Financing

[HyperspaceMountainPilot]

Am I understanding correctly that you can finance direct with Disney (for some catastrophically high rate), but then they’ll let you make your payments on the loan by credit card? Or possibly just the payoff?

 

[MerlinandtheMouse]

Am I understanding correctly that you can finance direct with Disney (for some catastrophically high rate), but then they’ll let you make your payments on the loan by credit card? Or possibly just the payoff?

Both. We’re almost done paying our loan but we’ve always used our CC to pay for our loans in chunks. I don’t know if it’s just if you’re a new member or if it’s your first time buying direct that the loan is sky high but the second time (if you choose to do it a second time lol) they give you the more “reasonable” interest rate of 8.99%

 

[Girlstar30]

They'll remind you there's no prepayment penalty....

Personally I think between balance transfers and Disney Visa promotional financing that's probably the better way to go, or going direct with Disney for financing which you can then make payments on with the Disney Visa - though I don't know if those payments qualify for 6 months no interest...

Both. We’re almost done paying our loan but we’ve always used our CC to pay for our loans in chunks. I don’t know if it’s just if you’re a new member or if it’s your first time buying direct that the loan is sky high but the second time (if you choose to do it a second time lol) they give you the more “reasonable” interest rate of 8.99%

Maybe they figure if your already have points they need to entice you somehow

 

[MerlinandtheMouse]

Maybe they figure if your already have points they need to entice you somehow

Eh maybe but I believe it’s more of an action of trust. If you’ve made your payments and paid your dues on time for the first year or however long it takes you to pay it off, if earlier, they extend that as a courtesy of trust. Might motivate some to buy direct again, but that was never even a small motivation on my part though so I’m not sure.

 

[Girlstar30]

Eh maybe but I believe it’s more of an action of trust. If you’ve made your payments and paid your dues on time for the first year or however long it takes you to pay it off, if earlier, they extend that as a courtesy of trust. Might motivate some to buy direct again, but that was never even a small motivation on my part though so I’m not sure.

I would be more inclined to buy at 8.99 than 17.5 for sure even if it's a short term loan but yes I think trust is a factor which is why they don't run credit after a year of being a member

 

[davidhr]

Am I understanding correctly that you can finance direct with Disney (for some catastrophically high rate), but then they’ll let you make your payments on the loan by credit card? Or possibly just the payoff?

Monthly payments have to be direct deposit. Any other additional payment can be by credit card with no limits.

I believe the rate after a year is 8 or 9%. Not the best, but not outrageously high.

 

[Cfabar1]

I think they feel that it is so easy to take the money back, and they’ll make a nice return on 9% anyways, so why not just make everyone feel good…

 

[Girlstar30]

I had to

 

[muppets3d]

I'm not sure that prepayment penalties are even legal anymore, are they? We financed a VGF purchase in 2023 and the process was very simple. The interest rate was not competitive but it is what it is. Hindsight we should have spread the deposit and payments out with DVC to 90 days and put them on a Disney Visa so we could have 6 months interest free financing to pay it off. We ended up paying like $700 in interest (we paid it off quickly) versus we could have paid $0 in interest had we done that. Live and learn. We won't finance again.

 

[Brian Noble]

I had to

I mean it's only $400/month!

It's a bargain at twice the price.

 

[PolyRob]

I mean it's only $400/month!

It's a bargain at twice the price.

I had a friend justify the 10 year loan telling me it was less than her monthly car payment

 

[muppets3d]

I had a friend justify the 10 year loan telling me it was less than her monthly car payment

People who live life constantly asking "how much a month" don't know what true freedom is.

 

[Girlstar30]

I had a friend justify the 10 year loan telling me it was less than her monthly car payment

For the next 10 years

 

[VGCgroupie]

I had a friend justify the 10 year loan telling me it was less than her monthly car payment

The first DVC guide I talked to took me through the presentation and focused so hard on per month pricing. I told her at least 5 times I would not be financing but her robotic script just couldn't be changed and she just kept saying only xx.xx per month! Like a car salesman! I dont even let car salesmen tell me price per month. Just tell me the price of the car I will figure the rest out.

 

[Girlstar30]

The first DVC guide I talked to took me through the presentation and focused so hard on per month pricing. I told her at least 5 times I would not be financing but her robotic script just couldn't be changed and she just kept saying only xx.xx per month! Like a car salesman! I dont event car salesman tell me price per month. Just tell me the price of the car I will figure the rest out.

At least yours didn't suggest refinancing your home like mine did

 

[VGCgroupie]

At least yours didn't suggest refinancing your home like mine did

Whaaaaaat!!???? I have refrained from commenting on this post since I have a certain take on financing. But I had to chime in about that DVC guide (no longer my guide) and how she was just all about pmt pmt pmt. It made me wonder if they make extra when financed. Refinancing for DVC is not the way to save on Disney vacations thats for sure.

 

[Girlstar30]

Whaaaaaat!!???? I have refrained from commenting on this post since I have a certain take on financing. But I had to chime in about that DVC guide (no longer my guide) and how she was just all about pmt pmt pmt. It made me wonder if they make extra when financed. Refinancing for DVC is not the way to save on Disney vacations thats for sure.

Yeppp i was like I'm good the point isn't that I can't make the payments it's that I ain't paying that much lol

 

[PolyRob]

The first DVC guide I talked to took me through the presentation and focused so hard on per month pricing. I told her at least 5 times I would not be financing but her robotic script just couldn't be changed and she just kept saying only xx.xx per month! Like a car salesman! I dont even let car salesmen tell me price per month. Just tell me the price of the car I will figure the rest out.

At least yours didn't suggest refinancing your home like mine did

WOW I am super lucky my first guide was nice and normal. He retired in 2020. IDK who my new assigned guide was. A friend referred me to another good guide when I shared mine had retired so I emailed him out of the blue that I wanted to purchase more. Must have made his day

 

[LilyJC]

The first DVC guide I talked to took me through the presentation and focused so hard on per month pricing. I told her at least 5 times I would not be financing but her robotic script just couldn't be changed and she just kept saying only xx.xx per month! Like a car salesman! I dont even let car salesmen tell me price per month. Just tell me the price of the car I will figure the rest out.

I feel like the guides get some decent commission for getting members to finance. Our new guide grabbed us the June UY VGC points we’ve been waiting for last Thursday morning. We went in person to see him this weekend since we’re local and already had park reservations. He mentioned financing several times even though he knew we wanted to pay cash. And it was the same story when he was holding March VGC points for me last month as well.

 

[Girlstar30]

WOW I am super lucky my first guide was nice and normal. He retired in 2020. IDK who my new assigned guide was. A friend referred me to another good guide when I shared mine had retired so I emailed him out of the blue that I wanted to purchase more. Must have made his day

I chatted to ask some banking questions and I had another guide from Hawaii try to steal us and make the sale my guide told me to get off chat or it would default to someone else i was like damn can't ask a question lol