Vacation Club Loans Reviews and Process

[malmal111420]

Thinking of using Vacation club loans to do a direct purchase through disney, has anyone every done this and what was the process like? Thank you!

 

[BamaGuy44]

Never used them but all the ones that specialize in time share loans have pretty high rates. If you have good credit I would take a look at lightstream or a personal loan from a credit union.

 

[kanerf]

Why not use DVC financing?

 

[LadybugsMum]

If you are buying direct, I’d use DVC financing. I’ve used DVC and VCL and I had a better rate through DVC.

 

[malmal111420]

Credit score is not the greatest from past mistakes and still working on getting score up but don’t want to wait to get into dvc

 

[malmal111420]

If you are buying direct, I’d use DVC financing. I’ve used DVC and VCL and I had a better rate through DVC.

Credit score is not the greatest from past mistakes and still working on getting score up but don’t want to wait to get into dvc

 

[RapunzelRN]

Thinking of using Vacation club loans to do a direct purchase through disney, has anyone every done this and what was the process like? Thank you!

I’ve not purchased direct, but we did work with VCL to purchase a few resale properties and it is always a smooth process. I would recommend them.

 

[LadybugsMum]

Credit score is not the greatest from past mistakes and still working on getting score up but don’t want to wait to get into dvc

Check out Monera Financial which is part of the World of DVC as they have options with no credit check.

 

[macman123]

I have used Monera before and I am from the UK. It was a painless process

 

[Type1ofaKind]

Credit score is not the greatest from past mistakes and still working on getting score up but don’t want to wait to get into dvc

Someone correct me if I am wrong, but from reading on this board it doesn't appear to be too difficult to get financing through DVC.

 

[kanerf]

Not at all difficult. They did not ask for any information before providing me financing for my last purchase. I have financed through them before. I put down 20% to get a better interest rate.

 

[LadybugsMum]

It's really not. I was able to easily get financing for my first DVC purchase and I'm debating a second direct purchase and I'll use DVC financing if I do.

 

[Type1ofaKind]

Not at all difficult. They did not ask for any information before providing me financing for my last purchase. I have financed through them before. I put down 20% to get a better interest rate.

When you apply for DVC financing do they ask for any information at all or just do a hard credit pull? I have heard they pretty much will finance anyone since they really don't have anything to lose. Is this true?

 

[Stargazer65]

When you apply for DVC financing do they ask for any information at all or just do a hard credit pull? I have heard they pretty much will finance anyone since they really don't have anything to lose. Is this true?

If I remember they just have you fog a mirror with your breath, and then do an initial credit pull. They don't report anything to the credit bureaus, very quick and easy.

 

[kanerf]

In addition, DVC loans show up as a mortgage for IRS purposes and you can deduct the interest in most cases.

 

[DonMacGregor]

If I remember they just have you fog a mirror with your breath…

With Covid and masks, they may skip that step too..

 

[🍀TwinsMom]

The process is crazy easy. You give basic bio info. They basically approve anyone, just depends on your deposit and credit score what rate you get, but it's like 10% to start and up to maybe 16% range at the top maybe? You get points deposited by the end of the phone call, can put the deposit on a credit card if you wanted for points. They FedEx you a stack of documents to sign and notarize and then send back. It was all done in under a week, but they give you the points that day. They do not do a "hard" pull on credit, just a "soft" pull, so no hit to your credit score.

 

[DonMacGregor]

They FedEx you a stack of documents to sign and notarize and then send back. It was all done in under a week, but they give you the points that day. They do not do a "hard" pull on credit, just a "soft" pull, so no hit to your credit score.

The contract I bought last month was done entirely online. They are also using a company called Notarize.com that provides online notary services.