How did most of you pay off your DVC?

[DeblovesPoohbear]

I know some people prefer paying it off all at once while other prefer
financing.
Just curious to see some suggestions?
I would love to just save all I can and pay it off all at once, so we wouldn't have monthly payments. I know we would still have the annuual fees.
I was thinking just banking all I can, tax refunds, saving every week, maybe like $300.00 a month
I just don't want it to take forever, and I really try to avoid credit cards, I did read alot of you will put your purchase on the Disney Visa and then pay that off.

Thoughts?

 

[JimC]

We financed one for five months and used a year-end bonus to pay it off (did that to preserve liquidity). The others we paid by personal check or put on a rewards credit card and paid the card off when the bill.

 

[njmeisje]

We paid for our initial BCV and our 2 add ons with year end bonuses as well. We put our add ons on our Disney VISA for the rewards points, but paid it off immediaitely.

 

[XGrumpy1]

At $300 a month in a year and a half you can pick up a 50 point resale. Then if you keep saving you can add on more as you can afford it.

I think that would be the way to go for you.

I also like to pay as I go.

 

[DeblovesPoohbear]

Thanks for your input guys

I have a feeling I will find a great way that works for my family

 

[mickeyc]

I have multiple contracts. I bought thre TSS and disney direct. Each time we paid cash.

 

[oakmanner]

I agree with several posters that say pay in cash. This is obviously the cheapest way to do it.

If you finance a tactic we employ is to send in extra money toward the principal whenever we can. Disney will allow you to send in as little as $ 10.00 at a time. Rather than saving up a bunch of money to put down a lump sum, depending on what your interest rate is it may make more sense to send smaller but more frequent payments so you are not paying interest on the larger amound due.

Plus once you send it, it's done. I know in our family whenever we put money away, something always comes up...car repairs or some other unforeseen expense.

Just $ 25.00 extra here and there can have a huge impact over time and decrease the time before your loan is payed off.

Good luck!

Dennis-

 

[JenSop]

We used a zero percent interest offer on a credit card and are about half way through paying it off. The zero percent was for 15 months.

 

[vandy]

Our initial purchase of 175 points was paid with cash. We have added-on since then and the balance left after our down payment was put onto a low-interest home-equity line of credit we have.

 

[Belle & Ariel]

Each time you go on a vacation, figure what you would spend on a room and pay your loan down by that amount.
We paid off our car in June and have that extra $600 earmarked for paying down the loan.
We will use home equity line at 5% rather than Disney's 10% to pay for DVC.
We always pay more than the minimum payment.

 

[DebbieB]

I put it on my AOL Visa and got 6 or 7 months free AOL (back in 1999 when they charged).

I then paid that off with money I had in a CD, money in savings and the rest came from a 3 year 401K loan (which also paid off my car). The market was down at the time so the loan actually paid off (401K loans are not advised because the money is not earning investment income while it is out of your account. In my case, the market was dropping so it was better off out).

 

[GusMan]

We started by financing through Disney. While the term was for 10 years, we were planning on paying it off in 5. However, I started getting a windfall of OT, so I just worked a lot and paid it off in a year. I would make all my extra payments via my Disney Visa and got a bunch of Disney Rewards points for it as well.

The thing of it was that I already had vacation lodging listed as a line item in my budget. It was pretty much the same as my DVC payment, so owning was a wash while financing and big savings afterwards.