Financing for DVC?

[cathyz]

I'm sure this info. is here, somewhere, but I've yet to see it.

We're going down at Christmas and I'm hoping to take the tour. I'm not sure what will happen...but, I'd like to be prepared. Is there any way to be "pre-approved" for financing? Well, I guess before that, I should ask if DVC actually does finance - and is that usually the way to go? We can put some $$ down, but I would feel more comfortable financing some of it.

Is there a # I should call to maybe talk to someone ahead of time?

Sorry if my ? are elementary. I've read this stuff so many times, and have gone back and forth so much, my brain just can't comprehend!

Thanks for any info!

Cathy

 

[RobDoc]

Yes, DVC does offer their own financing. They can likely provide approval while you are there. If you haven't already done so, call 1-800-800-9100 and request the free video and information packet. You can also arrange for a tour for your trip in Dec.

DVC offers a finance package with flexible terms and copmpetitive interest rates. They would like 20% down, but have other options also.

Enjoy the tour!

 

[Muushka]

We went down last year 'armed' with a home equity line of credit check to be able to use if we decided to purchase.
Great interest rates too.

 

[Ed T]

Hi Cathy;

Financing is available through Disney. They will do everything possible to get you fnanced.

Good luck

Ed
DVC 1994

 

[Disnydad]

DVC approved us on a Sunday afternoon in about 15 minutes.

 

[Spectro is #1]

If you own a home try to us it, you will save a lot.
We first thought of using DVC but didn't like their plan.
We got a better rate from our bank and it will be paid off in half the time.

 

[Dumbo]

Just a little side note on DVC financing. In 1999 my wife and I bought 150 points at BWV. We financed it with DVC. I chose the automatic debit from my checking account. I think the monthly payment was $126. a month. I had a little money saved up so I called DVC to pay some money on my loan.

I could have sent them a check to pay down on the principal but I asked them if I could do something else. They said O.K.

Here's what I did. I sent them a check for 12 times my monthly payment. A little over $1500. They stopped deducting $126 from my checking account. They will resume the deductions after this 12 months runs out. Basically what I did was make 12 monthly payments all at once. I hope to use this payment free year now to pay down on the principal by sending them more money.

DVC is very accomadating to their members.

Dumbo

 

[Disneyfun1]

We had some credit issues-you can do a search under my name to see in detail some of the replies i got before we got in-and DVC just accepted us. It was better than we thought with what we had. We were told we had 2 options from DVC, either pay 40%down and have same payment for about 7 years, or pay 30% down and have a higher payment for 5 years. We are taking the 30% down route. We also dropped from 200 pts to 170pts, which should be enough-we can always add on later if we need to. We just fed-ex the papers back last week and yesterday i called and she said all was fine and should be officially approved monday. She said we should close on Dec12, and we have to get the remaining dowm payment in by dec10. We also save a ton on interest by only doing it for 5 years,and the payment only went up a touch from the 200 pts @ 10years, to 170 pts @5years with 30% down. DVC is very good at working with you in all situations.

 

[BobH]

Since home equity lines have very low interest now you might want to consider that method of financing first. If you want to earn yourself a free airline ticket consider putting the purchase on a credit card that gives you airline milage, then immediately pay off the credit card when the bill comes - by using your home equity line. It takes a $25000 purchase to get an airline ticket, but if you buy 150 points at $75 per point you will be almost halfway there. Just a thought. It works for me because I also put phone bills and groceries and some college tuition on the credit card I use to build up air miles. Good Luck!