Current Disney Interest rates??

[jburns]

Hey everyone,

New to the group and interested in getting more info on the DVC. Since childhood (in my 30's now..ack!) I've been to Disney at least 15 times. Like most people in here I was raised on it. This season I have the chance to use a friends DVC points so I've booked 4 days at the park and 3 nights on the cruise.

My wife and I are seriously considering buying into the program because it fits what we are looking for... pre-paid vacations from now until I'm 78 years old... sounds nice!

Does anyone know the current interest rates Disney charges for their term payment plans?

I don't need to ask much more because this site and others have had a wealth of information on the program. I'm looking forward to finding out even more! SSR has a nice $15 off per point right now for referals plus that extra 12 years which is really sweet.

Thanks all,

Jeff (From Canada)

 

[ConstanceIrene]

Hey everyone,

New to the group and interested in getting more info on the DVC. Since childhood (in my 30's now..ack!) I've been to Disney at least 15 times. Like most people in here I was raised on it. This season I have the chance to use a friends DVC points so I've booked 4 days at the park and 3 nights on the cruise.

My wife and I are seriously considering buying into the program because it fits what we are looking for... pre-paid vacations from now until I'm 78 years old... sounds nice!

Does anyone know the current interest rates Disney charges for their term payment plans?

I don't need to ask much more because this site and others have had a wealth of information on the program. I'm looking forward to finding out even more! SSR has a nice $15 off per point right now for referals plus that extra 12 years which is really sweet.

Thanks all,

Jeff (From Canada)

I don't know if the term "pre-paid" applies here. You do know that there are maintenance fees each year. It's not like you pay once and just show up for the next 50 years.

Regarding the interest rates, just give the DVC a call and speak to a representative. Sooner or later you're going to have to anyway and they are very helpful. They can send you all the info you'll need to become a member.

 

[jburns]

I have called and the info is on the way... just trying to do some math before it arrives. As for the fees... I am aware of those as well. But aside from the upfront costs... the fees don't really equal what you would spend to stay at the resort for a week anyway. So there seems to be decent savings over the term of your access.

Thanks for the info.

J

 

[ConstanceIrene]

I think the savings are definitely decent, but there are those who would argue that point. My reason for joining and the reason I'm so glad we are members is that, as years go by, many things can come between your budget and a vacation. You have children, pay taxes, purchase autos, pay tuition, renovate the house, pay for braces, etc.....

As a member of DVC, you know you'll have a great vacation every year for a very long time, no matter what expenses come up.

Good luck!

 

[Hakunamatata]

I dont recall what our interest rate was, but it was very competive and I dont recall it being out of line with what the going rates were at the time. An additional positive is that a portion of the maintanance fees are deductible from your federal income tax because they are alloted for property taxes (disclaimer....but check with your local tax professional for specific information. :lol: )

 

[jburns]

Thanks everyone. I should get the package this week I believe. I agree with the fact that this is a great way to secure a nice vacation at least once a year..and for me...in someplace WARM and not covered with snow. I'm really looking forward to Feb as I've got a friends 250 points and I've stretched that into 12 nights total including 3 on the cruise. I can't wait!

 

[Speedbird]

Don't know about Canada, but with the exchange rates at the moment, the Brits are getting a GREAT deal at the moment. We paid nearly half price and got $2000 dollars off from Disney too at Saratoga Springs (and 24 fastpasses!!). Bargain.

 

[jburns]

I wish the Canadian dollar was worth as much as the pound. Or dollar is strong these days which helps. When I was last down in 2003 the dollar was weak and I ended up spending about 20% more on exchange. I guess that is another arguement for the club and buying now when the dollar is good.

 

[slappy magoo]

Last I checked, it was 10.99%

If it's possible, you may want to consider a home equity loan. Of course, it would also behoove you to pay as much upfront as you possibly can, the more you finance, the more expensive it really is in the long run.

 

[jburns]

That's is nuts... Home Mortgage costs up here are way less.. My house is only 5%. I do plan on paying up front if I enjoy the experience this year. But at 10.99% I won't be doing anything monthly... wow!

 

[Speedbird]

We aim to pay off in 3 years as there are no penalties, at least to UK buyers through GE capital. Don't know if it's the same over the pond.

 

[jburns]

I know I read someplace that there was no pre-payment penalties which is good. I can drop tax returns and large sums of money onto it without paying into the interest. I'll have a better idea when my disney package arrives.