Loan/ finance questions

[JPS439]

If you're trying to make a loan or principal payment online through dvcmember.com- can you only charge the payment to a credit/debit card or can you direct withdraw from a checking account?

One more general question, for those who financed the purchase, did you stick with Disney's financing and 10.75% interest rate or did you refinance the purchase once completed through Disney?

 

[hellerjw]

I believe it only allows for a card. However, if you are using a debit card with the Visa/MasterCard logo it will process the same as a credit card but the funds will come out of your bank account, just like a direct ACH draft.

We financed with Disney, and at least for now, plan to keep it with them. The interest rate is high (10.75%) but it is deductible as mortgage interest This is the main reason we have left it as is. It also doesn't show up on your credit report.

The interest may also be deductible if paid with a home equity loan/LOC. If you put it on a credit card or other loan you lose that tax benefit.

 

[cmanuli]

We just bought in February, and they set it up so the payments get directly debited from your account. We got the 10.75% rate, but will refinance after a year or so with another company.