Loan question

[arthur06]

I saw a thread at the top of this page that had interest rates and so forth for resales. My question is that if you finance through Disney I heard that its a transparent loan, if my terminology is correct. What sort of credit score does Disney require for a loan? I have thought of just waiting for our tax return to use as a 3,000 to 5,000 down payment. I have thought of buying resale, but was curious as to Disney's financing. (I went through a tough separation about 3 1/2 years ago and had problems with my credit).

 

[disneynutz]

The DVD credit policies and ease in qualifying, is much different today then it was a couple of months ago. You really should check with a Guide to find out what their current requirements are.

 

[dburg30]

Well, we financed some of ours. I had some issues a few years ago, so I knew I wasnt as good as my wife was. She ran it thru her name and she only got standard, which suprised me, so either her score is lower then we think, or DVD has pretty high standards for perferred..

I would guess that since Disney is 'all of it' if you finance with them, they are much easier to get financing thru. I mean, if you default on the loan, they get their property back. It's not like a normal bank where they have a house they cant get 1/2 of what's owed on it. They own the land, they own the loan, they own the title company, they own... You get the point . Disney wants your 15% for as long as you'll give it to them.

 

[Just People]

At least back in June, DVC made it very easy for me to qualify for financing. They just ran my credit and in less than a minute I was approved for "preffered" financing. When they sent the paperwork to fill out, I didnt even have to enter any income verification. DVC's loses are very slight if someone defaults since we really dont own anything, more of a long term lease. They always own the points.