Financing Question

[marianneb]

Hi,
I would like to purchase 200 points at SSR. I am wondering if is hard to get financed. My credit score is in the mid 600's. Does anyone have any advice?
Thank you in advance.

 

[JimMIA]

I think it's pretty easy. We didn't finance, but I've seen a number of posts from people who said it was very easy..."can't believe we got approved!"...that kind of thing. Disney's pretty good about making it easy to spend money -- and if you stop and think about it, for them, where's the risk?

 

[Rence]

Disney is well protected. It is a secured loan, fall behind on your loan and you can't use your points. Fall farther behind and Disney takes the points back and sells them to someone else. Because of this, they can be a little looser with financing.

Based on my readings on here over the past year or two, DVC declines very few people for financing (I think there credit scores ran into the negative numbers). If things are questionable, they will ask for a larger down payment. So instead of 10% you may need to be down 20%. If I remember correctly there were some people that had to go to 30% down and maybe even higher (up to 50%) in extreme cases.

 

[TammyAlphabet]

Mid 600's should be fine, we were right around there and got financed with 20 percent down.

 

[marianneb]

I want to thank everyone for your advice. I really appreciate you taking the time to answer. I feel much better about taking the next step. Thanks again... marianne

 

[jfulcer]

Like another poster, we put a little more down ahead of time, knowing our credit score wasn't the best and they didn't blink an eye. Money well spent, that's for sure.