Best way to finance hair restoration

[vanitysucks]

Is there any difference between a basic loan vs a cosmetic surgery loan vs promotional rates on a credit card? What is the best way other than saving up the cash to finance this. I notice there are a lot of cosmetic surgery loans available online that claim to offer good rates over 10+ years but knowing whether or not they are scammers is difficult to see. Thanks

[Janna]

Check with the clinic you're interested in as they may have their own financing company that they work with. Shapiro Medical uses Carecredit.com or Chase Healthcare Financing. The interest rate is around 14.9% depending on how long the loan is out but I believe Chase has a zero percent interest loan if paid within 24 months. Carecredit has up to 12 months replayment to qualify for zero percent.

[corvettester]

I used CareCredit for both of my procedures. It worked out very well for me. I paid off the balance well in advance of the 1 year 0% APR that they offered me. So I didn't end up paying any interest or any fees.

 

However, I have heard reports where people have had bad experiences with them. I don't know the specifics, but you should look into it and judge for yourself.

 

If you're the type of person who has trouble paying your bills on time, then I wouldn't put it on any type of credit card or financing because by just making one late payment can cause you to incur additional fees that can be quite outrageous.

 

Done correctly, you can finance your procedure and not pay any extra fees. Done incorrectly, you can really hurt your credit score and end up with a penalty interest rate plus fees.

 

Whatever you do, don't ever take out a secured loan for an elective procedure. Despite what some people may suggest, it simply isn't worth the risk of losing your home or car. Only use unsecured debt such as credit cards or financing services such as Care Credit, etc...

 

If you'd like to read a very lively debate on the matter, I suggest you read the following thread: http://www.hairrestorationnetwork.com/eve/163144-best-priced-dr-ny.html

 

 

Corvettester

Edited October 14, 2011 by corvettester

[aaron1234]

I've only had good experiences with CareCredit. I paid the clinic a monthly sum for several months before the procedure and I am paying the remainder off right now with CareCredit. Like Corv said, if you pay it off within a year there is no interest.

[Janna]

Heed Corv's words and be sure to read the fine prints before committing to the loan as it's important to know the interest rate defaults to around 28-30% if your late with just one payment - scary. Care credit and Chase can be great for those needing money for a short time. If you have good credit, Chase is the way to go since it offers 24 months interest free. I believe one or both loans are revolving credit too so if you qualify for certain amount and pay off, that approved amount is available again for other medical/dental procedures.

[vanitysucks]

Understood and thanks. I know how these things go. lol, usually whenever I go into major projects thinking I know the cost, I end up having to tack on an extra grand or 3 before it's all said and done. Just looking for a saftey net.

[aWidowsPeek]

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