Help! Add On/Finance Question

[farmergirl]

Hi all. Since I am from Canada and not in one of the registered provinces DVC can not give me any information on my question. So I was hoping maybe someone here could help. When we bought into DVC last year and we financed through Disney. Now my husband got the terrible Add-on-itis. It would be ideal for us to finance the add on points we get this trip through Disney and then pay off the Add on portion of it in January. What we were wondering is. For example sake only say our monthly payments now were $150.00 a month and we finance through Disney for the add on bringing the total to $200.00 a month. In January when we pay off the add on total will our monthly payments go back down to $150.00 or will they remain at $200.00 for the next 9 years? I hope I didn't confuse anyone as much as I confused myself.... ! Thank you!

 

[wildernessDad]

If you are financing through Disney and then want to add on and finance that, then it would be a separate accounting system. You could pay off the add on and still have the other finance charge.

 

[farmergirl]

If you are financing through Disney and then want to add on and finance that, then it would be a separate accounting system. You could pay off the add on and still have the other finance charge.

Oh I did not realize it was seperate. Thank you. Does anybody know if they redo the whole credit check thing again for the add on?

 

[hellerjw]

I think they just do a "soft inquiry" anyway to gauge your credit score. Kind of like all those credit card companies do before they send you offers. If you have every looked at a credit report it will show a dozen or more of those kinds of inquiries throughout the year, mainly from those businesses wanting to extend you credit without you requesting it directly.

The add-on loan shows up under a separate contract number with its own balance, payment due date, etc so you can pay extra toward it without affecting the original loan balance.

 

[farmergirl]

Thank you all...That should work out really good for us then. Thank you for the quick replies!

 

[farmboy]

Okay my question is so we add on 50 pts. We pay half as a down payment. Finance the rest for say 1 year or whatever is the best interest rate, and then pay the remainder off in January. The size of monthly payment doesn't matter to me for the 2 months. I guess I'd go for the term with the lowest interest rate possible. Anybody ever do that, any troubles with my plan? Thank you all for your help. And yes, I am the husband with the add-on-itis. Sorry I wasn't here sooner...just finished up harvest.

 

[Tozzie]

Okay my question is so we add on 50 pts. We pay half as a down payment. Finance the rest for say 1 year or whatever is the best interest rate, and then pay the remainder off in January. The size of monthly payment doesn't matter to me for the 2 months. I guess I'd go for the term with the lowest interest rate possible. Anybody ever do that, any troubles with my plan? Thank you all for your help. And yes, I am the husband with the add-on-itis. Sorry I wasn't here sooner...just finished up harvest.

Do you have a credit card that you get rewards points/credits on? If you do and are going to pay it off in January I would charge it to the card and then pay the card off. Or at least put the downpayment on a card like that.

Providing there is no issue with the exchange rate that is what I would do. I just did an add on put it on my Chase Disney Visa and I paid the card off when I got the bill.