Financing?

[dwayneb236]

So, I was just checking prices on my cruise and now it looks like financing is offered. Never seen the option before. 15%.. Nope..

[nelblu]

20 minutes ago, dwayneb236 said:

So, I was just checking prices on my cruise and now it looks like financing is offered. Never seen the option before. 15%.. Nope..

???

[GTO-Girl]

I know I am “old school”, but a vacation is a want...not a need.  Financing a cruise at all, much less for a year of more is just crazy!

 

We already have the option of booking early and calling Royal when you want to make a payment...as long as it is paid in full by final payment date.

 

Why would you want to finance a cruise at 15%??? 

 

 

 

 

Edited October 20, 2018 by GTO-Girl

[cruisinfanatic]

How dumb!

[dwayneb236]

Exactly. Just make payments yourself and no 15% extra needed. 

[barbeyg]

I saw that too...and laughed out loud. We pay for vacation by the time we go, interest free. 😁

[PhoenixCruiser]

59 minutes ago, nelblu said:

???

On Royal's website

[dmw1952]

15% is only a suggested interest rate & is based on person's credit profile.  Per the financer's website it can range as high as 36%...OUCH

 

First payment is due at time of booking, followed by 11 monthly loan payments.......Wouldn't make sense for those that book sooner than a year out unless they want to pay it off much sooner than when the final payment is due.  Which still can be done without interest thru RCI.

 

Per the FAQ:

"Make your ideal trip affordable & rewarding by paying over time using low monthly payments with a loan thru UpLift instead of paying entire trip price at once."....Currently, Royal Caribbean does not require full payment upon booking.

 

You can pay UpLift using a credit or debit card & have payments automatically processed.......RCI already accepts those forms of payment interest free.

UpLift also accept checks & sends timely reminders.

 

Call me old school or financially frugal but, I would opt to pay RCI interest free.  

 

Diane

 

 

Edited October 21, 2018 by dmw1952
typo

[voyager70]

I was shocked to see this.  Total ripoff.  Just make payments, no interest accrued.

 

[Big_G]

9 minutes ago, voyager70 said:

I was shocked to see this.  Total ripoff.

 

Yes and no. Given the average interest on credit cards is up over 16 percent as of late, it might appeal to some. We pay ours off every month. Others, maybe not so much.

[davekathy]

Pay the down and then the balance on the due date. 

Edited October 21, 2018 by davekathy

[Jammu2]

Maybe they are targeting the last minute people who have to pay the full fare at the time of booking?

[JustUs275]

I certainly hope that's who they are targeting...but I have to wonder if perhaps this is an indicator that the ability to make payments with no interest may be coming to an end?

 

Terri 

[maryjaden]

1 hour ago, Jammu2 said:

Maybe they are targeting the last minute people who have to pay the full fare at the time of booking?

But if they are booking by the final payment date which is about 90 days from cruising, the monthly payment wouldn't apply would it?

[LMaxwell]

People in general are so financially illiterate I can't blame RCI for implementing this. 

[Jammu2]

1 hour ago, maryjaden said:

But if they are booking by the final payment date which is about 90 days from cruising, the monthly payment wouldn't apply would it?

You are assuming the uplift loan would be paid off by embarkation. I think it is 11 payments regardless of how far in advance the cruise is booked.

[sparks1093]

7 hours ago, LMaxwell said:

People in general are so financially illiterate I can't blame RCI for implementing this. 

This is what I'm thinking- people don't realize you can book a cruise and pay it off over time up until final payment date. That's what we do instead of putting money in the bank. Of course if could be that they are ending that feature and this is getting ready for that.

[crookedhalo]

I have told many people that if you want to take a trip, book it a year (or more) in advance, figure out how much you need to put aside each month and make it happen. You'd be surprised the number of people who take a cruise on a whim - last minute and don't understand how much everything adds up to - they just see that $$$ per person. I also always caution them to make sure they don't book a non-refundable rate if they aren't 100% certain they'll go!

 

For myself - I figure out exactly how much from each paycheck needs to go into the vacay account to pay off the cruise, grats and drink package by final pay. Excursions etc. are paid for in advance out of normal funds. Love walking on the ship and it's all paid for :).

[parrotfeathers]

16 minutes ago, crookedhalo said:

figure out how much you need to put aside each month and make it happen.

 

But many people just aren't this disciplined.  Unless there is a "note" they just cannot follow a budget with money not due to someone.  

[agentcorona]

1 hour ago, crookedhalo said:

I have told many people that if you want to take a trip, book it a year (or more) in advance, figure out how much you need to put aside each month and make it happen. You'd be surprised the number of people who take a cruise on a whim - last minute and don't understand how much everything adds up to - they just see that $$$ per person. I also always caution them to make sure they don't book a non-refundable rate if they aren't 100% certain they'll go!

 

For myself - I figure out exactly how much from each paycheck needs to go into the vacay account to pay off the cruise, grats and drink package by final pay. Excursions etc. are paid for in advance out of normal funds. Love walking on the ship and it's all paid for :).

Exactly! And truth be told, my husband is that guy.  Whenever I talk about taking a vacation, I already have the costs estimated because it's the first question he will ask.  When I tell him how much it is, he says it's "too expensive".  Well yeah, but you plan for these in advance, save up, and then go.  Yeah, people are silly.

[dwayneb236]

We have a fund specifically for trips and just extra things we may want to do. Each month we each put a specific amount in the account and there ya go. Paid for, no interest paid, actually earning a bit of interest until then. 

 

The wife was a financial planner in her earlier life so I have that going for me. 

Edited October 21, 2018 by dwayneb236

[Cigar King]

The financing thing is not for me.  If I couldn't afford to vacation, I would not.

 

That being said, I recognize that I'm in the minority.  People need options, and if the financing option works for them that's great.  Besides if Royal continues to make money, and it sure looks like they'll make a boat load from financing, we'll all continue to receive the benefits of a quality product.

[island lady]

I saw that too, and thought it was a bit tacky IMHO.  Of course should not be a surprise I guess, with all the other nickel and dime things they do.  

[dwayneb236]

I just looked again and the financing option seems to be gone from the Pick Your Room Type page. Hmmm.

[LMaxwell]

2 hours ago, Cigar King said:

Besides if Royal continues to make money, and it sure looks like they'll make a boat load from financing, we'll all continue to receive the benefits of a quality product.

 

You are the optimist here.  Devolving your customer base to high interest predatory loan types is more likely to water down the quality of the product, not improve it.