Financing - Principal Only Payments

[Davids-Coco]

Anyone done these? Know what the protocol is? We intend on paying extras once we buy, but I'd like to know how "easy" it is. Thank you much!

 

[jimh13432]

My understanding is you can make principal only payments via the DVC website anytime when you finance.

 

[Davids-Coco]

website = easy! So thank you!

 

[mgroshans]

very simple, but no extra principal payment can be made within 1 day of when your normal payment is due.

 

[DVCGeek]

I make extra principle payments on the website all the time. Just punch in your credit card info.! They usually post the next business day. Great to watch the balance DROP and the time to payoff get closer.

 

[cvrapclark]

So you can use your credit card and pay on the principal? That would be a good way to get disney rewards on our disney credit card as we pay it off each month.

 

[Davids-Coco]

So you can use your credit card and pay on the principal? That would be a good way to get disney rewards on our disney credit card as we pay it off each month.

I second this. Do you get points??

 

[Sandisw]

I second this. Do you get points??

Anything that is charged to your Disney Visa should earn the points. I have paid for my two BLT contracts outright with my Disney Visa and got all the reward points.

 

[mgroshans]

So you can use your credit card and pay on the principal? That would be a good way to get disney rewards on our disney credit card as we pay it off each month.

yes, you can use any credit card.

 

[nunzia]

Has anyone used BillPay to send extra principal payments?

 

[bumbershoot]

very simple, but no extra principal payment can be made within 1 day of when your normal payment is due.

On our account it's a bit longer, b/c they start the process a few days ahead of time. I haven't done a principal payment yet, but it seems I keep thinking about it right before our payment is due, and I can't do it b/c the normal payment is already processing!


anyway OP, it's easy from what I've seen though I haven't clicked through yet.


Remaining Principal
$blahblah Pay Toward Principal

Payoff Amount
$blahdeeblah Pay This Amount



and the phrases starting with "pay" (in the account, not here of course) are links in order to do just that thing!



Quite a bit more simple than paying towards principal on our car loan, where you either have to mail it in to a special address, or mail in a payment (vs doing it online) with extra on your check and the box checked off etc etc. Roadblocks for the car loan, easy as pie for DVC.

 

[Davids-Coco]

Bumbershoot - Thank you for the specifics! Our car loans have always been straightforward. I'm sorry yours is a pain. My Dh's old school loan was a complete pita... Direct loans (federal) wouldn't even take a principal only payment!