You’re thinking about getting cosmetic surgery, but your insurance won’t pay for it and you don’t have enough money to pay for it right away. There is a way to pay for that tummy tuck or eye lift, don’t you think?
What to Think About:
The Cost Cosmetic surgery costs a lot of money. The cost of a procedure can range from $500 to $25,000, depending on the type. Due to interest rates, financing your surgery will only add to that cost.
Your interest rate will vary depending on the amount of the loan, the chosen loan term, and your credit history, just like it does with any type of financing. Depending on your credit history, the available loan terms could be 12, 24, 36, or 48 months, or a revolving credit line. Remember this: It probably is if it seems too good to be true. Be wary of financing companies that advertise rates as low as 1% because these deals typically come with hidden fees.
Additionally, keep in mind that financing your surgery may necessitate a down payment. The down payment requirements are based on your credit history and, if applicable, the requirements of your health care provider. You might not be required to put down any money if you have credit that is average or above average.
You should consider your current financial situation and determine whether or not you are able to afford a regular monthly payment for the next 24, 36, 48, or 60 months, as you would with any type of financing, including financing for a car, a home, or even cosmetic surgery.
If you haven’t already, subtract your bills from your monthly income. Don’t forget to include things like groceries, toiletries, gas, household goods, pet food, and so on. You can now determine whether or not you can afford an additional $100 to $200 in monthly payments after creating a monthly budget.
The Process Before you start getting excited about the possibility of financing your new look, you need to know why you want this procedure done. Check to see that your expectations are attainable and that you are acting in this manner because you are convinced that there are no other options. Evaluate your other options and weigh the benefits and drawbacks of cosmetic surgery.
Financing only major surgical procedures is a good rule of thumb for cosmetic surgery. For instance, the prices of Botox are reasonable enough; however, if you choose to finance the injections, it will cost you more than they are worth.
You should also keep in mind that the majority of cosmetic procedures need to be maintained on a regular basis, and that it is pointless to completely combat the aging process.
Finding a Surgeon Although a cosmetic financing company may be able to direct you to a surgeon, it is preferable to locate one first. A financing company won’t be able to recommend the best plastic surgeon, according to Dr. Steve Fallek, a New York and Englewood, New Jersey, cosmetic and reconstructive plastic surgeon.
You should go to a board-certified cosmetic surgeon who is trustworthy, has a good reputation, and hopefully has a name from someone who has had plastic surgery done by that surgeon. Fallek says that patients should ask their doctor for a finance company recommendation.
Companies That Provide Financing Before Choosing a Financing Company, Check Their Reputation They ought to collaborate with a network of doctors and have a solid record of financing medical procedures.
You should also inquire about financing if you have found a surgeon to perform your procedure. Before applying for financing, you should get a written description of the terms, and you should never pay a broker fee.
Don’t waste your time looking for surgeons with lower rates when most surgeons use the same financing companies. Time and money are wasted when visiting multiple surgeons.
If the interest rate is lower, using your credit card might also be an option. Some people also take out a home equity loan or borrow money from family.
The Decision Has Been Made If you have determined that you can afford to finance your cosmetic surgery, conduct online research to determine the benefits and risks of the procedure. Your primary physician may also be able to provide you with a list of surgeons and payment options if you discuss your surgical options with them.
