General advice needed please for a newbie?

[PoohBears#1fan]

Hi,

H and I are thinking of buying into DVC and we really know very little about it, I'd love some general advice from all of you who seem to know so much.

We leant the basics of the program last year when we were last there and are currently awaiting the video to arrive so we can learn more about the finances.

We're in the UK, have a 6 year old daughter (and one on the way who'll also be brought up in theme parks), and we'd like to have the opportunity to stay at WDW every year so we're thinking of buying in one of the onsite resorts (wilderness Lodge is hot favourite at the mo).

Would be really grateful for any advice you could offer, also can you finance the original fee via Disney, or do you need to do that independently?

Thank you

PBF
x

 

[Maistre Gracey]

Welcome, PoohBears#1fan!

I think the video will answer many of your questions, and it is a smart idea to get it. Disney will finance your DVC, but the finance charges are somewhat high. You may be able to get a better rate somewhere else.

Feel free to ask any specific questions!

 

[PoohBears#1fan]

Thanks for replying , I'm sure we'll have loads of questions after looking at the video, so i'll be back after that. Will definately look into other ways of financing, I think DH was hoping it could be financed over the 40 years - bet that would accrue some interest huh? lol

 

[Shontell_Crawford]

Hi Pooh!

While Disney's rates change, I know they typically finance for 10 years. They are probably around 10% right now. You get a better rate for 3 or 1 year.

Don't forget to check out resales too...there are a few of us brokers who might be able to help if you aren't keen on the current property - or if you just want to save some money.

Feel free to ask any questions, we are all here to help!

Shontell

 

[PoohBears#1fan]

Hey I'm british, always up for saving money!

Can I just ask what you mean by not being keen on the current property? By that do you mean that Disney don't give you the option of home resort? I assumed we'd be able to choose, but I could have it all wrong!

 

[crisi]

Most of the on-site Disney properties are sold out...the only one currently being sold by DVC is Beach Club Villas. So if you are interested in Wilderness Lodge (or OKW or BWV) you will be looking a buying a resale contract.

However, you can stay at any of the DVC resorts - you just get booking preference (can make reservations 11 months out instead of 7) at your home resort. This is especially important if you like to travel at peak DVC times (not to be confused with peak park times) - don't expect to buy a BCVs contract and get the room you were looking for a VWL over Christmas - for instance.

Don't expect great things from the video - it really didn't answer any of my questions - but this board will. Most questions can be answered by browsing back a few weeks - especially about resales.

 

[PoohBears#1fan]

Thanks Crisi,

I agree, i've already learnt a lot just from browsing back on this board - what a great source of info. Looks like we'll definately need to look into resales, although it seems like a good plan anyway cost wise.

 

[Mooobooks]

Resales are really the only way to go if at all possible. You can save a lot of money per point, and thus afford more points, and thus afford to take a larger place or stay longer!
I bought my resale contract through the Timeshare Store and it went perfectly. You are treated exactly as if you purchased directly from Disney.
For example, when I paid $53 a point for my resale, Disney was charging $75 a point for retail. I was able to buy a much larger contract! And buy the largest contract you can because ... you can NEVER have enough points.
Never ever.
Remember that and repeat the mantra:
You can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough pointsYou can never have enough points

 

[snicker-doodle]

We're rookies ourselves....the information packet and video from the DVC is wonderful. The book lists the points needed for the different disney resorts and also lists all the domestic/international locations you can visit via the DVC, too.

That said...this discussion board has been FABULOUS in answering all my DVC questions. I never even heard of DVC two months ago...and now, a sale is pending for us (buying a resale contract at Old Key West!).

There is a ton of information on this site regarding general DVC questions...buying both straight from Disney and buying resale. Did I mention how WONDERFUL this site is for DVC information??

As your time allows, go through the different DVC threads from the past several months....there are a lot of great questions out there and the DVC'rs of this board are awesome with their responses.

IMHO...the key is....ask questions...then more questions...and even more questions...and when you're done.....ask another question (or two....or three...). You get the idea!

Good luck!!!!

 

[erikthewise]

Do they have home equity loans in Britain?
In the US that is by far the best way to finance a DVC purchase.
The rates for Disney financing are better than a credit card, but still much too high.
Our home equity loan is currently at 4.75%, and some are even lower. The difference between and 10.95% (the lowest rate Disney offers) can amount to several thousand $ or pounds over the life of a loan.

 

[wdwnut]

hi: the first contract at bwv was financed through Disney because their rates were better than what the banks had for equity loans. the second contract went on the home equity/credit line. just a quick opinion on large contracts though: a few smaller contracts( 3 -150 point contracts) would be easier to sell than one large one (1 -450 point contract). also, if you have a couple of contracts, it's much easier to split between the kids if needed.