Looking at buying Disney timeshare need help financing

[wisbucky]

We are looking at buying into Disney timeshare. However we have been told that we can get a financing at a rate of 9.0% with 10% down. Our bank told us that they would give us loan for timeshare and they "strongly advised against" us placing in a home equity loan. Anyone know of reasonable financing somewhere for this type of purchase?

 

[Happy Birthday Cat]

Rates for a timeshare purchase can be high. I have heard of some people who have used credit card checks with 3.9% interest until it is paid off. Most use home equity or Disney financing. One thing to talk to a tax advisor about is the deductability of some loans and not others. Depending on your bracket, a higher rate may prove less expensive in the long run.

Also most banks are clueless regarding Disney timeshares. They regard all timeshares as the same. Many of us who bought quite a few years ago can get more for their DVC than they paid for it originally. Banks don't realize this about Disney timeshares.

Good luck.

HBC

 

[Xtine76]

Disney has a decent financing offer, depending on your credit will depend what they offer for financing. My credit is not stellar and they financed me with an interest rate of 9.75. Currently they have an offer of a 750 credit when buying an ownership interest in Saratoga Springs Resort.

 

[tjkraz]

If you talk to lenders specifically about financing a timeshare, you probably won't be offered a better rate than DVC.

A Home Equity Line will get you the lowest interest rate, but just remember you're putting your home on the line.

As "Cat" said, DVC really isn't your typical timeshare investment. You can buy into SSR for a net cost of $84 per point, and if you ever needed to sell those points, you are pretty much guaranteed to get back upward of $70 per point. Disney maintains Right of First Refusal (ROFR) on any resale, and they are presently invoking said right for any contract with a sale price around $66-71 per point, depending upon the resort.

Good luck.