Third Party DVC Financing

[erin1715]

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 !

I'm resurrecting this thread because I am thinking of using Monera to finance and I see that they don't credit check and it doesn't show up on your credit files - true? The reason I'm asking is because it's possible my husband and I will be selling and buying a new home in the next year or so, and of course they tell you not to make any big purchases that will show up on your credit score. So with Monera, that shouldn't be a factor right?

 

[supersnoop]

I'm resurrecting this thread because I am thinking of using Monera to finance and I see that they don't credit check and it doesn't show up on your credit files - true? The reason I'm asking is because it's possible my husband and I will be selling and buying a new home in the next year or so, and of course they tell you not to make any big purchases that will show up on your credit score. So with Monera, that shouldn't be a factor right?

It won't impact your credit score, but your lender will still require you to disclose all debts, so they will still consider the purchase when they review your file for approval.

 

[mommacat56]

I used Light Stream (called something else when I used them) a few years back...very easy process. Did everything totally online including application, funds transfer, and all servicing. No prepayment penalty and they had a great rate, but you need excellent credit, thus a credit check.

 

[theyoungs07]

Why is a credit check a negative? I'd think borrowing from a lender that makes sure that their clients have decent credit would be a good thing long-term. Are people saying it's a negative because they are concerned they'd be turned down if one was done?

 

[supersnoop]

Why is a credit check a negative? I'd think borrowing from a lender that makes sure that their clients have decent credit would be a good thing long-term. Are people saying it's a negative because they are concerned they'd be turned down if one was done?

Hard inquiries drop your score.

These timeshare lenders usually require a substantial down payment (25%-50%) and secure their interest by placing a lien against the contract.

 

[Dean]

Hard inquiries drop your score.

These timeshare lenders usually require a substantial down payment (25%-50%) and secure their interest by placing a lien against the contract.

A single inquiry shouldn't have much impact and it should be temporary. But one will need to disclose the loan and monthly payment.

 

[erin1715]

Yeah so I'm thinking maybe its best to buy the house first, then make the DVC purchase just to be on the safe side.

 

[SuperRob]

Yeah so I'm thinking maybe its best to buy the house first, then make the DVC purchase just to be on the safe side.

Yes, do that. It's not even the ping on your credit that would be the problem, but the change to your debt-to-income ratio, that would be the problem.

 

[karatstravels]

We used Monera and no credit check or financial information was required - not even employment info was requested. It is a secured loan with a required down payment so pretty low risk for them I assume.