Liposuction Finance Options
There are several liposuction finance options available to people who are looking to undergo surgery but would like to either delay payment on the surgery, reduce their liposuction costs, or pay over time. One such option that is widely offered by liposuction financing companies is a credit card that is to be used specifically for cosmetic and other elective procedures. In this article we will discuss how these programs work, what you need to know before you apply, and things that you need to be careful with before and after the application process.
How This Type of Financing for Liposuction Works, and Things You Need To Know and Be Careful With
First of all, make sure you understand that with companies such as CareCredit®, and Chase Health Advance® that you are not getting a traditional loan. These are financing companies, not banks, and what they really offer is a credit card with incentives and payment plans designed specifically for people looking for liposuction and other elective procedural financing.
How the process works is quite simple, as long as you understand the some basics. First off, they will offer some type of incentive program, such as a zero cost liposuction finance package. You will have either 6,12,18, or 24 months to pay off the loan IN ENTIRERTY before you incur any financing fees or costs – essentially it’s free money for the duration of the promotional period. However, if you don’t pay off the ENTIRE (please make note of the bold use of the word entire) amount of the loan you will have to pay interest retroactive on the balance of the loan. That means your “zero percent financing for liposuction procedure” just became financing at around 25% APR (rate will vary depending on which company you choose, but they are generally around this cost) – i.e. not cheap. If you are going to go with the zero percent financing option for your lipo financing then you MUST pay off the loan before the promotional period is over – otherwise you would probably be better off just putting the costs on your regular credit card if the interest rate on your card is less than that (many are). Obviously, neither of those options are very good and you would be better off saving and waiting for 6 months to a year so you can pay cash.
In addition to the zero interest option, most liposuction finance lenders will offer some type of extended payment plan. While you don’t have the same introductory teaser rate, the average cost of the financing will be much lower – average costs are around 12% to 28% APR. The rate that you receive will depend on 1) your credit history, and 2) the type of procedure and the doctor’s specialty. Obviously, if you are looking for liposuction finance with bad credit, you will either have to pay more or find other type of financing (one way to decrease your costs would be to have co-signer sign on the application, which some companies may allow). Remember, however, that just because other lenders advertise for “bad credit liposuction financing” does not mean this is a good option – make sure you check all the costs and fees, as again it might be better to just wait and save your money for a while or use existing forms of credit.
When it comes to finding liposuction financing, it’s best to read the fine print and speak with your doctor. Most doctors will have some type of recommended plan and will be able to explain the details very well.