What are the terms of the loans?

[bostonheart]

How many years do you have to pay for your DVC? Is it like a car payment, pay monthly for 5 years? Or longer like a 15 year mortgage?

Thanks

Erin

 

[Sandisw]

Disney offers 10 year loans and it is treated like a mortgage. It also does not show up on your credit which is a good thing!! And, depending on your situation, the interest is usually deductible (but have to check with a tax advisor).

The rates they charge are high--10.75% (preferred with direct debit from a checking/savings account) or 14.25% (standra with direct debit).

I also believe they have a 1 year loan but not sure about that as I didn't end up using Disney financing.

 

[bostonheart]

Ok, thanks...What if you buy a resale? Does anyone know how many years you have to pay that off in? Trying to figure out what payments are like?

Thanks

Erin

 

[Sandisw]

Ok, thanks...What if you buy a resale? Does anyone know how many years you have to pay that off in? Trying to figure out what payments are like?

Thanks

Erin

I know that there is a company that provides financing for resales as it is listed at the bottom of the daily emails that I get from the Timeshare Store.

Right now, it says their rates are 10.99%. However, I don't know the terms and whether it is for as long as 10 years or not. Someone who may have used them will chime in, I am sure.

One thing you might want to do is give the Timeshare Store (or any other DVC resale broker) a call and get the answers. I have dealt with TSS as both a buyer and seller and they were wonderful in answering questions, even before I was ready to buy.

Good luck!!!

 

[crys5]

How many years do you have to pay for your DVC? Is it like a car payment, pay monthly for 5 years? Or longer like a 15 year mortgage?

Thanks

Erin

I just received this information from the Timeshare Store for a resale:


The minimum to finance is $4,000 and maximum is $50,000. There is no prepayment penalty and no application fee.


$4,000 loan is 48 months (4 years)
$5,000 - $9,000 is 60 months (5 years)
$10,000 - $14,000 is 72 months (6 years)
$15,000 - $25,000 is 84 months (7 years)
$25,000 - $35,000 is 96 months (8 years)
$35,000 - $45,000 is 108 months (9 years)
$45,000 - $50,000 is 120 months (10 years)

 

[disneynutz]

Each lender has their own terms so you need to check them all out. With Disney some of your cost may be tax deductible.

 

[bumbershoot]

They (disney) offered a 5 or a 10 year loan, our choice. You can prepay at any time, no penalty.

 

[quirty30]

The 1 year Disney financing requires a 50% down payment and the interest rate is 4.95%.