Jon99,
I was in the same boat (basically). The payment for the ten year financing (and dues) was pretty much all we can afford at THIS time. My fiance is only working part time as she finishes her masters degree (May) and we are saving and paying for our wedding in November. So we got the ten year loan and as our situation changes and we can afford more we will pay more and hope to get it done in a few years.
I was also nervous about the financing being approved as we don't have any reall assests, but I figured it would be easier to get (than a personal loan at a better rate from a local bank) since they can easily reclaim the ownership interest if we defaulted. I even asked a rep from the bank and they would not have given me a secured loan (against the DVC membership) so I could pay off the DVD (Disney Vacation Development) financing because I use a small local bank, and the timeshare in Florida would have been too much trouble for them to deal with. So I would have had to TRY to get a personal loan and for that amount of money the rates would have been close to the same.
I also have not heard of anyone really getting turned down by DVD for thier financing.
Mike