how do you all finance?

[suzjoh]

We would like to join before the prices rise again. I want to pay cash but the money will not be available for awhile(couple of months or perhaps a year). Should I get an equity loan or go through Disney? When the $$ comes in I want to pay the loan off in full. Do most people use Disney to finance?
~Suzz

 

[Cruelladeville]

I have financed both my contracts thru Disney, and it works well. The reason I did not refinance my house is that the cost of that at our bank was $1500 to do it, and that would have cost us more than the slightly higher interest rate at Disney. If you are going to refinance your house anyway, then it would be a good idea to include your Disney contract in your one payment for your house. Otherwise, watch the hidden costs thru the bank, such as the loan origination fees and so forth, make refinancing not worth the effort. I think Disney is offering 10.5% now, aren't they? If you are only financing your loan for a short p;eriod of time, you might want to think about this.

 

[suzjoh]

I am not refinancing my home. I was thinking of a home equitity line or loan. I refinanced 5 years ago. I am hoping the loan will be for a short time until ours funds come in.
~Suzz

 

[Laurajean1014]

Through Disney, easy, fast and a good deal!

 

[spruce]

Something else to consider.......DVC has never reported my loan to equifax, TRW, or any place a normal mortgage or credit card would be reported to for the purpose of a credit history. That being the case, when going for a car loan, 2nd mortgage, etc..., the DVC loan does not show up to affect your debt to income ratio. The only way a lender will know if you have a DVC loan, is if you tell them.....spruce

 

[wdwnut]

hi: spruce is right; it doesn't show on any credit reports or anything that i've ever heard about. i've financed through disney on the original and via home equity on an add-on. if you finance through disney, there aren't any prepayment penalties. just call the member services number and get through to accounting.

 

[dianeschlicht]

WE needed to do something similar to what you need when we first bought DVC in 1997. We financed through Disney until our funds came through, then paid the rest in full. It worked great, and we got to take advantage of the purchase at lower point costs than if we would have waited until the funds were there.