financing with disney

[tsf8]

We are looking to buy,But I must ask has anyone had problems getting financed thru disney.We don't have the best credit report and worried that it might get turned down.Do they really do a credit check?Any infomation on this subject would be very helpful.

Tracey

 

[DVC Chris]

I believe they do a credit check, but I have not seen many (if any) reports on this board of people being turned down. In one instance I believe they asked the party to make a larger down payment. They have the points as collateral and if a person falls back on their payments they could/will suspend reservation priviledges and/or re-sell the points.

Possibly, others have had other experiences.

 

[ErinC]

Just as Chris said, I have never heard of anyone being turned down. We had some false info on our credit report from a bank, I made DVC aware of it. We had no problem even though I was nervous about it. I know that our guide said if we were really concerned he could fax us the credit portion of the application and they could run it before we went ahead with the down payment. We didn't choose to do it that way, but everything worked out just fine. Good Luck!

 

[travelbug]

I financed through Disney and had no problem. They did do a credit check, as any place will normally do before a large loan is granted. But that was fine. I have also read on these boards a couple of times that Disney really tries to work with people, even those with "bruised credit." As DVC Chris mentioned, it apparently means a larger down payment if they go ahead and grant a loan.

Good luck!

 

[sgtpet]

I financed 25% of my purchase through DVC. I paid the rest with my Amex and paid it off at the end of the month.

They have higher rates than a home equity loan or line of credit.

 

[Dreamfinder2]

Tracey, we had some problems with credit about five years ago and worked furiously to get our ratings improved. Our concern was that blemishes hang on for seven years, even if your payment record is impeccable, so that was a concern for us, too.

I'm happy to say that our financing went without a hiccup. I toyed with the idea of getting "preapproved", just by asking for a copy of the credit application. I ended up sending in the deposit of $500 they always request, and received the rest of the paperwork. The ap is pretty standard stuff. I voluntarily paid 25% down, and got back our approval in about a week, and closed in three. Easiest thing ever.

I know there have been folks who have had some significant credit issues and Disney bends over backwards to work with them. If you're stable and not swimming in debt now, go for it! Nothing ventured, nothing gained, right?

I agree with the other posts ... I've never heard of anyone being turned down flat.

 

[Dreamfinder2]

Tracey, we had some problems with credit about five years ago and worked furiously to get our ratings improved. Our concern was that blemishes hang on for seven years, even if your payment record is impeccable, so that was a concern for us, too.

I'm happy to say that our financing went without a hiccup. I toyed with the idea of getting "preapproved", just by asking for a copy of the credit application. I ended up sending in the deposit of $500 they always request, and received the rest of the paperwork. The ap is pretty standard stuff. I voluntarily paid 25% down, and got back our approval in about a week, and closed in three. Easiest thing ever.

I know there have been folks who have had some significant credit issues and Disney bends over backwards to work with them. If you're stable and not swimming in debt now, go for it! Nothing ventured, nothing gained, right?

I agree with the other posts ... I've never heard of anyone being turned down flat.

 

[Regina]

Giving this a bump so the poster knows that a response was made. Computer glitch was showing no responses.