How did you finance your resale purchase?

[Carmell226]

We are looking at making a purchase through the timeshare store within the next 6 months or so. Just curious how you went about financing your purchase with them. Unfortunately, a home equity loan is not something we can swing right now, we just purchased our home and do not have enough equity in it. TIA

 

[staceymay00]

It seems like a lot of people who finance go directly through Disney. I do believe you can finance a resale purchase, but it is more difficult to qualify. We bought resale however paid cash, so I am not aware of the financing options and I don't see too many posts here about the subject. I'm sure even though you are not ready to buy quite yet one of the resale stores would be happy to give you some info. We had a good experience with TSS (see ad above on this message board).

Today in the mail I received an unsolicited offer for a personal loan from a credit card company/bank. I have already shredded it, but I do remember they offered 8.99% for qualified applicants. So a personal loan from a bank might be another option, possibly, if you have good credit.

 

[crisi]

Bonus from work - we had a home equity loan that covered us for a few weeks between closing and the bonus being paid.

 

[ToddyLu]

We financed for our purchase last year with Disney. At the time there were no other banks or lenders doing it due to the economy. TSS even had to stop for a bit. We financed for 10 years, at 10.75%, which is the perferred rate. I think standard rate is around 14%. While that sounds high, when we were checking into financing another way....all DH could find was 8% and up. We can pay it off early without penalty and it does not show up on your credit report because Disney is providing it. I mean they are selling you their product. It was so easy and took all of 5 minutes over the phone.

We got our points immediately and points from 2008 to bank. From other posts I have read they are offering an intial buy in of 100 points (not the usual min of 160 at some resorts. Folks are getting OKW direct from Disney for $90 point with a 100 point buy in. Just food for thought. If you need to know any other particulars about our cost just PM me and I will share in info I can with you.

 

[marynvince]

we'll probably have to file for bankruptcy in a couple to three years but then we'll wipe out those pesky debts and just start the process all over. Almost amounts to Free vacations.

 

[wdwnut]

0% balance transfer for 10 months on a credit card. Paid it off within the time frame.

 

[AirGoofy]

We purchased resale through the TimeShare story. They have a Bank they partner with that will write you a financing contract. However, in my opinion, it is better to save and purchase DVC outright without financing. Save the money you would have paid with financing, and purchase a smaller resale contract and add-on as you can. Good luck.

 

[Belle & Beast]

We just closed last week through the Timeshare Store. We used TimeShareLending.net to finance.

 

[itsreally4mommy]

0% balance transfer for 10 months on a credit card. Paid it off within the time frame.

Did you purchase through Disney or TSS? This had been my plan but TSS told me I couldn't pay more than $1000 w/a cc and it would also add a fee around $85.

 

[Sandisw]

0% balance transfer for 10 months on a credit card. Paid it off within the time frame.

Did you purchase through Disney or TSS? This had been my plan but TSS told me I couldn't pay more than $1000 w/a cc and it would also add a fee around $85.

They probably had the balance transfer checks where you write one to yourself, get the money in your account, and then use that to pay off the purchase through the resale broker.

We considered this but ended up doing our add on through Disney and was able to use our Disney Visa and got 6 months, 0% interest--enough to get it paid off.

 

[JumpinJ]

I'm not sure how the banking works elsewhere or if this is available in the US (I'm in Canada)... but I have an unsecured line of credit that isn't tied to any equity (home etc.) and my interest rate is 3.75% currently. Just threw it all on there. Depending on if it is available, or how much you need to pay for the contract (I just bought 2 small resales, so the total purchase price was only about $8000) but this might be something to look at.....

J