Who has financed with Disney?

[prncssjas]

Hi everyone.

I noticed everyone here is so smart about this stuff so I need your help! Who here has bought with Disney (and not re-sale)? What was the financing like? What are the interest rates like? How long are your loans for? Any do them for long periods or short periods of time?

I would loved to hear the experiences everyone had with financing their purchase!! Thanks for writing!!

Rima

*** Biggest Aladdin Fan in the WORLD!!!***

12/79 Day Guest
7/84 Day Guest
7/88 Disneyland
7/95 Off Site
1996 Cast Member
2/97 CBR
9/00 GF-HONEYMOON
11/01 GF Concierge

 

[eva]

We financed a few years ago. You can choose anywhere from a 1 to 10 year loan. On a 1 year loan you must put 50% down and the interest rate is extremely loan (I think around 3%). All other loans take a 10 or 20% downpayment. You get a better rate on a 20%. I believe that with 20% down you can get a rate right around 10%. With 10% down I think it is closer to 13%. When you contact DVC or tour DVC they will give you a special interest rate offer. It is good only for 30 days after first contact.

 

[travelbug]

I did my financing with Disney when I bought in last May. As I recall, the best interest rate was available if I put at least 20% down (which I did)and agreed to automatic withdrawal from my bank account for payments (which I also did). The interest rate was 9.95% for a 10 year loan period. There is no penalty for prepayment, so I've been sending in extra checks as often as I can. But the only way to find out my current balance is by calling the accounting office. They do not automatically send out statements, although that would be nice.

With interest rates going down, I'm in the process of getting a home equity loan at a lower interest rate to pay off the balance to Disney. Maybe Disney is now offering lower interest rates to new buyers???

Considering that I did all the paperwork through the mail, I thought it was a pretty streamlined process. I was satisfied.

Hope this helps.

 

[prncssjas]

Eva and Travelbug: Thank you very much! That is very helpful!!

Hmmm...dosen't sound too bad to me--it really sounds like the financing works! And do you feel like this whole experience has been worth it for you? It seems like a great idea.

Travelbug--we are partically neighbors--I live in Dearborn!

Any one else have any thoughts? Anything I need to be aware of??

Thanks SO much!
Rima

*** Biggest Aladdin Fan in the WORLD!!!***

12/79 Day Guest
7/84 Day Guest
7/88 Disneyland
7/95 Off Site
1996 Cast Member
2/97 CBR
9/00 GF-HONEYMOON
11/01 GF Concierge

 

[drusba]

Financing with Disney is easy (probably too easy). Rates change, up and down, over time as the market rates change. Disney is generally below what you could get in the open market when buying a timeshare but higher than a home equity loan if you can finance by doing that with your exisitng home. Time for the loan can vary from anywhere from 1 year to 10 or more (their example sheet will show ten but was informed they would go longer; also example sheet will show rates for 3, 7 and 10 years but they will do any number of years). We did a one year once where you pay half down and finance the other half and that was at a rate of 4.5%. We have also done a 7 year at 9.95%. For periods longer than a year the rate has usually been somewhere in the 9 to 12% range, currently at 10.95%. That range and number is if you put 20% down. If only 10%, rate will be higher usually by a percentage or 2. The loan payments are set up for automatic withdrawal from your checking account.

 

[canda]

Disney sent our approval letter before they even recieved our finace forms. We put down 30% on american express and did 10 years. with no prepayment penalty we plan to pay that of in three years. This way we have the least monthly payment for the time being. we went to several banks and unless you want to borrow against your house, they are not to sure about loaning money for this sort of thing. is there a spell check here? sorry for the errors.

 

[wdwnut]

hi rima: on our first purchase, we financed through disney-their rate was better than any of the prevailing bank rates, including home equity loans. when we did a 150 pt. add-on last fall, our bank had a better rate than disney. either way of financing is okay with disney and things went smoothly both times.

 

[DVC Chris]

Hi,

I just spoke to my guide today and placed a deposit on 200 points. Financing options are as follows: 20% down: 10.95% interest with direct-debit (automatically taken from your checking account each month) or 11.95% if you want a statement each month and pay by check. 10% down will only get you an 11.95% interest rate with direct-debit. I beleive they offer any number of years up to 10 (although I have heard that they will go longer). I believe you can also put 50% down and pay the rest over 12 months at 5.95% interest.

Hope this helps!

WL, 9/00
Treehouse Villa, 9/98
BWV, 12/95
Treehouse Villa, 7/94
Polynesian 93
Yacht Club 92
Royal Plaza 92
GF/ CBR 91
Hilton/ CBR 90
GF 89
Off Site: 88