How does the financing work?

[msvlwb]

If you finance the DVC how does it work? What are the terms and length of the loan?
What kind of down payment is required?
It sounds very interesting if I can break it up over time. We go to WDW several times a year for two or three day stays. Do you think buying a DVC would be a good idea? I want any input from you professionals! We are florida residents is there any discount for anything like that? Thanks.

 

[ez]

We are also Fl. residents who bought 150 pts. at bw last June. What a great decision! We have been over several times already for wonderful mini vacations. Financing was a piece of cake, we put down 550, sold back 50 points on magical beginnings for another 500, and that was our down payment on a 10 year loan with monthly payments of $124. I think the magical beginnings is less attractive now, you will have to check on that. I think Florida residents have it made with dvc membership. We can be more flexible with our dates, and enjoy disney magic all year long.

 

[DVC Chris]

Disney offers financing in terms from 1 to 10 years. I have heard mention that they will go longer, but that is not confirmed. The 1 yr. plan is 50% down and finance the remainder over 12 months at a low interest rate (5.9% sticks in my head)... 2+ years is at 10.9% or 11.9% depending on is you select automatic debit and amount of down payment. They seem to push you towards the 10 year loan, telling you to pay it off earlier (obviously they make more $$ in interest)... We did not want to drag it on that long and went with the 5yr plan.

Hope this helps!

WL, 9/00
Treehouse Villa, 9/98
BWV, 12/95
Treehouse Villa, 7/94
Polynesian 93
Yacht Club 92
Royal Plaza 92
GF/ CBR 91
Hilton/ CBR 90
GF 89
Off Site: 88

 

[msvlwb]

Thanks so much that sheds some light on it. I really appreciate the help. We spend that much a month on going out to dinner and hapy meals!
It would be a whole lot meor fun to go to WDW a few times a year instead. It seems like you get a lot of time for your points. How many times per year can you go if you go off time, mid week?
We have our own business so we can be really flexible.

 

[ez]

At the value seasons, from Sun thru Thurs, you can get a standard view studio at bwv for 9 points a night, or a standard view one bedroom suite for 16 points a night, if that helps. Prefered views are more.the 1 bedroom suites are awesome, and they spoil you. I have a 2 bedroom booked in Nov for 24 points per night. That is a one bedr0om suite combined with a studio. OKW and VWL have different point charts, (plus no standard views),you can use the point calculator on this site. This first year we have saved a ton of money from what it would have cost to book these rooms on a cash basis. A ton of money!