Financing DVC

[NurseKim]

I was reading on another thread that financing for 5 and 10yr terms is 10.75%. That seems pretty steep to me and DH has definitely said no to that.
Has anyone taken a personal loan or HELOC (for a lower interest rate) and paid DVC off and then paid that loan?
I couldn't fall asleep last night because I was thinking how long it would take us to save $$ to be able to finance DVC at AKV in a year with out draining our savings.
UGH...I think I see buying resale in a few yrs

 

[LilMamiBella]

I was reading on another thread that financing for 5 and 10yr terms is 10.75%. That seems pretty steep to me and DH has definitely said no to that.
Has anyone taken a personal loan or HELOC (for a lower interest rate) and paid DVC off and then paid that loan?
I couldn't fall asleep last night because I was thinking how long it would take us to save $$ to be able to finance DVC at AKV in a year with out draining our savings.
UGH...I think I see buying resale in a few yrs

You can always pay off your 10 year loan earlier.....with no penalty.

 

[Doctor P]

The difference between 8.25% (a decent HELOC rate right now) and 10.75% on a 10 year $15,000 mortgage is less than $20 per month. $20 is $20, but if that amount makes the loan a make or break for you, then it is possible that you do not have enough cushion to be considering buying DVC. In addition, the difference will be smaller if you are able to deduct the interest since for most people the loan from Disney likely will be tax deductible. Good luck with your decision.

 

[NurseKim]

$20 will not break us and the tax info was interesting too! Thanks

The difference between 8.25% (a decent HELOC rate right now) and 10.75% on a 10 year $15,000 mortgage is less than $20 per month. $20 is $20, but if that amount makes the loan a make or break for you, then it is possible that you do not have enough cushion to be considering buying DVC. In addition, the difference will be smaller if you are able to deduct the interest since for most people the loan from Disney likely will be tax deductible. Good luck with your decision.

 

[korbbec]

I did my financing through a credit card. It is at 5.99% for the life of the loan- however long it takes me to pay it. Plus I had to pay a $75 service fee. I have heard some on here say they got 0% thru Disney Card.