financing

[lionqueen]

Can someone tell me the in's and out's of the financing provided by disney? Things like APR, down payments.... I've been trying to compare resale vs. disney and from the posts i read it sounds like financing could be one of the deciding factors (other than location) Also does anyone have the definitive answer about tax deductions? I've seen people say it is and others disagree. thanks for all your input. This board has taught me alot!

 

[BetsyB]

I don't have the financing info you're looking for, but can tell you that when you finance it is a mortgage. We are able to claim the interest we pay as well as the the property tax part of our dues -- the same as what you claim on your home. DVC sends you the breakdown on how much of your dues actually are property taxes.

 

[Happy Birthday Cat]

We did this not too long ago. You can finance for 1 year with 50% down and a low interest rate or for 3, 5, 7 or 10 years with 20% down. Interests rates are getting lower so I think you should check with Disney on what they have now. The best deal if you finance through them is they will cut you rate if you do direct debit to your checking account. It is worth it.

 

[tfrank]

I WENT THROUGH AN OPEN HOUSE LAST WEEK AND THEY QUOTED ME 10%. I THOUGHT THAT WAS TOO HIGH.

 

[mrbig129_2000]

wow 10% you can do beter at a bank

 

[Doctor P]

Disney's interest rate is actually very competitive, and if they are offering 10% that is a drop of a full percent since we bought in August. Though you might be able to get a home equity loan or line of credit at a financial institution for less than the 10%, other types of loans will generally be at a rate that is higher than the one offered by Disney (I know I was unable to beat Disney's rate on nonequity loans at the financial institution whose board of directors I serve on, and most of the other financial institutions in our area are typically higher than ours)