financing....

[txaggie94gigem]

i have fair credit...how hard will it be for us to be financed for dvc...

we r looking to buy 270 points and can put 20-50% down payment....

 

[Ed T]

I would say fair credit with 20 - 50% down should be in your favor and should be good to get financing through DVC.

 

[jlewisinsyr]

What is your definition of fair credit? Fair (I don't consider Fair a positive term) in my eyes is a score of 600 - 650. With scores in this range you should be able to finance DVC with Disney at the Standard Rate (14.75%) with 10% down, possibly more down as you approach closer to the 600 range.

 

[WendyinNC]

If you can put 50% down and pay the rest over 12 months you can get a low rate of around 5%.

 

[mouseaddicts]

If you have at least 20% down, you'll get financed thru DVC! Don't sweat it....

 

[Crystal_27]

You can actually call your Guide and he'll pop your SSN into their computer system and can tell you if you'd be approved at the "standard" 14.25% or "preferred" 10.25% rate. Good luck!!

 

[bumbershoot]

What is your definition of fair credit? Fair (I don't consider Fair a positive term) in my eyes is a score of 600 - 650. With scores in this range you should be able to finance DVC with Disney at the Standard Rate (14.75%) with 10% down, possibly more down as you approach closer to the 600 range.

In March that got hubby financing at the lower rate.

OP I wouldn't sweat it.


And yes, it's immediate info as Crystal said. Hubby was figuring he'd get a letter in a few weeks when the guide said "and how would you like to pay the rest of the down payment?". It was instantaneous. Disney's the "bank", as my guide and his boss said a few times...they don't have to ask someone else, they just ask themselves. (oversimplifying much, Molly?)

 

[torian]

is it really that immediate?

I'm not sure we would qualify for the preferred financing...is it *usual* to ask your Guide to do a check to see if we would? It would certainly help rule out whether DVC could happen now or later for us...

 

[Sandisw]

is it really that immediate?

I'm not sure we would qualify for the preferred financing...is it *usual* to ask your Guide to do a check to see if we would? It would certainly help rule out whether DVC could happen now or later for us...

When I was adding on, I just said I wanted to finance, gave him my social and within a minute, he told me the rate and what the monthly payments would be, so yes, they can tell you when you call.

If the rate is what is holding you up, definitely call and ask your guide to tell you which it would be.

Good luck!!!

 

[Crystal_27]

is it really that immediate?

I'm not sure we would qualify for the preferred financing...is it *usual* to ask your Guide to do a check to see if we would? It would certainly help rule out whether DVC could happen now or later for us...

You'll get an inquiry hit on your credit report if you Guide checks your credit, but to set your mind at ease, you should definitely just call and see. Your Guide can also give you what your down payment and monthly payment would be based on your percentage rate and number of points purchased, which will also be helpful for your consideration.

 

[apsunick]

Is there any financing available when buying resale (besides home equity line of credit because you rent ?

 

[christa112]

You would have to check who you are purchasing a resale through or get your own financing through a local bank.

Is there any financing available when buying resale (besides home equity line of credit because you rent ?

 

[Sandisw]

Is there any financing available when buying resale (besides home equity line of credit because you rent ?

There is a company that works with the resale agents. I know the TSS uses Tammac Financial.

 

[barlitz]

DVC does not report to any credit agency and it will not ping your credit report.

 

[torian]

DVC does not report to any credit agency and it will not ping your credit report.

?!?!

 

[Ctsplaysinrain]

I know it probably all depends BUT I was wondering if anyone could give me a idea of what monthly payments are from Disney.. What are the usual lenght of term? etc For example, we could use 100 points at 98.00 with 10% down.

 

[Malaguti Ball Clan]

?!?!

Disney does not report your "loan" to the credit agencies, it does run your credit to determine your rate, but if you finance with them they do not report that loan to the credit agencies.

 

[barlitz]

I know it probably all depends BUT I was wondering if anyone could give me a idea of what monthly payments are from Disney.. What are the usual lenght of term? etc For example, we could use 100 points at 98.00 with 10% down.

Probably looking at about $118.00 a month with the 10.25% rate thats with the 10 year loan and this is no penalty for paying it off early.

 

[WALTSAGOD]

WOW, 18 posts and not one of them bashing you for wanting to finance?!

Usually posts come running out from everywhere, when advice on if the poster should finance, was not even the question.

 

[Crystal_27]

?!?!

This is correct. A DVC loan will not show up on your credit report as an outstanding loan and will not reduce your debt-to-income ratio. It is like a loan between friends...