Have you always wanted to take a trip to enjoy a Disney-themed vacation?
Everyone wants to visit the land where dreams come true. Whether you’re an adult or a child, you’re sure to have fond memories of Disney films. What better way to fulfill your dreams than to get a Disney Vacation Club membership?
Ever wanted to enjoy the benefits of the Disney Vacation Club but can’t afford the fees? You’re in luck because there are financing options available. Read on and take the first step toward an exciting getaway:
What Is the Disney Vacation Club?
The Disney Vacation Club (DVC) is a vacation ownership program. Like most timeshares, you buy to access a property. The unique twist for a DVC membership is that you’ll access a specific Disney resort property.
One of the Disney Vacation Club’s primary benefits is its multitude of features. Disney Vacation Club offers regular vacations at various Disney properties. It’s a dream come true if you’re a true Disney fan.
DVC Memberships and Financing Options Explained
You have corresponding points each year for booking vacations as a DVC member. It goes beyond your home property. It includes a cruise ship tour or a vacation to other countries overseas.
You get the same number of points every year until your contract ends. Your contract length depends on the location you chose beforehand. If you find something hard to understand, contact the DVC for more clarification.
Your yearly point allocation depends on your purchased membership level. You can book a vacation each year using the points. Otherwise, you can bank your points if you’re planning to go all-out the year after.
Are you planning on a getaway now? If so, you can borrow next year’s points instead. It also applies when you plan to go to a specific resort at a certain time of year.
You can buy more vacation points if you want more splendid vacations each year. You must purchase a minimum of 25 points when paying upfront with cash. Otherwise, you must buy 50 for financed payments.
This option is the safest method since it allows you to buy DVC from Disney. You can do it either through a call or a timeshare presentation. Resorts will give you on-site financing options using a third-party lender.
The Aulani resort membership with 100 Vacation Points costs around $20,000. If your term includes a 10% down payment and a 10-year loan, your monthly payment is around $250. It also comes with an additional $70 in monthly dues.
The interest rate for DVC financing varies. It depends on three factors: creditworthiness, down payment, and chosen loan term. Your best chance for getting approval is to have excellent credit with a 10% down payment at least.
Think about your purchase well before choosing a third-party lender. Do it before you agree to finance using the resort. If you aren’t ready for a purchase, notify them beforehand.
It’s better to search the resale market before you go for direct financing. This allows you to buy DVC points using this secondary market. You can do it any time and have financing options as well.
DVC Resales Financing Options
Buying DVC on the resale market gives you more financing options. These aren’t available when you buy directly from Disney. Take note; you’ll get some purchase costs that go beyond the loan’s scope.
You must pay closing costs to the title company. As for the maintenance fees, you must pay Disney. Regardless, using DVC resales financing is a great method of building your credit.
It only applies when you can make consistent payments each month. In exchange, you can join the DVC sooner without paying a fortune.
To get a Disney timeshare resale, you must get a reputable DVC broker. If you find opportunities that fit your vacation requirements, contact your seller. Negotiate with them to get a good price.
After that, the seller will submit an executed contract to the DVC administration. The latter will review it within 30 days of the closing date. It’s because Disney can refuse any DVC resale transactions.
If things go as planned, Disney allows the closing to happen. Pay all the dues, fees, and other pending loan payments. Disney will update their membership file with your information. They will remove the previous owner after completing the resale process.
Look at the Best DVC Interest Rates
It’s faster and easier DVC and Timeshare Resort Financing. You’ll have providers with lower interest rates and easier approval. Check out the linked guide if you want a list of DVC financing options.
Regardless, look for financing options with no hidden fees or monthly fees. If you plan to splurge on your vacation, go for providers that can finance 80% of your purchase. They must enable you to get financing for up to five years at least.
This option allows you to get a personal loan equivalent to the amount needed for a DVC membership. If your credit is good, you’ll qualify for a lower interest rate. Some lenders can offer up to seven years for your loan terms.
If you have a longer loan term, your payment on a DVC membership is more affordable. The only drawback is that you’ll pay more as time passes because of interest fees.
Credit Card Payments
Some credit cards have an introductory 0% APR for up to 18 months. When you use this method, take advantage of this offer. You’ll have over a year to pay off your membership without worrying about interest.
For some people, this option might put pressure on their finances. Once the promotion ends, the regular APR will take over. You might end up paying over 20% APR, which results in thousands of dollars’ worth of interest fees.
How to Start Your Disney Vacation Club Experience Today
Becoming a Disney Vacation Club member allows you to have a magical getaway. Whether it’s with family or friends, you’ll have a great time enjoying what these Disney resorts offer.
Are you looking for more ways to enjoy your vacation? Check out our other blog posts for more tips on preparing for a memorable trip.