U.K. financing?

[qwerty2k]

Just wondering if anyone financed part/all of their dvc purchase and if so how? We are looking at having a good portion of it saved in the next year or two but would still need to finance probably £10k or so. Loans are cheap right now in the U.K. but looking into their terms and conditions all of them that I’ve seen forbid the use of the loan on a timeshare or vacation club. So just wondering what other people did?

 

[Lee Matthews]

Just say your using it for a new car? I don't think they will actually check on what you spend it on

 

[Welsh_Dragon]

Why don’t you check out Martin Lewis for his interest free credit card recommendations?

 

[qwerty2k]

Just say your using it for a new car? I don't think they will actually check on what you spend it on

well that was a thought since you can list 'holiday' as a reason, just thought i would ask what others have done.

Why don’t you check out Martin Lewis for his interest free credit card recommendations?

good idea, might have a look, just a bit more hassle hoping i get enough credit limit / moving it to an interest free option every year or so when that runs out i guess.

 

[Minniesgal]

Ww took Disney finance at a high rate but paid it off in 4 months so didnt pay much

 

[Tony]

Don't want to be stating the blindingly obvious but please be careful if you're having to use financing to fund this. Remember with DVC membership, every January you'll get a bill for service charges. On our 160 point BLT contract that's now over $1000, has doubled since we bought around a decade a go and with US inflation outstripping the UK number, those figures are going to keep rising quite quickly now.

I've done the sums and trust me, DVC doesn't make a terribly good investment. You can always rent the points and if you are dead set on buying, only spend what you've saved up already. Then keep saving and buy more points in the future.

 

[qwerty2k]

Don't want to be stating the blindingly obvious but please be careful if you're having to use financing to fund this. Remember with DVC membership, every January you'll get a bill for service charges. On our 160 point BLT contract that's now over $1000, has doubled since we bought around a decade a go and with US inflation outstripping the UK number, those figures are going to keep rising quite quickly now.

I've done the sums and trust me, DVC doesn't make a terribly good investment. You can always rent the points and if you are dead set on buying, only spend what you've saved up already. Then keep saving and buy more points in the future.

Thank you for your input Tony. Its not a decision we are going to take lightly, im certainly doing lots of maths and checking that we can realistically afford it before we take the plunge, i think we may still be a couple of years away from deciding, hoping by then we will have a big chunk saved for it anyway. Good point re renting, its certainly something we are discussing if renting may be better as potentially have grater availability at more resorts than if purchasing.

 

[RossK]

The good news is you have a bunch of cheap financing options, so Disney direct is the last place you should look. Its expensive, but it can be useful for "bridging" - i.e. very short term finance while you move things around, as there is no credit check (they make it just a bit too easy...).

One option might be an interest free credit card, but you will need to double check with DVD that they will allow you to make such a large payment using a credit card. And you must be really confident that you can completely repay it before the interest free period expires, or you'll be hit with massive interest related fees. Do check if they'll accept payment by credit card before applying for one, otherwise the hit on your credit file may make it difficult for you to subsequently apply for a loan (and a previous credit search may result in a slightly higher APR being offered than you'd have got otherwise, due to the perceived elevated risk). Finally, you could perhaps do what most people do, and not read the long list of terms and conditions of the loan, and simply select the reason from the drop down list that most closely matches (e.g. 'holiday' is usually an option). You will not have any issues.