Financing Question

[atlfalcons28fan]

Looking to purchase 200 -210 points at SSR. My guide has been gone for a few days and won't be back until Thursday. I have so many questions. How long will a decision on financing take?

How strict is Disney financing, we are looking at putting 15% down

Thanks again

 

[browniemtb]

Looking to purchase 200 -210 points at SSR. My guide has been gone for a few days and won't be back until Thursday. I have so many questions. How long will a decision on financing take?

How strict is Disney financing, we are looking at putting 15% down

Thanks again

From what I've heard Disney is pretty good about financing. Once Disney receives your paperwork back it will take about 10 days or so before you will get a letter from the finance people.
Brownie

 

[Hibernians]

I financed my purchase in December and it does nottake very long to get an answer. After submitting my paperwork via Fed Ex, I called Mamber Services just a few days later and they told me I had already been approved. I think they run a credit report and verify your income. If you are anxious to know, I would call within a couple of buisiness days.

 

[DisneyFreaks]

Make sure you have all of your white papers in order. Our guide instructed us not to sign and send back the ones about cancelling. DVC fed-ex'ed us a couple more in a few days but it really set everything back. It took almost a month for us to find out everything was done. I was really freaking out waiting so long. LoL Good luck.

 

[Grendalynn]

Sounds like I have similar questions as well. I dont want to be a thread-jacker by any means but maybe someone can answer this for me and help out the OP as well....

I called the DVC head quarters to find out more info about the DVC and all that jazz... To no avail I have not heard back from them. I did however get a package in the mail of a nice book and all the ins and out of the thing. After looking it over thouroughly, here are my questions. As silly as they might be:

Do you have to have a down payment? How long is the loan for? 5 yes, 10 yrs, 20, 30 +...

One sheet shows a breakdown of "Annual Dues" - Are the annual dues the monthly or yearly payment of the purchase price or are they on top of the actual payment itself?

Also what is the average number of points needed for a family of 5 to vacation for about a week? I was thinking about 175 - 200 points. Is that right??

Thanks so much! I hopethis info is also helpful to the OP and others reading...

 

[Big Fat Disney MaMa]

Disney is very very generous about financing. They want to sell you a timeshare so they will try to work with anyone! My sister-in-law and brother-in-law are newly married and have just purchased a home, but have a previous bankruptcy and a credit rating of low 500's and they were financed with 30% down for 10 years. It was a bit of a longer process and took them about 2 weeks before they were approved which was because of Disney asking for a bigger downpayment, but the process was as easy for them as it was for us and we have much better credit. The worse your credit score the more Disney will require as a downpayment and I think that 30% is the most they ask for, but they may also shorten the term to 5 or 7 years instead of 10.

 

[cobbler]

Grendalynn-

Yes you do have to have a down payment. Minimum 10% out of pocket. And also the longest you can finance for is 10 years - through Disney.

Annual dues can either be paid monthly or in one lump sum annually. They are ON TOP OF the purchase price. They include things like maintainence, property taxes and such. Think of it as paying for your utilities and taxes on your home. You bought your home, you still have to pay the heat, water and taxes. This is basically what annual dues are.

And for how many points you need, depends on how long you go and for what season you travel in and what type of room you want. Look at the points calculator at the top to find out how many you think you will need.