How many people finance DVC?

[jschrots]

Just curious as to how many people out there have financed DVC? How did you finance?

 

[dalt01]

just financed for 10 years, am on contract with DD and family and we are sharing the expense and the points. intend to pay off early by giving extra each month. also put dues in the payments.

 

[Belle & Ariel]

We borrowed on our home equity line which is less than half the rate Disney offers.
I know popular opinion is not to buy if you have to finance. Our thought is that we do not have cash on hand to pay for the next 50 years' vacations, but we still go every year. So we pay down our loan in big chunks each time we go and whenever finances permit.

 

[dalt01]

i agree with previous poster, we spend the amount of the annual payment each year for lodging anyway and would spend it each year for the rest of our lives. this way we are just breaking it down monthly. so it is no more money for me than i would already be spending

 

[5forDiz]

We paid cash & will most probably stick to that with future add-ons especially in these uncertain economic times. Paying cash on contracts leaves us with just annual maintenance fees to pay; we pay those in lump sum each year instead of monthly

See this thread for current MFs & history of changes in amount of MFs ( LisaS's post #2)
http://www.disboards.com/showthread.php?t=1966427

Although this is from 2006 you may find this thread a good read regarding financing, etc. :

http://www.disboards.com/showthread.php?t=1022729

 

[eliza61]

Just curious as to how many people out there have financed DVC? How did you finance?

We did 1/2 & 1/2. We paid 1/2 in cash and financed the remaining balance.

 

[hockeyprincess]

We will be financing our resale contract on our HELOC. Tax deduction and cheaper than any other loan we can get right now! We would have paid off 1/3 of it with our last 2 vacations combined....no sense to keep renting points when we can own our own! We have young children and will be going for many years to come, and look forward to vacations with our grandchildren! We will have it paid off in 3 years or less.

 

[scout68]

We used our idle home equity line which has a fantastic rate. Paying over time is not our first choice but we view it as little more than your average cable bill. (wich we choose not to pay)

 

[nikkistevej]

We did home equity as well.

 

[mom of princessx2]

We will be financing our resale contract on our HELOC. Tax deduction and cheaper than any other loan we can get right now! We would have paid off 1/3 of it with our last 2 vacations combined....no sense to keep renting points when we can own our own! We have young children and will be going for many years to come, and look forward to vacations with our grandchildren! We will have it paid off in 3 years or less.

Ditto!!!

 

[dis2cruise]

paid with cash no finance here

 

[marynvince]

We paid cash & will most probably stick to that with future add-ons especially in these uncertain economic times. Paying cash on contracts leaves us with just annual maintenance fees to pay; we pay those in lump sum each year instead of monthly

See this thread for current MFs & history of changes in amount of MFs ( LisaS's post #2)
http://www.disboards.com/showthread.php?t=1966427

Although this is from 2006 you may find this thread a good read regarding financing, etc. :

http://www.disboards.com/showthread.php?t=1022729

why not let your cash work for you and pay monthly. There is no interest added to dues?? You can even set up automatic payments. Letting your cash work for you would decrease your real cost of dues.

 

[DMKEDM]

FOr all four of our purchases (master contract and 3 add-on's) I used a 0% interest credit card...paid off the entire amount before the 0% rate disappeared...don't know if that counts as "financing" or not...paid no interest, but paid each of the four purchases off over a period of either 6 months (twice) or a year (twice)...

 

[Crisgw]

Cash here but home equity financing doesn't seem like a bad idea for some

 

[kbtennant]

When we purchased our DVC 9 years ago I was still teaching. So we used my work's credit union and had it paid off in 2 years-just in time for the kids to start coming & for me to stop working!

 

[thelionqueen]

We financed through Disney for 10 years. However, we will have it paid off in less than 3. Our financial advisor told us not to do a HELOC for this purchase if we are sure we can pay it off within 3 years, and/or are OK with the finance charges for longer.

Our choice was to finance (even though we got the standard-not preferred rate) with the declining housing market, and the HELOC potentially being a 30 year payment, that was the best choice for us.

A lot of people here would be against financing this type of purchase, but for us, the interest is going to be minimal and the payments are MUCH easier to handle than a bulk payment!

 

[mooneyda]

I also financed for 10 years .It is a lot easier to come up with a monthly payment than lots of money at one time.

 

[Coach81]

Yep we financed through our local bankand got a good rate. We'd like to pay it off early, but we are not really in a hurry and the small $110.00 or so a month doesn't hurt us at all. Financing allowed us to start vacationing right away, it worked out well for us.

 

[OneMoreTry]

No finance.

 

[taurus8012]

We vacationed every year for the past 5 years at Disney . I was kicking my self for paying 2-4 thousand a year when I could have just used that money to just purchase DVC . WE HAD TO PURCHASE due to our DISNEY ADDICTION and proud of it. I now feel more in control instead of depending on someone renting points to me