What information is required for financing through Disney?

[t1gger1968]

We are looking at buying either into Bay Lake Towers or Animal Kingdom Villa, and was wondering what kind of credit score do they look for, what are the interest rates and what information are required on the credit application? Do they require information like your employer information, mortage/car/other loan balance and payment per month, balance in your checking and savings account?

Thanks!

 

[goofygal1975]

We just bought yesterday. We just gave our social security #'s and they said we were approved w/out having to look at employment or other information. Before we got into too much of the into about buying, I asked about the financing and he did that first for me.

 

[pickles]

they can pull from your account the 1st or the 15th of the month.

If your credit is really bad they just require more down, unless you are already a member then they don;t sweat you as much. trust me the credit can be bad..I know from personal exp

It is 10% down which you can use incentives towards

the rates aren;t good, it is almost 11% and I can;t recall the other I want to say 14%

All they ask for is your SSN and they do it based on that, occasionally they may need you to verify something, but it is a very simple, easy process

Your payment on 160 pts would run around $215 a month(if that helps) and you can break your yearly fees into 12 month payments no extra charges.

I bought a very small resale contract, rather than put down a large down payment. then from there I financed points

 

[disneynutz]

We are looking at buying either into Bay Lake Towers or Animal Kingdom Villa, and was wondering what kind of credit score do they look for, what are the interest rates and what information are required on the credit application? Do they require information like your employer information, mortage/car/other loan balance and payment per month, balance in your checking and savings account?

Thanks!

I was told by Disney that the credit requirements have changed since all of the banking troubles.

I don't know the criteria but some members are required to show proof of employment etc.

 

[EnchantedPrincess]

We just bought recently, and we were not required to provide any proof of employment or anything like that. The guide just asked for our SSN and birthdate over the phone and that was it. No other information was required. The process was very quick, and rather painless.

 

[Kiderak]

The loans are heavily front loaded. A 10 yr loan for a 50 yr membership. After the downpayment, and first couple payments, they are way ahead.

 

[jlewisinsyr]

For loans longer the 59 months, the rates are as follows:
10.75% for credit scores 740+. This is also called preferred financing.

14.75% for credit scores below 740. This is also called standard financing.

Minimum down is 10%, if your credit score is sub 700 you may be asked for more down. The highest I have heard is around 50% down, but the credit score was well below 700.

 

[FriendOfFanatic]

I just bought a 160 point contract at BLT, and we put 1/2 down and will finance the rest over one year. I did not have to fill out any of the credit application which came with all the paperwork. The payments will be $720-$740 per month for the year. The credit application process seemed simple.
I bet there is enough equity built up with the free gift card (which is applied to the down payment) to cover them if there is a default. Maybe this is the main reason they offer the gift cards.

 

[ford91exploder]

They do check credit - the day I signed up my truecredit alerter registered a hit