Thinking of buying at BCV but have some questions.

[babesboo99]

My husband and I are thinking of buying into the BCV if we can. I guess with the changes disney has made we are now thinking of buying right through disney themselves. My question is if we do would the loan be right through disney themselves and if so do they do a credit check because I have heard it doesn't show up on your credit report. We have decent credit but it's not in the 900's or anything like that we have a car loan I guess I am just wondering how much of a chance do you think we might have of buying right through them. help please thank you..

 

[Sandisw]

It is pretty easy to get financed through Disney. Just based on the little you have said, I don't think it will be an issue.

Your credit really comes more in to play with what rate you will be offered, then so much as if you will qualify. Rates are around 11% to 14% (last time I checked).

It does not show up on the report and is treated as a mortgage so there is a chance you can deduct the interest.

BCV direct from Disney will be more expensive than resale, about $30/ppt, and you may have to wait for them to get points in stock but it is an option.

If you do buy through them, they allow you to use your Disney Visa and get 0% 6 months interest on whatever you put on the card (up to $10,000 I believe).

If you are in a position to do some short term pay offs, it might work in your favor to put some down like this. We bought all 3 of our BLT contracts this way.

Good luck

 

[jlewisinsyr]

First, a FICO score only goes up to 850, which is pretty much impossible to get. Disney offers two interest rates based on your "risk" factor, which is basically your credit score. There is no official rule, but typically a FICO score about 740 will get your preferred rates, while below will get you standard. There is a low limit, but again, no hard fast rule and it seems to be a slow decline that balances the typical down payment and increasing downpayments with lower scores.

They do run a credit check and it is a hard pull, so the pull should show up on your report (but this is a minimum impact item). If you are approved and take the loan at the stated interest rate/payment, the loan itself will not appear on your credit report/score calculation.

That said, if you apply for any loan, the loan amount, regardless of it it appears on your credit report should be disclosed.

 

[babesboo99]

Thank you everybody. I really appreciate this now it kind of makes some sense to me . I guess we just want it so much I worry. but all the information was great.

 

[vicki_c]

I was always told (and was my experience 3 years ago as well) that DVC only does soft pulls for your credit. We have never had anything DVC related show up on our credit reports.

 

[MFMont]

Disney Requires a down payment. I thought it was 20%????? may have been 10% though????. They have very little risk with the downpayment. So I am sure that has something to do with their lax credit check. If you have to borrow, you should check out a local credit union if you have one. You can often get a signature loan for under 8% depending on your term. CU is a much cheaper option.

 

[fflmaster]

our first loan when we purchased back in 2002 was thru disney and the financing was very easy. however the rates are very high.. you can do a lot better elsewhere

 

[Jaaron2]

our first loan when we purchased back in 2002 was thru disney and the financing was very easy. however the rates are very high.. you can do a lot better elsewhere

we only financed one (of our nine contracts) and that was our first BCV contract. Bought it resale because we were waiting for awhile through Disney and the right deal came up. I would suggest buying a smaller contract to get in thru resale (25-50 pts) that you could pay cash for. After that you can add on in smaller amounts you dont have to finance. Just a thought, It could save you a lot on interest.

 

[dawgs4disney]

I understand if BCV is where you want your home resort to be, but wanted to make sure you knew that the deed goes off there before some of the newer DVC resorts. When we bought in, I really wanted BCV but our guide strongly advised us against it because we were paying the same as the other newer resorts and getting almost 20 years less lifetime use. Someone else could probably better explain this than I can as I am fairly new to DVC still. I do agree with the above posts that financing through DVC should be no problem for you guys.

 

[joeandmel]

If you could I would open a Home Equity Line of Credit. The going rate in my area is around 4%. Compared to th 11% that Disney is going to charge you if you have a 750 credit score. And also you can wirte the interest off on taxes because you used the money to do a real estate transaction. With that and the lower interest rate. That is how i went.