$ for our trips, I just cant justify NOT buying into DVC, even if I have to pay a little extra. But with the $15/pt discount they are offering now for AKV, we really arent paying much extra.

It may take us an extra year to "break even" as you say, but that means we will ONLY be saving for 40 years instead of 41...

 

[Sandisw]

Are you saying you paid for your dvc membership with your disney visa? Or did you make your monthly payments with your disney visa? That part confused me...

Other than that, thanks for backing me up. We have been going to Disney for 20+ years with our respective famalies and now that we are the ones paying the $$$ for our trips, I just cant justify NOT buying into DVC, even if I have to pay a little extra. But with the $15/pt discount they are offering now for AKV, we really arent paying much extra.

It may take us an extra year to "break even" as you say, but that means we will ONLY be saving for 40 years instead of 41...

I paid for the entire purchase with the Disney Visa and got 6 months, 0% interest to pay off the cost of the 180 points. Because of this, I was able to cancel the Disney financing.

Chase advertises that they only give it to you on the first $5000, but I got it on the entire purchase. I have two Disney Visas and put the 50 point contract on one and the 130 point contract on the other.

Matter of fact, I bought the 50 points contract in June and just payed it off this week!!!

I really want 25 more points and once I see what my DD's college will cost us next year, I may be doing another add on this way. Put it on the Visa and take 6 months to pay it off.

 

[88golf88]

I paid for the entire purchase with the Disney Visa and got 6 months, 0% interest to pay off the cost of the 180 points. Because of this, I was able to cancel the Disney financing.

Chase advertises that they only give it to you on the first $5000, but I got it on the entire purchase. I have two Disney Visas and put the 50 point contract on one and the 130 point contract on the other.

Matter of fact, I bought the 50 points contract in June and just payed it off this week!!!

I really want 25 more points and once I see what my DD's college will cost us next year, I may be doing another add on this way. Put it on the Visa and take 6 months to pay it off.

Thanks for clarifying. I thought that is what you meant, but I just want to make sure.

 

[mikeandkarla]

You can only pay for DVC on your Disney Visa if you buy direct from Disney. Resales will not accept a credit card payment.

 

[AirGoofy]

We went to WDW several years in a row. We saved up enough and purchased a resale contract at SSR. Better to purchase it outright than finance it.

 

[SnowWhite2]

If you finance through Disney, you can make "extra" payments via the Disney Visa. We didn't get the 0% for 6 months but the reward points were great. We were going to pay it off after a few months anyway plus with running the extra costs through the Visa allowed us to have tons of reward points for our cruise.

 

[88golf88]

If you finance through Disney, you can make "extra" payments via the Disney Visa. We didn't get the 0% for 6 months but the reward points were great. We were going to pay it off after a few months anyway plus with running the extra costs through the Visa allowed us to have tons of reward points for our cruise.

Yea, that is one of the advantages of going thru Disney.

As far as saving up and not financing, if we save up for 3 years and still go to Disney, which we will, and THEN buy into DVC, we would have wasted 3 years worth of money that could have been put towards DVC.

 

[bumbershoot]

As far as saving up and not financing, if we save up for 3 years and still go to Disney, which we will, and THEN buy into DVC, we would have wasted 3 years worth of money that could have been put towards DVC.

Yep yep. Agreed.