Third Party DVC Financing

[SAKPEG99OKW]

My wife and I are thinking about buying back into DVC thru the secondary mkt. I have done some reserch and found the following financing providers. Has anybody had any experience with these companies that they can share ?

Scott

Monera Financial
Timeshare Lending
Light Stream

 

[ziravan]

I researched them and went with Monera. I'm satisfied. Monera doesn't make you jump through credit check loops.

The DVC property is collateral and they require drafting payments. Neither of these things bothered me.

In fact, twice I called them during the process to see what else I needed to do. Answer both times: nothing, you're good.

You apply, they send you a letter of intent. You forward that to the broker. That's it. Even the arrangements for bank draft is handled through the closing company.

 

[Syndrome]

Yep, another thumbs up for Monera .
We have used them before. Easy to work with , nothing hidden, and always there to answer questions if needed.
Also they dont have any pre-payment penalties if you want to pay it off early, they dont need to check credit (since they hold the deed until paid off) , and the loan does not show up on your credit files (that can be good for some situations ) .
Honestly, out of the whole re-sale process , dealing with Monera was about the easiest part !

 

[Dean]

My wife and I are thinking about buying back into DVC thru the secondary mkt. I have done some reserch and found the following financing providers. Has anybody had any experience with these companies that they can share ?

Scott

Monera Financial
Timeshare Lending
Light Stream

Someone told me they got light stream for 60 months unsecured at 7%. I questioned it as that rate completely unsecured seemed unrealistic but they assured me that was the case. Personally I wouldn't finance it but of the 3, I'd do light stream if I could get that deal.

 

[DisneyfromDeland]

I used lightstream. It is unsecured for 60 months at 7.24%. They do a credit check and require excellent credit. With them, they just give you the money. There are no additional costs at closing because as far as the title company is concerned, you aren't financing. I altered my auto draft to pay more than the payment every month. Very easy to use and deal with.

 

[karatstravels]

We used Monera since our Canadian dollar tanked, waiting for it to rebound a bit before we pay it off (they are fully open loans with no payout penalties). Easiest process ever, I would highly recommend and we are Canadian (which I would think would make it more complicated) and it was smooth as can be.

 

[pangyal]

We used Monera since our Canadian dollar tanked, waiting for it to rebound a bit before we pay it off (they are fully open loans with no payout penalties). Easiest process ever, I would highly recommend and we are Canadian (which I would think would make it more complicated) and it was smooth as can be.

As a fellow Canadian (hi!) I second this! We are using Monera for a short financing bridge for a second contract for about eight months and it's possible to get a much better rate than what Disney offers or even compared to a regular unsecured line of credit. As Canadians, we will have to set up a U.S. bank account, but Monera even had suggestions for that. So far, we are super pleased with them! They even handled sending the letter of intent to the broker.

 

[summabreeze85]

I've used monera and timesharelending.net. Both are extremely easy and offer quite favorable terms considering there is NO credit check, NO asset or income verification, and NO prepayment penalty. You apply and you are automatically approved. Monera's down payment depends on the price you are paying per point. Timesharelending.net has set down payments of 10, 20, and 30%. Their interest rates are the same, UNLESS you get a credit check and use Timesharelending.nets 'good credit' discount. Timesharelending does have a best offer garuntee and I'm pretty sure will match anything Monera offers. You give Monera a voided check at closing and they automatically draft the payment from your account on the 1st of the month; timesharelending sends you a coupon book so you can just set up a payment through your bank bill pay everything and it's due every month on the day you close (starting the month after your closing date).

 

[Antonette2128]

This is a great question as I am a Canadian and I want sure if this was feasible for me. I heard they need a USD account in the US and I don't know if that's a hard rule. I was wondering if they can just draw from a US bank account issued by a Canadian Financial Institution. Anyway, glad that it's not as hard as we thought!

 

[karatstravels]

With Monera you do need a uS account at a US bank, not just a US dollar account at a Canadian bank. We used RBC as they have a US division (RBC Bank Georgia) and you set it up in the branch here. Takes a few weeks to get it all finalized but a pretty easy process.

 

[pangyal]

Yes, RBC offers the U.S. Access Account, and you can set it up at your local Canadian branch .

 

[3pletprincesses]

We are dealing with Monera and RBC too and have nothing bad to say. It was pretty straight forward.

 

[DVCjuggernaut]

I've heard only good things about Monera. I haven't actually financed through them, but they have a nifty calculator on their site that allows you to see the rates available to you instantly, so that's pretty useful even if just for research purposes. I know First State Bank of the Florida Keys offers DVC financing as well but their website wasn't nearly as informative.

 

[DISNEYSC]

We used Light Stream too and have enjoyed working with them. We also got a 7.24% unsecured for 60 months with no fees. Approval process was really easy (IMO) and quick. Their website is very user - friendly to manage your loan once you are up and running.

 

[jjrobichaud]

I am a duel citizen and am using Timeshare lending.net. I am a bit disappointed. I wanted to talk to someone on the phone and can not, they say e-mail is quicker. They also said they will not send my papers to Canada, but I know they finance for Canadians, so no idea what is up. However once they do answer my questions they are quick and easy.

 

[lgpav1]

We used Monera to finance our purchase (worked with Sandra). They were great! Would use them again without a second thought.

 

[Princess Snow White]

Does anyone know, when do I apply for this financing, before I make an offer on a resale site, or after?

 

[ziravan]

Does anyone know, when do I apply for this financing, before I make an offer on a resale site, or after?

With Monera, it shouldn't matter. One of the questions on their application asks if you've already gotten an accepted offer. The application will work both ways.

I believe I waited until the offer was accepted to submit my application and they still forwarded a letter of intent to finance in a very timely manner.

If you have the down payment, make the offer contingent on financing with Monera. The resellers know that's a de facto approval. Shouldn't be a problem.

 

[Princess Snow White]

With Monera, it shouldn't matter. One of the questions on their application asks if you've already gotten an accepted offer. The application will work both ways.

I believe I waited until the offer was accepted to submit my application and they still forwarded a letter of intent to finance in a very timely manner.

If you have the down payment, make the offer contingent on financing with Monera. The resellers know that's a de facto approval. Shouldn't be a problem.

Thank you so much!

 

[pangyal]

You probably know this, but anything under $30000 is automatically approved for Monera .