refinancing if dvc purpchase w/disney?

[disneyatheart]

Hello folks

Just returned from another great stay at BWVs and OKW and ready to go again. (Actually, I was never ready to leave to return)

Anyway, DH and I financed our DVC purchase through Disney with disney financing. As you know, rates are better than Disneys financing. Is it possible we can refinance? If so, what are the best strategies?


Thanks again

 

[jaysue]

It is an open loan that can be paid off anytime without penalty

thanks
jaysue

 

[rsschneck]

First, if you have a Disney Visa or any other rewards card use that to pay off DVC. That way you will get extra rewards.

I am assuming you are thinking about obtaining a home equity loan or equity line of credit to refinance your DVC. Get the paperwork rolling it usually takes 2-4 weeks to get a check from the place where you are obtaining the loan from.

Once you receive your money, pay off the Visa so you do not get charged any interest.

Best of both worlds! Reward dollars and a lower payment on your DVC that is still tax deductable!

Hope this gives you some food for thought!

 

[Dean]

A home equity is going to be the cheapest and seems sto be what most people chose that finance but not through DVC. I doubt you'll find any loans that cheaply that will work for a timeshare which ends up being a non secured loan in most cases. Some have used credit cards and even rotated the balances between them. Due to the high potential fees with most credit cards it you make one slip, I would not do that unless you can pay it off during the low or no interest period.