DVC RESALES
DVC RESALES

Go Back   The DIS Discussion Forums - DISboards.com > Disney Vacation Club > Purchasing DVC
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 08-07-2013, 12:13 PM   #1
kkmauch
"Kindly do not attempt to cloud the issue with facts!"
 
kkmauch's Avatar
 
Join Date: Mar 2004
Location: Andover, MN
Posts: 1,221

Financing Question

We are looking at buying into AKL with the current incentives. How do we know if we will qualify for Standard, Preferred or Premium interest rate? How do we know what percentage down will be required? And finally, when looking at the percent down, is the closing cost in addition to that or is the closing cost included in the percent down required?

We are using bonuses to pay for the membership, so it will take at least 3 to pay off the full amount. Please don't give me advice on financing, we've done the math, and this makes sense for our family.

All I want to know is how we know what financing we will receive and how much we will be required to put down.

Thanks!
__________________


Upcoming trips: October 2014 SSR
Recent trips: Aug 2013 CBR - Sep 2013 POR - Nov 2013 Pop - Mar 2013 Disney Fantasy Eastern Caribbean - May 2012 SSR-THV - Nov 2011 OKW GV and Disney Dream - Sep 2011 AS-Sports - Dec 2010 SSR - Oct 2009 POFQ
displansforyou.com - facebook.com/displansforyou
kkmauch is offline   Reply With Quote
Old 08-07-2013, 12:25 PM   #2
Minniesgal
DIS Veteran
 
Join Date: Mar 2013
Posts: 1,983

The deposit is a minimum of 10 percent and you get a better rate if you put down 20 percent you get a better rate. Your rate is defined by your credit rating. But be careful because they are all very high.
Minniesgal is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 08-07-2013, 12:26 PM   #3
Minniesgal
DIS Veteran
 
Join Date: Mar 2013
Posts: 1,983

Quote:
Originally Posted by Minniesgal View Post
The deposit is a minimum of 10 percent and you get a better rate if you put down 20 percent you get a better rate. Your rate is defined by your credit rating. But be careful because they are all very high.
Closing costs are in addition to the deposit.
Minniesgal is offline   Reply With Quote
Old 08-07-2013, 12:31 PM   #4
intertile
Mouseketeer
 
intertile's Avatar
 
Join Date: Apr 2006
Posts: 127

I was able to roll my closing costs into my loan.
__________________


intertile is offline   Reply With Quote
Old 08-07-2013, 12:36 PM   #5
kkmauch
"Kindly do not attempt to cloud the issue with facts!"
 
kkmauch's Avatar
 
Join Date: Mar 2004
Location: Andover, MN
Posts: 1,221

Thanks all for your responses. I should clarify, we know that 10% down is the minimum required. But in reading the fine print on the chart we got from our Guide, it said you could be required to put down 10%, 20% or 50%. We wanted to know how we could tell what was required.
__________________


Upcoming trips: October 2014 SSR
Recent trips: Aug 2013 CBR - Sep 2013 POR - Nov 2013 Pop - Mar 2013 Disney Fantasy Eastern Caribbean - May 2012 SSR-THV - Nov 2011 OKW GV and Disney Dream - Sep 2011 AS-Sports - Dec 2010 SSR - Oct 2009 POFQ
displansforyou.com - facebook.com/displansforyou
kkmauch is offline   Reply With Quote
Old 08-07-2013, 12:44 PM   #6
intertile
Mouseketeer
 
intertile's Avatar
 
Join Date: Apr 2006
Posts: 127

As soon as they run your credit, you'll know the answers to those questions.

From personal experience, the most I was ever asked to put down was 10%. I always choose to put down 20% to get the better rate and lower the monthly payment. Then again, I use the financing only as a vehicle to make the purchase, and pay down the loan within 24 months.

As soon as your guide runs your credit he will have all the exact numbers for you to make an informed decision based on your situation.

Also remember, even after you sign all the documents you have I believe 10 days to change your mind. So don't feel rushed, or like your annoying your guide. Ask as many questions as you need to. This is not a trivial purchase.

Good luck.
__________________


intertile is offline   Reply With Quote
Old 08-07-2013, 12:46 PM   #7
RSWA2
Mouseketeer
 
RSWA2's Avatar
 
Join Date: Feb 2013
Posts: 328

I think just like with a mortgage or a car loan, the specifics of what rate you get is often unknown to the consumer.

I would say to get an average rate, you need to have 20% down.

You mentioned that you would pay it off in 3 payments. What were you using as the principal and interest in calculating that? Best case or worse case? I would go in with at least 20%, with the ability to bump it up to 40% if you don't get the rate you want.

But, with such a short term (3-4 months) a change in rate or a change in down payment, doesn't a huge effect on the payments you will make.
RSWA2 is offline   Reply With Quote
Old 08-07-2013, 01:17 PM   #8
kkmauch
"Kindly do not attempt to cloud the issue with facts!"
 
kkmauch's Avatar
 
Join Date: Mar 2004
Location: Andover, MN
Posts: 1,221

Thanks all! We are trying to do 10% down as we are installing a fence with the rest of the bonus. Then, we'll use the next two bonuses to pay the entire thing off. Should be a 6-8 month loan in total. The extra 10% down makes a difference, but not that big a difference over 6-8 months for us. All a personal decision I guess.

