Discussion in 'Purchasing DVC' started by marivigi, Mar 4, 2013.
Does anyone know what the interest rate offered is?
Do they have different interest rates?
I believe it was preferred rate of 12.5 and standard of 17.5? With 10% down.
20% down gets you a standar rate of 12.5 and a preferred rate of 9.5 I believe
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With 10% down, rates are 11.5%, 14.5% and 17.5% depending upon credit scores.
With 20% down rates are 9%, 10.5% and 12.5%.
If I recall correctly, you may put a down payment on your cc, enabling some choices there also.
Having just purchased on Thursday, these are exactly the numbers I saw.
they also have better numbers if you are adding on.
If you put 10% down its 8.5% with auto-debit
If you put 5% down its 10.5% with auto-debit
This is only offered to existing DVC members with a history of a loan. They look at your last 6 months payments only. If they were all on-time you are automatically approved and given these rates. Info was given to me on a DCL cruise and confirmed by my guide last week. (Cruise actually gave me 2 print outs showing the rates, downpayments, dues, and monthly payments)
We just added on a small contract last week and got 8%. We put 20% down though. Our first DVC purchase was already paid off, but I remembered it being 10 percent, so I was surprised at the 8%.
I seen on another site, the rates went up. Below is what they now show. I wonder if this affects the classic resort wait-lists?
Premium, 10% down: 11.5%
Premium, 20% down: 9.0%
Preferred, 10% down: 14.5%
Preferred, 20% down: 10.5%
Standard, 10% down: 17.5%
Standard, 20% down: 12.5%
The above rates assume the buyer agrees to direct debit of monthly payments from a US-based bank account. Buyers who are not willing to enroll in the direct debit program will be charged an additional 1%.
Wow that's pretty high, considering I just refinanced a house at less than 3%.
Our guide told us on sunday. Preferred 10.5% with 10% down. 8% with 20% dwn. We are on the waitlist if that could make a difference
It's actually 1% LESS than the rates above if direct debit. So 10.5% Premium with 10% down and Direct Debit. 8% Premium with 20% and DD.
But does your house have a Bay Lake view and an infinite supply of pixiedust?
Both of these are EXCELLENT points!!
a house might decline in value a bit over the short term, but DVC is definitely headed to zero (and many timeshares are already there - $1 on ebay - what a deal!), so banks are justifiably antsy about lending on timeshares...
No, my house does not have an endless supply of pixie dust, or a bay lake view!
My dog is named pixie and I can see the river sometimes. Does that count?
One of my dogs is named Mickey, and yes its named after the Mouse!
Starting to consider purchasing. Not sure if we'll do direct or resale.
Does anyone know if the interest on the loan can be deducted from your taxes? I was told that the annual dues can be but I'm not sure if that is true either.
The loan from Disney is considered a mortgage so I believe it could qualify as a deduction. You can not deduct all of your annual dues. You can deduct only the taxes part of it.
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