Financing DVC?

[Antonia]

Who has financed through Disney and what can one expect? My credit is not horrible, but is also not great. What sort of down payment do they ask, etc. I make plenty of money so monthly payments would not be a problem.

 

[DiznEeyore]

It's very easy to get financed through DVC. Many have posted concerns here in the past, but to my knowledge, no one has ever posted that they've been denied (I'm sure it must happen, but I believe it's extremely rare).

If Disney is at all concerned about someone's credit history, they will ask for a larger downpayment (maybe 20% instead of 10%) and/or a shorter term of financing.

There is very little risk for DVC in offering financing; if someone were to default, it's not like they'd have to go to the trouble of repossessing anything. They could simply terminate that person's membership privileges.

 

[TammyAlphabet]

Never fear...you will get approved. The worst that could happen is they ask for more downpayment. They have little to lose and everything to gain in financing you. Good Luck.

 

[Disney Doll]

I would imagine you'd have to have pretty bad credit for them to refuse financing. They might ask for more downpayment, but out and out refusal...doubtful.

 

[DanPadavona]

The only caveat is the loan itself, which last I checked was 12.99%. Some credit cards are lower than that these days. If you are going to go through DVC for the loan make sure you put down a large down payment, and/or are able to pay off the loan quickly (less than 18 months preferably). Otherwise the interest will make the "investment" a lot more expensive than it should be.

If you need longer to pay it off try to obtain financing through another source.

 

[tjkraz]

The only caveat is the loan itself, which last I checked was 12.99%. Some credit cards are lower than that these days.

DVC's lowest rate over 10 years is 9.75%, and it's been at that rate for several years now.

One of the benefits to financing through DVC is that interest is deductible for most taxpayers. That would not be the case if financed through a credit card.

 

[DanPadavona]

I stand corrected. I must be thinking of some bad deal I received in the mail.

Either way the 9.75% is easily beatable. But yes it is a benefit to deduct the interest on your taxes.