My nightmare.... Any one ever taken out a loan for a trip?

[tractorm3]

Ok so I know this sounds horrible and I would never entertain this idea but my fiance and I are looking into it. We have had this trip planned since march. She was expecting from what her friends told me to get her engagment ring in WDW so I stepped it up and gave it to her for graduation. It drained the bank! Now we have just been hit with every road block imaginable trying to pay for this trip in sept by the 45days due date. which is in like 30 days. Her car has broken down, we had a death in the family, i was out sick from work for a few days, its just a nightmare.

or how about has disney ever extended the 45 day payment time for anyone?

 

[rufio]

Yep, for our wedding/honeymoon trip. However, the trip is in 6 months and we've been paying on the loan for a few months already. I'd rather not, but with a wedding and honeymoon all in one, we didn't see a way to make it work without taking out a loan. At this rate, it probably won't be paid off before our trip, but it shouldn't take too long. Sometimes you've gotta do whatever you feel is necessary to make the magic happen! As long as you're in good financial standing and know you can pay it back, I don't see a problem with taking out a loan.

 

[The Mom]

I don't think they will extend the deadline.

I personally would not take out a loan. That's not a good way to start your life together. This is only the first of many difficult decisions you will be making together, and most involve postponing getting what you want until you have what you need. You need to start refilling that savings account before you spend more money on luxuries.

Being an adult is not always fun.

 

[nngrendel]

I say as long as you take care of business at home first then you can do what you feel you can handle to pay for the trip. I however absolutely hate having to pay back a loan for a vacation. Not only do you hate having to come back home to the real world after a trip but having to pay back a loan for the vacation makes it even worse. IMHO.

If the trip has been such a financial strain then what is going to happen with the loan? Your just delaying paying the vacation plus interest.

 

[Monty]

It really comes down to your "comfort level". If you have a stable job and reasonable income, going into a small amount of debt might be manageable. The danger is what else might be coming down the pipe? Another unexpected expense might become insurmountable.

Life is full of risks and difficult decisions. A new start in a relationship with a debt load may not be your best approach.

 

[copcarguyp71]

I don't think they will extend the deadline.

I personally would not take out a loan. That's not a good way to start your life together. This is only the first of many difficult decisions you will be making together, and most involve postponing getting what you want until you have what you need. You need to start refilling that savings account before you spend more money on luxuries.

Being an adult is not always fun.

Listen to "mom"! The magic will be there waiting for you once you save the money to go but starting your life out together in the hole makes it tough to climb out and speaking as an old fart...sets a dangerous precedent for future decisions. Please do not misunderstand, I am not trying to seem judgemental but rather passing on genuine concern as someone who has been there.

Congratulations to you both BTW on the engagement!

 

[docdebbi]

I don't think they will extend the deadline.

I personally would not take out a loan. That's not a good way to start your life together. This is only the first of many difficult decisions you will be making together, and most involve postponing getting what you want until you have what you need. You need to start refilling that savings account before you spend more money on luxuries.

Being an adult is not always fun.

wow, brilliantly said, and we would all be far better off if we all acted this responsibly.
thanks mom

 

[captainkidd]

Ok so I know this sounds horrible and I would never entertain this idea but my fiance and I are looking into it.

 

[Master Yoda]

Disney will extend the deadline but there is no official rule on how long. Going to 30 days will be pushing it. What you might want to consider doing is pushing the trip back a few months or even to the same time next year. You can do that without penalty save for the increase in price.

Regarding taking a loan out for a vacation...Coming from someone who has struggled getting rid of debt for quite some time, DO NOT do it. Loans are for emergencies, houses and, on occasion, cars. A vacation is a luxury item. If you do not have the cash do not take it.

 

[njDizFan]

Not to get too personal but what kind of loan would you be trying to get? I know a lot of people put their vacations on a credit card and if you don't pay it off quickly the interest makes that quite an expensive holiday. Personal loan from a bank is unheard of...except for some federal credit union andd small community banks...but it takes excellent credit and some time to close.

Now if you are talking a loan from a family member that has it's own difficulties. They may not be charging you interest but if you miss a payment then you risk the possibility of straining your friendship or bond between friend/relative.

Either way it's best to save before you go..I learned the hard way and now as a banker I see people's errors every day.

