DVC loans and terms compared by options can be tricky in today’s low-interest market. Finding the best deal could take time so we’ve done an easily viewable chart below. This chart quickly shows our 5-year loans compared to 10-year loans offered by other lenders.
In order to compare DVC loans and terms with “apples to apples,” we used our average interest rate based on an average industry credit score of 700 which comes to 11.9%. Although it is my opinion this rate is not the average of our competitors, I did use our low rate for all other DVC lenders to be fair.
By paying a little bit more each month on a 5-year loan you can save from $1,560 to well over $10,000 based on the loan amount.
Happy shopping! We hope we made navigating the loan process clearer.
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To see exact payments on your desired loan go to our easy DVC loan payment calculator here: https://www.vacationclubloans.com/rates-calculator/
Why Finance:
Having cash in hand and sending it to the escrow company at closing is great if you can afford it, but the fact is that many people scrimp and save for several months or years to pay for their timeshare. If saving has been this difficult for you, it’s not a good idea to pay for the interval or points in full.
Taking on a loan allows you to spread out some of that cost, so you aren’t parting with all of your money at once. You can use a hefty chunk or as little as 20% of the purchase price as a down payment, but wiping out your savings is ill-advised. This is because it’s a much wiser decision to leave an emergency fund in your savings account for those unexpected costs that may arise.
Furthermore, you could use some of that pay-in-full cash to actually go on vacation and enjoy what you just purchased. This is called “balancing the fun with the funds”. Why pay $10,000 today for 10 years of future accommodations when you can pay $1,000 each year (plus a small amount of interest) for ten years and enjoy the same accommodations for the same amount of time.
Financing will also allow you to get the vacation package that you otherwise cannot afford upfront. This way you have your choice of premium accommodations and best seasons more suited for your family’s lifestyle, rather than settling for something not perfect and trying to upgrade on much later.
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