Disney financing--how long?

[maestrotim]

I am curious at how long of a term Disney's own financing is. Is it something like 10 years or so? Also is it a fixed interest rate, and is it based on your credit score (like car loans and the like)?

[luvDaMouse]

They have a 5yr or 10yr loan. When we financed in October they had a interest rate for perf credit scores at 10% (i think) and we got a rate of 14% ( We have excellent credit like a 760 i think) I was told most people fall into the 14% zone. It is a fixed rate. Most people are approved, Disney wont lose so they finance everyone. If you default they take the property back. One thing, the financing does not show up on a credit report. Not sure why that is. And your taxes are tax deductable.I dont know what the current rates are you would have to check that. :mickey:

[Ian]

Most financing seems to be 10.25% for 10 years. That's the terms we got for BLT. We didn't finance our SSR purchase.

[lockedoutlogic]

Just a friendly reminder from your local Common Sense Peddler:

If you have any uncertaintly as to your job, your savings, your home, your investments, or your debt.....now is not the time to finance a timeshare....

If all the ducks are in a row....then feel free....
or better yet....save up and purchase with good ole' fashioned dead presidents....

Remember that if you run into any financial troubles in the next few years.....the timeshare will undoubtedly be the first to go....

If that's even a .001 % probability....i would just go ahead and travel to WDW the traditional way instead of by buying DVC....

The benefit of DVC is the longterm value....10,20,30 years down the road.....to purchase for a couple of years and dump it would probably cost you more than playing it the old fashioned way.

I hate to preach....but sometimes i don't think people go into the sale seeing DVC for what it is: which is a luxury that is warranted once the other important things in your life are stable....not a necessity or a right.

And I would love for everyone who purchases to get the same kinda benefit from their buy....not a couple year rental followed by a dump into the resale market at a loss..which hurts the whole program....frankly

[Ian]

All very good advice.

[maestrotim]

Good info and advice! Thanks everybody. It's nice to read the boards and feel like people are "looking out for me"!

[tjstrike]

Also, if you get refered by someone your points are cheaper and that person usually gets something too. (IE - $100 disney card or cheaper points, etc...)

[Donald A]

When we bought in November 2006 it was 10 years at 11.75%. Would have been lower % with checking account automatic deduction.