financing for canadians?

[AnkaG]

Hello,

DVC will not give any information to canadians outside alberta or ontario, so I am not able to get an answer from them, which is very frustrating!!

I am from Quebec and I am considering buying DVC, but I would need some financing. I am wondering if anyone canadian here got to finance through Disney, if it's possible at all?

thanks!

 

[hfxcawin]

Yes we (Canadians) can finance through Disney however unless you live in Ontario you can only do this if you are visiting Walt Disney World or another Disney property that is selling DVC, otherwise they will not speak with you.

The rates are fairly high in the range of 10.75% or higher.

 

[csharpwv]

HAHA I read the thread topic "financing for canadians?" and the first thing that came to my mind was "I wonder what a Canadian goes for on the US market?"

HAHA Sorry - I just found it funny that anyone would go to the extent of financing a Canadian - most Americans just pay cash!

HAHA OK - I promise, I'll stop it with the jokes about buying Canadians!

I don't see why DVC wouldn't let someone from Canada finance just like an American buyer - but then again, I know nothing about international finance transactions.

 

[AnkaG]

sorry if my wording is not great, my first language is french...

and that's fine, you can make canadians jokes, but with our economy right now, maybe americans can't even afford to buy canadians!

DVC will not give out information about anything to canadians outside of ontario an alberta, so I was wondering if that also applied to the financing.


thanks hfxcawin for your answer!

 

[csharpwv]

sorry if my wording is not great, my first language is french...

and that's fine, you can make canadians jokes, but with our economy right now, maybe americans can't even afford to buy canadians!

DVC will not give out information about anything to canadians outside of ontario an alberta, so I was wondering if that also applied to the financing.


thanks hfxcawin for your answer!

Your wording is totally fine, I just have an off the wall sense of humor!

AND, you are totally correct - the US economy is in no position to finance Canadians! We can barely finance Americans!

We are taking a Disney cruise next year to Canada - we are very excited.

Our favorite pavilion at Epcot is Canada!
Is Canadian steak really as good as LeCellier?

 

[SmilingGrump]

We just bought, but didn't finance. I'd suggest posting your question in the Canadian Trip Planning & Community section.

If Disney is charging 10.75% for financing you really should see if you can get financing at a bank instead. Most institutions won't finance a timeshare, but if you're able to get a mortgage or refinance a mortgage on your home, that might be a cheaper way.

 

[BCDisneyFan]

We just bought in July and were able to finance but were told that because we are from British Columbia that we had to purchase while we were there (California).

Good luck with your purchase we are very excited to take our very first trip "home" in November!

 

[Gelfling_Jen]

with our economy right now, maybe americans can't even afford to buy canadians!

I was gonna post the exact same thing! Too funny

10.75% is fairly high, but I wouldn't suggest taking out a morgage for DVC, I would suggest looking into getting a line of credit. Don't tell them it's for a timeshare, just say it's for personal and extra expenses like vacations. Prime is 3% right now, and depending on your credit score, income, savings, etc; you should be able to get between 4% and 9%. I shopped around for a line of credit recently and Scotiabank gave me the best interest rate and the most amount of money. I applied online and they didn't even have to meet me in person before making their decision...I got a call a few weeks later saying I was approved and to come in and sign the paperwork! Now I have that as a backup to use for DVC when I purchase next year!

 

[OhioDVC]

sorry if my wording is not great, my first language is french...

and that's fine, you can make canadians jokes, but with our economy right now, maybe americans can't even afford to buy canadians!

DVC will not give out information about anything to canadians outside of ontario an alberta, so I was wondering if that also applied to the financing.


thanks hfxcawin for your answer!

Sorry you were treated SO rudely on this post. I recently vacationed in Ontario at Blue Mountain. I was VERY pleasantly surprised at how polite and nice the people in Canada were. It was very refreshing!

Having visited over 25 other countries (33 years flying in the Air Force) I am always amazed at the small mindedness of Americans. I think many other cultures travel beyond their borders much more than Americans and it makes other cultures much more accepting of people from other countries.

Again, I apologize for the ugly American response.

