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.
-- Understand the specifics of a special promotion.” Many companies offer interest-free loans if you pay in full within 6 to 24 months. This can be a great deal if you know you can pay within that window, but if you don’t, you may be surprised to find out you suddenly owe all the interest you would have paid during that initial grace period. Furthermore, when you receive your first bill, the company will assess a minimum payment, not necessarily what you need to pay to retire the loan within the grace period. You need to do the pertinent calculations yourself.
-- Never work with a cosmetic surgery loan company that’s tied to a particular cosmetic surgeon. You should choose the right board certified plastic surgeon for you, then research your financing options.
Remember that not all plastic surgeons accept financing—it costs them a percent of their fees to work with loan companies. Many cosmetic surgeons offer patients a discount for cash; all the more reason to come up with alternatives to a cosmetic surgery loan.
Going with a cosmetic surgery loan company with a good reputation can work well for people who become very well versed in the details of the arrangement. If you are interested in hearing the experiences of others, you might want to visit online forums such as this one: http://www.implantforum.com/finance.html. If you’d like some tips for filling out a loan application, this site provides good advice: http://www.financing-plastic-surgery.com.