Financing interest rate?

[Debi]

Does anyone know what DVC's current interest rate is if you finance through them? Thanks!

 

[Sandisw]

I believe it is 10.75% (direct debit) preferred and 14.25% (direct debit) standard.

You can finance 5 - 10 years with a minimum down payment of at least 10%.

 

[FloFlo71]

Any idea how they decide whether you get standard or preferred?

Thanks.

 

[Sandisw]

They run your credit but from what I have read, it seems that many qualify for preferred rate.

When you call to talk to your guide, they will ask for SS#'s. I know they told me the info within minutes so it is quick.

 

[Debi]

Thanks, everyone!

 

[Poohs Pal]

Just wanted to say susan

 

[jlewisinsyr]

The credit score requirement has changed a lot of over the past year, the general rule seems to be under 740 is standard, above is preferred. I don't know how often they review the requirements, but this is what it was when we bought last year, I can't seem them adjusting it that much.

 

[Debi]

I have a call out to my guide about this and am awaiting a call back. DISers will likely get an answer to this before my guide calls back: if I finance through DVC, will that loan show up on my credit report? I have very good credit, so I'm not worried about taking out a loan; more of a curious question than anything.

Hi, Susan!

 

[Sandisw]

I have a call out to my guide about this and am awaiting a call back. DISers will likely get an answer to this before my guide calls back: if I finance through DVC, will that loan show up on my credit report? I have very good credit, so I'm not worried about taking out a loan; more of a curious question than anything.

Hi, Susan!

From what I have been told, no, Disney loans do not show up on your credit report.

Good luck!

 

[jlewisinsyr]

I have a call out to my guide about this and am awaiting a call back. DISers will likely get an answer to this before my guide calls back: if I finance through DVC, will that loan show up on my credit report? I have very good credit, so I'm not worried about taking out a loan; more of a curious question than anything.

Hi, Susan!

The credit pull will show up as a hard pull, but the actual loan doesn't show up as a liability/outstanding credit line, etc.

 

[lark]

According to our fair credit act disclosure, which DVD sends you after they pull your score, they used equifax for us. (It was one of the many trade names for equifax; I can't remember which.) I'm not sure they use the same for everyone, but just an FYI for anyone that wanted to check their score beforehand.

 

[Debi]

Thanks, everyone!

 

[finster]

You are correct, it does not show up. I have 3 months left on my 10year, and it's never appeared on any of the reporting agencies reports on me.

From what I have been told, no, Disney loans do not show up on your credit report.

Good luck!

 

[whitfamily]

The rate is pretty high though. When I look at the amortization schedule last week I realized 65% of my monthly payments (I bought this year) go to interest.



Yeah we've begun paying more than the minimum to get the situation resolved!

 

[jrbarnes]

Or depending upon your situation, you can get a home equity line of credit or loan that is probably much lower interest rate and pay off the Disney loan and pay through your bank that way while saving a bit of money overall.