Cosmetic Surgery Financing Options

You have gathered all the information you can on the cosmetic surgery you would like to have done. The facts look good and you want to take the plunge. However, in addition to health issues, recovery period and time off from work, you need to consider another major factor: the cost. How are you going to pay? If you are independently wealthy, you just hand over a check. However, what about the other 99 percent of the population? Start investigating cosmetic surgery financing.

Know Your Loan Facts

Many companies specialize in cosmetic surgery financing. When choosing, consider such factors as how long the payment period is. (The standard is between two and five years, depending on how much money you borrow.) Find out whether you need to pay any money up front, either to your doctor or to the finance company. Compare interest rates among several companies to get the best deal. Make sure there is no pre-payment penalty, that is, extra money that is due if you decide pay off the loan early.

Know what banks and loan companies consider as they process your application. Cosmetic surgery financing is usually unsecured, that is, it does not require collateral. Therefore, the screening process is fairly strict. They will study your credit history for late payments, defaults and bankruptcies. The loan must not raise your total debt to more than 50 percent of your income. You must also be a citizen, and have no more than $15,000 in credit card debt.

Know Your Credit Facts

Find out your credit score. This is a number ranging from 365 to 870 established by national standards that represents how well you pay your bills. About 560 is the lowest most reputable companies will go in providing cosmetic surgery financing. There are companies online that will provide you with your credit score. To find yours, just type “credit score” or “credit report” into your favorite search engine.

Apply Yourself

Fill out your application. While this sounds simple enough, there are still elements you need to consider. Fill in all the fields, even those marked “optional.” Use a street address, not a P.O box. If you have any other source of income besides your wages or salary, such as a trust fund, income from rental property or investments, list that, too. If you receive a phone call from the company asking for more information, be truthful and straightforward.

If you are turned down, let a few months pass before you try another company. Too many applications in a short time make you look desperate and bring you to the attention of the credit score people. Be patient as you seek cosmetic surgery financing and it will come through.