Cosmetic & Plastic Surgery Financing with Bad Credit
Plastic surgery is becoming more and more popular these days as people are concerned about their overall appearance. However, the question one often asks is ” how do I pay for it?” Because most plastic surgery procedures done today are not covered by the standard health insurance policy.
This creates a problem for most people wishing to get a surgery done. It is largely due to the fact that insurance carriers view these surgeries as an elective and won’t honor the claims.In some cases tho, there are exceptions, for an example, your face was badly burned in a fire. But you still have to be covered by insurance or you can’t afford it.
One way to complete a surgery that is not covered by insurance is to finance it like you would a car. This may very well work out providing your credit scores are good enough to qualify for the loan and at a rate you could live with.If you have bad credit try to barter your services with the Doctor.
For an example, your a good painter and your Doctor needs the office completely repainted and decorated. Offer to provide this service in exchange for your plastic surgery that needs to be done.If there cannot be an agreement between both of you or the need is simply not there then the best place to start looking would be online for a company that specializes in this sort of problem.
- Online companies that do these type of loans state that a person with a credit rating of 680 to 700 will have no problems getting a loan for plastic surgery at a very good interest rate.
- They also claim that they can truly help people with bad credit and have made loans for people with much lower scores. The way it seems is that there is still hope in getting financing even with bad credit.
- This is surprising because the majority of these procedures are elective rather than done as a necessity. Such common surgeries include breast augmentation,tummytuck,rhinoplasty, better known as a nose job.
- Whatever your need or desire may be,remember,if you do have a poor credit rating be prepared to pay much higher price for the same job.
Financing Plastic & Cosmetic Surgery with Bad Credit is Possible
If your looking for a nip tuck but worried that your budget won’t budge for the cost of cosmetic surgery rest assured that there are options for you. There are many finance companies that specialize in loans for cosmetic surgery. If your thinking that your credit won’t pass you may be surprised that there are still avenues for receiving financing. Cosmetic surgery financing for bad credit is available you just have to know the steps to getting it.
Include Your Spouse
If you are married you may want to add your partners financial information to your applicantion for a loan. Combing your spouses income with yours can sometimes be enough to get you approved for financing. Loan financers will calculate if your income to debt ratio leaves any room for extra expenses, such as paying back your loan. Consider any joint accounts that you may have with your spouse as well.
Finding someone with a high credit rating who is willing to cosign your plastic surgery loan will raise your chances of approval dramatically. The key is planning how you can afford to pay for loan so your so signer does not get stuck with having to pick up the slack for you.
Anything of Value
Putting up something of significant value such as a car, house or a boat can be used as collateral for your loan. Many banks will approve a loan if the collateral is worth enough to cover how much your asking for. You must remember that the risk of putting up collateral is that if you miss payments to your lender they can take possession of the collateral.
Cosmetic Surgery Only Loans
There a many loan offices that specialize in cosmetic surgery loans only. Many times they offer less requirements than a typical bank so qualifying may a simpler process. The only drawback is that these types of loans are general based on your credit only. With an adequate income you may still be approved.
In House Financing
Many plastic surgeon offices now have in house financing. Check for a cosmetic surgery center that has their own financing as this is usually not credit based. If you can prove your ability to afford your payments you may be qualified. A lot of in house financing will offer monthly or even small weekly payments. Some offices may require a deposit down before the surgery. You may even be allowed to begin making payments before the surgery date.