Financing Options? Please Help

[Mac1]

OK guys, have you had any success with obtaining lines of credit, or loans, for cosmetic procedures?

 

I am trying to do an overseas procedure and my doctor does not offer any financing. However, I know in the states there are loans that are being given out for cosmetic purposes.

 

I am wondering if anyone has any suggestions on the topic? Thanks in advance.

[RCWest]

Here's my post a couple weeks ago about the very same subject. http://www.hairrestorationnetwork.com/eve/157387-how-did-you-finance-your-procedure.html

[Dr. Glenn Charles]

I am not sure if financing companies here nin the US will approve a patient that is not planning on having their surgical procedure by a doctor not licensed in the US. Probably not. I have had a few patients from over seas that did get finacing in the country they where from for a surgical procedure performed in the US. Maybe you could try and establish a line of credit with a bank that knows you, and you can do what ever you want with the money.

[Rhino3]

I had my doc go through Care Credit, and the bank was GE Money. I signed up for a 12 month 0% interest loan. At the end of the day I paid the exact cost of the HT, but there were some headaches along the way. I asked for a 12 month 0% loan, but was setup for a 5 year loan with interest, and the base dollar amount was higher than it should have been. It took me months to get this corrected, and then they charged penalties for unpaid bills during this time (I was being billed for money I didn't owe and refused to pay it). This affected my credit and took a long time to fix. Eventually I filed a report with the better business bureau and the credit agencies and it was all corrected, but cost me a lot of time and frustration. Also worth noting is that GE Money told me that I didn't need to maintain a certain monthly balance -- they said I could pay the full amount on day 364. They then reneged on this and charged me penalties. Again, I eventually got it all corrected, but it was a pain.

 

Not sure if this is indicative of these companies in general -- this was just my experience. It's worth noting that the original problem could have been created by my doc and had nothing to do with GE Money or Care Credit...although they certainly could have been more competent in correcting the mistakes and following through on their action items.

[1966kph]

hello chaps,i know a chap who sent his good lucking wife out on the streets to sell her body,when she came back the first night with 101 pounds the husband enquired who had given her the 1pound she said ALL OF THEM ,just jokeing,i prefare to pay cash as to avoid any probs if for any reason i could not keep up the repayments,all have a nice day....

[RCWest]

hello chaps,i know a chap who sent his good lucking wife out on the streets to sell her body,when she came back the first night with 101 pounds the husband enquired who had given her the 1pound she said ALL OF THEM

 

LOL!

 

So far there is paying cash, getting a loan, credit card of some sort, and refinancing something.

[Sean]

I'd also prefer to pay cash, with a credit card, you got high interest rates, then possibly if you are an international patient to go through extra currency exchange fees on top of the transaction.

 

But if you can get a loan that may be different, but again it's that high interest. Sometimes it is just better to pay more you can upfront and then use the rest on loans or credit cards.

 

If your surgery costs 15,000-20,000 in North America then you pay 10-12% interest on credit card (if you have that low apr) then look at the final cost of your surgery. Most people have APR's higher than that (above 17%) unless they have a high credit line and zero percent interest for the first year or something.

 

Same thing with a loan at say 8%+. The more you pay the more you will end up paying. The lower the cost of the total procedure then the lower the total cost will be.

 

You gotta worry about other small fees that may arise, such as medications, or if an emergency medical care is needed. Hotel costs, food costs, travel costs.

 

In the end a 15,000 to 20,000 surgery could end up costing thousands more.

 

So, don't look at a transplant price at the rate your seeing it, because you have to add these other costs up and that is basically the price you will pay. Some clinics actually reimburse international or long distance patients for their travel costs or maybe pay some hotel costs and help you with medications, but you have to ask the clinics that. Hair transplantation surely can be expensive. Financing is tough, not many people give loans out anymore either due to the economy, or if they do, due to the high risk in today's economy you will be charged an outrageous interest rate on top of it. So, best bet is to look at the credit limit and what you have or to sell a car.

 

Have you all seen the outrageous interest rates lately? I can imagine these things are hurting a lot of doctors and their clinics. Maybe forcing some to lower prices. Especially, here in North America, job losses and everything is just making everything harder for businesses to continue at peak levels they once did. If a rate goes up for anything, it hurts a business. And it's only expected to get worse by the end of the year according to many publications online and other articles pertaining to the economy.

Edited September 6, 2010 by Sean

[RCWest]

I paid cash for my first procedures. I was single then. Even though they were small ones, back in the early 1990's micrografts were going for $22 each! For what I paid for 400 grafts then nowadays would get me 2000!

 

A bank loan, if you got a secured loan using a car or something, isn't bad interestwise.

 

I am married now and I would either have to sell one of my cars and put cash with it. I don't think my credit is good enough for a loan or credit card.

[1966kph]

hello guys,i think i might end up haveing to sell a kidney but with the ammount of hair loss i have i might sell both of them,i'm also thinking of getting a night job as a topless barmaid but by topless i mean no hair on top of my bonce,but seriously i think i may try getting a part time job to help pay for it but i will definately wait until i have the cash to pay for it before booking anything,ht's are dear enough without have to pay interest on top,all have a nice day.....