GOOD LUCK with your DVC purchase and we welcome you spending your vacation dollars in the US any-day!! And as my Canadian neighbor would say "for sure".

 

[csharpwv]

I hope I didn't come off as rude - I was only joking as I thought it was humorous!

If I did come off as rude I sincerely apologize, it wasn't my intent to be rude - only attempting to be funny!

 

[rcchello]

Disney can only discuss DVC in states/provinces where they have a license to sell timeshares. If you are in one of those places they can sell you a timeshare and offer you credit. Being in a state that they have a license means they can to the whole transaction remotely, if you have access to a public notary.

If not, all you have to do is go somewhere they have an office and they can offer you all those things. The entire transaction can occur in their offices.

The biggest problem is you cannot go home think about it and call them to send you the package.

 

[snoope]

Buy resale and get all the information you like. Not sure, but I think the resellers can even help with financing Canadians.

 

[AnkaG]

thank you everyone for your answers, they were very helpful. we will get DVC FOR SURE next time we sail on DCL (january), and I am still debating financing or getting a line of credit with my bank. But it reassures me that others were able to do it!

merci beaucoup!

 

[AnkaG]

I hope I didn't come off as rude - I was only joking as I thought it was humorous!

If I did come off as rude I sincerely apologize, it wasn't my intent to be rude - only attempting to be funny!

no worries. canadians are really easy going!

 

[CKCruising]

thank you everyone for your answers, they were very helpful. we will get DVC FOR SURE next time we sail on DCL (january), and I am still debating financing or getting a line of credit with my bank. But it reassures me that others were able to do it!

merci beaucoup!

Disney charges somewhere around 11 or 12% for their "good" customers if you finance through them. You should be able to get a line of credit secured for less than 5% and non-secured I would guess under 8.

You will also be able to pay (for a direct purchase) via credit card on the ship for the entire purchase and then pay the credit card off with the LOC.

 

[TagsMissy]

I hope I didn't come off as rude - I was only joking as I thought it was humorous!

If I did come off as rude I sincerely apologize, it wasn't my intent to be rude - only attempting to be funny!

It was quite rude.

 

[TagsMissy]

OP you can most certainly finance through DVC but I suggest either getting pre-approval in Canada for a loan. You can then either be prepared with a cheque or simply sign on the insanely high interest rates upon purchase from DVC then once home pay it off. If you can I'd get the loan approved first and go down ready with cash available to pay for DVC outright and just deal with whatever financial institution you use at home.

Another hint if you collect mileage points on your CC sign up to finance ((this is what we did)) then when we got home and everything was finalized, etc I just payed off the whole DVC on my CC and paid off the CC right away.

Hope this helps!

 

[AnkaG]

yes, the more I think about it, the more I think of financing it with a canadian line of credit (which I have for about 5 or 6%) and paying the rest cash. I thought it would just be easier to finance it through disney, but it's quite expensive. I found out the international rate is 12% (and that's preferred rate).

 

[disnanny]

yes, the more I think about it, the more I think of financing it with a canadian line of credit (which I have for about 5 or 6%) and paying the rest cash. I thought it would just be easier to finance it through disney, but it's quite expensive. I found out the international rate is 12% (and that's preferred rate).

We purchased while on a cruise, we went through the financing offered by Disney with the intention of paying off the amount when we returned to Canada. The interest rate being offered by Disney is too much, if you calculate the amount you would end up paying in the long run, you wouldn't buy.

Once our loan was set up on the DVC site we paid the loan with our credit card to get Avion points, then paid off the credit card before there were interest charges.

good luck with your purchase, we are happy we took the plunge

 

[cdotla]

I actually thought csharpewv's joke was kinda funny. Certainly this Canadian didn't take any offence. And I hope you enjoy your cruise to my hometown next summer!

As for the financing issue, have you considered financing through a low interest credit card? I have rec'd 3 offers this month alone for low financing cc cheques, in the range of 0-5% interest for the first 6-12 months, and thereafter in the range of 6%.

The last thing I would consider is financing through Disney due to the high interest rates, plus the hassle of having to convert each month payment into American dollars, and having to pay conversion fees to the banks in the process.