Should you finance cosmetic surgery? It’s a difficult question. While most cosmetic surgery patients—even those who have taken a cosmetic surgery loan—agree that paying cash is best; there are times when it seems a procedure just won’t wait. Here are some of the leading ways people go about delaying a portion of the cost of plastic surgery and some additional things to think about.
Your credit card may be an option. If you have an attractive interest rate, you may find you’ll get better payment terms by going this route than by taking out a cosmetic surgery loan. You may want to call your credit card company first and get an idea what your monthly minimum payment will be, how long it may take you to retire the new balance and how much in interest you will have eventually paid.
Of course, if you have a card that gives you airline miles or another incentive and you can pay off the balance within a short time, so much the better.
Some women borrow from their retirement account. At first glance it may seem frivolous to take money from a 401K for a cosmetic procedure, but those who choose this option say it feels much better to “pay yourself back” than to make interest payments on a credit card or to a cosmetic surgery loan company.
A few people choose to take money from a home equity line of credit (HELOC). Since these funds are secured by your home, the interest rate tends to be very attractive, especially in today’s economy. Naturally you’ll want to be absolutely sure you can handle the payments if you consider tapping into a HELOC.
Finally, there are companies that specialize in cosmetic surgery loans. If you’re thinking of going with this option, here are some points to ponder:
-- Examine the terms carefully. Since this type of loan is unsecured by collateral on your end, the interest rate may be quite high. Twenty-five percent or even more is not unusual.
-- Read all the fine print. Women have reported some extremely high loan fees from cosmetic surgery financing companies, as much as 10 percent of the loan amount.