trying to decide....

[CareerMom]

We are here at the World right now (winding down our Poly Lagoon concierge stay that began the night of Sept. 30). We did the DVC tour on Monday while our 3 oldest were on the GF Pirate Cruise. While we are pretty much sold on the idea of buying points at BCV, the one thing that has us hesitating is the interest rate Disney is charging. Did any of you use other financing to purchase your points? We don't currently have a home mortgage (we're military and living in base housing, although that could change with the next assignment we get.... we plan to buy a home at our next base). We are wondering if we can get a rate similar to that of a regular home mortgage loan if we went through our bank. Any of you have experience with this?? It feels kind of funny to think about buying a timeshare before we even have our own home!! (And how will this affect our buying power when we are ready to buy that house??).

Thanks for the input!

Karen

 

[Maistre Gracey]

Hi, CareerMom
When we bought DVC, we took the DVC rate, then started playing the 'credit card shuffle'. We are taking advantage of the 0.0% teaser rates, and when all is said and done, we will end up paying little very interest. This takes a little work, but saves big dollars.

Many DVCers have different, and creative ways that they are financing DVC. Hopefully you will get some of those responses on this thread.

I trust you are having a good trip, and enjoying The Poly! We will be visiting The Poly (as well as VB & VWL) in January, as it is one of our favorites.

Good Luck with your decision on DVC!

 

[Dean]

Remember the price is rumored to go up to $84 per point in December. That's $800 on 200 points difference. I doubt you'll save any more interest than that by what other measures you can accomplish. The problem with a credit card scheme is that if you miss calculate, it could cost you a lot more. Most that finance do so either with DVC or using a home equity type of mortgage. The reality is if you don't currently have a home mortgage, you should be able to pay off DVC relatively quickly. If you can't, I'd have to be concerned whether it's within your budget at all. Put another way, if you buy DVC and it stretches your budget, you will likely not be able to secure a mortgage for a home or afford to pay the mortgage. Only you know for certain so I'm just trying to make you think about it.

Another alternative is buying resale where you can get points at BWV or OKW for less than $65 per point but you still have financing worries and even less options for finding a lender. Saving up for a while then buying may also be a better option for youl.

At BCV, the buy back is not a good deal but if you're considering using it you need to know that they likely will not offer it to you once you're 30 days past your tour.

 

[wdeversole]

I have heard that the financing rate through Disney is competitive with what a bank would charge, though we didn't go that route ourselves.

Banks do charge higher rates for time-share loans than for regular home mortgages.

 

[Dean]

As noted on a couple of other threads, the $84 per point increase is no longer a rumor.

 

[CareerMom]

Thanks for the input. While we could swing it financially at this time, we have decided we need to wait until we are "out of limbo" to buy in. We are in a vulnerable position right now, waiting for military orders that could come any time from now to the next 6 months or so. Since we know we want to buy a house at our next duty station, it would be best to hang on to our discretionary funds and use them towards that means first. While I realize that means we may be out of luck getting into BCV, those are the breaks....

Karen

 

[Dean]

There will be resale later. Good luck.