 

[sgtmgd]

Disney will occasionally extend the deadline, I made a last miute trip a couple years ago..had to speak to a manager as I was inside the 45 day window ( I do have extensive history with WDW) she agreed to let me pay 1500.00 and the balance 7-10 days later with the caveate that Id lose everthing if I cancelled.

That being said..if you are having trouble with unexpected expenditures...I would not get a lone..follow Moms advice..Disney will be hare for you when ya'll are ready..just remember...reality awaits all of us once we leave the Disney Bubble whether we like it or not...and having a "loan" payment may not be the best way to remember the trip..

Best of luck

 

[NYwdwfan]

The Disney Visa lets you pay for the vacation and have interest free financing for 6 months. That being said - I would NOT put a trip on a credit card and not pay it off unless you are absolutely certain you can pay it within the 6 months. The interest will be accruing that entire time and if it is not paid in full you will be slammed with 6 months of interest (compounded) at around 20%. Think of it this way - would you rather pay for a trip and a quarter (including the interest) now, or push it off and just pay for the trip.

They say the most common thing newly married couples argue about is money.

 

[draybook]

Disney will extend it to less than 30 days but it's very tight. That happened to us in 2010 for our December trip. I don't recall what happened, but I contacted the folks at Disney and they were very understanding.

While I would not suggest taking a loan for the trip, we have done it once. I actually just took a loan against my 401k, so I was just paying myself back and I paid it back within 60 days of taking it out. I would suggest that route if possible or if you can get a low % loan from your credit union and then pay it off quickly.

 

[The Mom]

Disney will extend it to less than 30 days but it's very tight. That happened to us in 2010 for our December trip. I don't recall what happened, but I contacted the folks at Disney and they were very understanding.

While I would not suggest taking a loan for the trip, we have done it once. I actually just took a loan against my 401k, so I was just paying myself back and I paid it back within 60 days of taking it out. I would suggest that route if possible or if you can get a low % loan from your credit union and then pay it off quickly.

I often take a loan out against my "loan" CD - usually for major home repairs, or, most recently, to replace an old car that was becoming unreliable due to age and mileage. But like you, I pay it back ASAP, and feel as if I'm paying myself back, plus a little bit of interest to the credit union.

I have a different CD that I use for major vacations, but I actually take cash out of it.

I use CDs because it requires a little more thought and effort, which makes me really think about whether I really want to spend the money, than a CC, Money market, or Savings/Checking account.

BTW, most of us "old-timers" have had to sweat paying off a loan before we learned that most of the time it isn't worth it.

 

[ddbowdoin]

well, I'd like to say a majority of people take vacations on credit... I could save all I want, but I want to book ahead to get ADR's and take advantage of deals. Sometimes the best time to book is now, not when you have saved up the 3 grand. Sure, you'll still keep saving that money and you'll have it but credit is what you have to rely on sometimes.

 

[NYwdwfan]

well, I'd like to say a majority of people take vacations on credit... I could save all I want, but I want to book ahead to get ADR's and take advantage of deals. Sometimes the best time to book is now, not when you have saved up the 3 grand. Sure, you'll still keep saving that money and you'll have it but credit is what you have to rely on sometimes.

Yes - but - if you put $3,000 on a credit card with a 20% interest rate and pay just $100 a month, you will pay almost $1,200 in interest. To each his own, obviously, but I'd rather strive to save $100/month and wait until I have the $3K to pay for the trip.

 

[ddbowdoin]

Yes - but - if you put $3,000 on a credit card with a 20% interest rate and pay just $100 a month, you will pay almost $1,200 in interest. To each his own, obviously, but I'd rather strive to save $100/month and wait until I have the $3K to pay for the trip.

oh I agree... I wouldn't be putting the 100 down though, I'd be saving more aggressive than that but I know what you mean.

 

[The Mom]

I put every trip to anywhere on my charge card. But I rarely use it as a credit card - I have a couple of times , but have never carried a balance over more than two - three billing cycles.

 

[The Mom]

oh I agree... I wouldn't be putting the 100 down though, I'd be saving more aggressive than that but I know what you mean.

Oh, good to hear that you would pay more than the minimum every month. I do understand (see my post) that sometimes it takes more than one billing cycle to pay the whole bill off.

 

[ddbowdoin]

I put every trip to anywhere on my charge card. But I rarely use it as a credit card - I have a couple of times , but have never carried a balance over more than two - three billing cycles.

This can especially be true with airfare, you're saving but all of a sudden you see a good deal pop up online... don't quite have the full amount but wait and then the price jacks up again.