Monthly Finance Cost

[Mr. Disney 652]

Does anyone have a ball park number for the cost of 130 points at SSR? I'm looking for the monthly payment if financed with little down, at about $90 a point. Any help would be great, and thank you!

 

[RobDoc]

If this is an add-on thru DVC, it will require a minimum 10% downpayment and you will likely pay more than $90 per point. If it's an initial purchase - the minimum is 150 points.

If it's a resale purchase (and it sounds like it is), you will need to secure your own financing or try one available thru a resale broker (usually at a higher rate than Disney offers). Many have used a Home Equity loan for resale purchases.

 

[mamatojon]

If you financed through Disney - 10% add-on and 9.95% interest (new rate, used to be 9.75%) for 10 years, this would be the breakdown:

Total purchase price = 13130 (101*130pts)
Credit of 8/pt = 1040
Down payment 10% of original = 1313
Total financed = 10777
payment = 142.12

I have read people here saying Disney allowed the credit to be applied towards their down payment amount, making your out of pocket expense less but your financed cost more, but when my in-laws recently purchased they set it up as I detailed above. If they allowed you to apply the entire credit towards the 10% down requirement then your out of pocket would be 273, your amount financed would be 11817 and your payment would be 155.84. I don't know if they do that at all though, I think they still require you to come to the table with 10% of the original down.

I know you can also finance for shorter terms, with I believe lower rates, but as of now through Disney I think that this is as good as it gets.

This is the rate for good credit, BTW, the bad credit rate is something like 13.75%. This also assumes you will have automatic debits, when you pay on your own there is a different rate - not sure what it is but I think it is variable.

 

[Mr. Disney 652]

Thank you both very much!