Thanks!
__________________


Upcoming trips: October 2014 SSR
Recent trips: Aug 2013 CBR - Sep 2013 POR - Nov 2013 Pop - Mar 2013 Disney Fantasy Eastern Caribbean - May 2012 SSR-THV - Nov 2011 OKW GV and Disney Dream - Sep 2011 AS-Sports - Dec 2010 SSR - Oct 2009 POFQ
displansforyou.com - facebook.com/displansforyou
kkmauch is offline   Reply With Quote
Old 08-07-2013, 02:13 PM   #9
Missyrose
DIS Veteran
 
Missyrose's Avatar
 
Join Date: Jan 2009
Location: Northern Va.
Posts: 7,137

Quote:
Originally Posted by kkmauch View Post
Thanks all! We are trying to do 10% down as we are installing a fence with the rest of the bonus. Then, we'll use the next two bonuses to pay the entire thing off. Should be a 6-8 month loan in total. The extra 10% down makes a difference, but not that big a difference over 6-8 months for us. All a personal decision I guess.

Thanks!
The one-year loan carries a 5.9 percent interest rate, I believe. But you have to put 50 percent down to get it.
__________________
Missy Franklin (Pixel Dust) | Facebook: World of Yesterday, Tomorrow & Fantasy | Current TR: 8/14, 5/14 Past TR: 10/13, 1/13, 5/13, 10/12, 3/12 , 10/11, 10/10
'86, '90, '94, '98, '09, '10 -- Off site, 10/2011 -- CR, 3/2012 -- Windsor Hills, 10/2012 -- BCV/AKV-Jambo, 01/2013 -- BWV, 5/2013 -- BLT, 10/2013 -- YC CL, 5/2014 -- BWV, 08/2014 -- VGF/BLT, 12/2014 -- BWV, 4/2015 -- BLT

Missyrose is offline   Reply With Quote
Old 08-07-2013, 03:32 PM   #10
Sandisw
Moderator
 
Sandisw's Avatar
 
Join Date: Nov 2008
Location: Syracuse, NY
Posts: 9,687
DISboards Moderator

Quote:
Originally Posted by kkmauch View Post
Thanks all! We are trying to do 10% down as we are installing a fence with the rest of the bonus. Then, we'll use the next two bonuses to pay the entire thing off. Should be a 6-8 month loan in total. The extra 10% down makes a difference, but not that big a difference over 6-8 months for us. All a personal decision I guess.

Thanks!
Do you own a Disney visa? If so, you can get 6 months with 0% interest. I bought all 180 BLT points this way...and, when I bought, I asked them to delay the balance for a few weeks so I ended up with 7 months.

You could use it to do the 50% deposit and get the 1 year loan at the lower rate as it sounds like you will be paying off within the year.

Good luck!
__________________
Sandi



Sandisw is offline   Reply With Quote
Old 08-07-2013, 03:45 PM   #11
jillmc40
Mouseketeer
 
Join Date: Oct 2011
Location: NJ
Posts: 474

Quote:
Originally Posted by Sandisw View Post
Do you own a Disney visa? If so, you can get 6 months with 0% interest. I bought all 180 BLT points this way...and, when I bought, I asked them to delay the balance for a few weeks so I ended up with 7 months.

You could use it to do the 50% deposit and get the 1 year loan at the lower rate as it sounds like you will be paying off within the year.

Good luck!
I put mine on my Disney Visa too! My minimum payment is 79.00 a month so far...I'm liking that My guide split it into 2 payments. One on one billing cycle, the other half on the next.
__________________




jillmc40 is offline   Reply With Quote
Old 08-08-2013, 06:47 AM   #12
jerseyduke
Mouseketeer
 
jerseyduke's Avatar
 
Join Date: Jan 2013
Location: Northern NJ
Posts: 312

The rate, or "level" you fall into is all based on your credit score. Call them, they will run your SSN number and tell you which one you are; standard, preferred or premium, or whatever they call them.

Takes about 2 minutes for them to do, if that.
__________________


Prior to 2008 (few at the poly, few off property)
2008 - AllStars
2010 - Poly
2012 - Poly/PO-RS
2013 - VGF&WL
2014 - AKL & OKW
jerseyduke is offline   Reply With Quote
Old 08-08-2013, 07:46 AM   #13
crisi
DIS Veteran
 
crisi's Avatar
 
Join Date: Feb 2002
Posts: 22,693

We have a HELOC that we use for things like this - the rate is pretty low and we can get the money with a simple transfer. Its also for certain tax deductible.
crisi is offline   Reply With Quote
Old 08-08-2013, 08:04 AM   #14
DizBub
Totally Addicted
 
Join Date: Dec 2010
Location: Washington, IL
Posts: 2,019

We also used our Disney Visa for our initial purchase and a subsequent add-on. But they would only allow $5000 each time as a downpayment. Both times we used the 6 months to pay it down. Still, it was a useful tool. Since we arranged our own financing for the balances our interest rate was nowhere near what Disney wanted.
DizBub is offline   Reply With Quote
Old 08-08-2013, 08:32 AM   #15
Princess_Nikki
DIS Veteran
 
Princess_Nikki's Avatar
 
Join Date: Dec 2009
Location: Destin, Florida
Posts: 886

Just out of curiosity, I thought I read in the information DVC sent me that $25,000.00 was the "buy in" amount. Is it just different then on what locations you choose? If its based on credit, what would be an monetary example of what one can expect to pay at the 10%, 20%, or 50% mark? TIA!
__________________
Princess_Nikki is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

DVC-Resales.com | 1-800-550-6493 (Contact The Timeshare Store) | DVC Resale Listings

facebooktwittergoogle plus youtube itunesDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 01:44 PM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.