Financing DVC

[Hillary329]

When buying resale DVC, has anyone financed and if so how did you do it?

 

[TEK224]

I financed through DVC. While probably not the most economical way to do it, I've enjoyed several great vacations in my DVC accommodations that I otherwise would not have done. They gave the 10 year term, although I hope to have it paid off a few years earlier. Payment gets taken out of my checking account monthly and I try to add additional payments when I can.

It's a little different now as when I purchased, didn't have to pay closing costs. I think now Disney makes buyer pay closing fees.

 

[DizBub]

We financed a direct sale and a resale but not thru Disney.

We didn't want to pay their crazy high interest rates so we arranged our own financing with our credit union with a secured loan. 4.24% vs 14.5%. We had the $ to actually buy it outright but wanted to preserve our assets because DH was thinking about retirement and we didn't know how much income we would have.

2 add-ons later, this last one resale, we just refinanced at 2.4% and still have our money in the bank. Now I know that we are still paying interest but it's minimal and we feel really good about that.

 

[BestDadEver]

I took the10 year financing it was 11.x% and they say it doesen't show on your credit report idk about that . I plan to have it payed off before 5 years

 

[ELMC]

When buying resale DVC, has anyone financed and if so how did you do it?

If you purchase resale through The Timeshare Store, they do work with lenders that provide financing. If you have equity in your home and want to take out a home equity loan (or line) the rates right now are super low and that might be a better choice.

One thing to think about....if you purchase (either direct or resale) and pay the 11-14% rates that the financing companies are asking, over the course of ten years you are effectively doubling your purchase price.

That is a personal choice that people are free to make. However, just know that by doing so, owning DVC becomes all about convenience and the satisfaction of ownership because most, if not all, potential savings on lodging get erased by the finance charges.

 

[ToddyLu]

We also purchased direct for 10 years at 10.5% interest or something like that. It is only money...

We did not have to have flood insurance, when we purchased our home on the MS Gulf Coast 2miles from beach....when Hurricane Georges hit in 1998, DH saw a puddle come up the drive and into our garage. He checked into it and it was so inexpensive. We purchased some...fast forward to 2005 and Katrina and that insurance kept us out of a financial fiasco. We lost eveything below 4.5 feet. We both have lived here all our lives and had never seen anything like it..

Anyway, long story short...we all make decsions on our best judgement and sometimes we get VERY VERY lucky.

So now we have a rider for earthquakes and volcanos....and we invested in our happy place.