Thinking of joining DVC and need info on financing!

[N&B'smom]

Could anyone let me know any info you may have about the financing offered when purchased through Disney? What are the length of the loans, interest rates, etc! Anything would be GREAT! Thanks in advance!!!

Shelby

 

[elfbo]

Could anyone let me know any info you may have about the financing offered when purchased through Disney? What are the length of the loans, interest rates, etc! Anything would be GREAT! Thanks in advance!!!

Shelby

We got 10 years (Max length) with 20% down (20% minus the 10$ per point buy back) and %9.25 interest. This is with direct debit for the payments. Without the direct debit it would be 1% more.

 

[sleepydog25]

We have the same basic deal as elfbo, though other options are available. You can finance for fewer years, pay as less (or more) down, and eschew the direct deposit (though the interest rate is higher that way). Your best bet would be to contact DVC. I can almost promise you they won't pressure you or try the hard sell, at least based on my experience and that of most other posters on this site. If you're interested, I can give you the number to our guide or what I think is the general office number. Further, visit DVC online and you can find a lot of general information other than the specifics of financing (you may have already done this, naturally). Good luck!

 

[wisbucky]

Some other options you may want to consider is a home equity loan, low interest credit card for the life of the loan, or may even get a low interest rate at your bank for a loan.

 

[tjkraz]

Some other options you may want to consider is a home equity loan, low interest credit card for the life of the loan, or may even get a low interest rate at your bank for a loan.

All good suggestions. But check with your tax preparer first to determine the deductibility of interest. Interest on a home equity line would be considered secured debt, and is normally deductible. The same it true for some types of bank loans.

For other loans and/or credit card purchases, interest paid is not tax deductible.

 

[HELPDESKGUY]

You can deduct intrest if you take a loan from DVC...I called and confirmed they send you a 1099 at the end of the year for the intreste and the property tax you paid.

 

[JoeEpcotRocks]

I just took out a home equity line of credit @ 5%. Very flexbile terms. Can pay over 10 years or just 1 year (prepay at anytime). Interest may be tax deductible (check with your tax person).