When it comes to financing your tubal reversal surgery to establish a convenient payment plan, you really want to appreciate the responsibility involved in opening a line of credit. For starters, don’t apply for financing under false pretenses. Sure, most tubal reversal surgeon’s offices will claim that financing makes the surgery accessible to due convenient repayment, but unless you’ve already done some heavy lifting in the past to establish a decent credit score, most lenders won’t even consider granting you a tubal reversal loan.
The heavy lifting refers to maintaining an acceptable credit-to-debt ratio and making timely payments on all of your credit cards. All of these factors will be closely examined when your application for financing is reviewed. If you’ve shown to be inconsistent in attending to your financial obligations, the lender your surgeon’s office works with may be wary of giving you a $10,000 loan for your tubal reversal surgery. After all, they really have no guarantee that you will pay it back. Good credit can take years and years to establish, which is why lenders are more than ready to reward those who have gone through with the grunt work with low and even non-existent interest rates. Beyond having a spotless credit record, you will want to think about some of the things mentioned in your tubal reversal financing agreement very carefully before signing any documents.
CareCredit is the most preferred healthcare lender that hundreds of thousands of medical practitioners from across the nation work with to give their patients a flexible payment plan. CareCredit functions like a normal credit that can only be used for funding medical treatments. There are some things that prospective borrowers should pay attention for when applying for CareCredit or any other form of tubal reversal financing. One of these is the repayment period.
CareCredit offers repayment within as little as six months up to sixty months for those who qualify. Although it might sound lucrative to opt for the lower monthly payments for your tubal reversal surgery, there is a hidden disadvantage to this that most people fail to detect. A sizeable chunk of the loan amount will consist of interest charges. Many healthcare lenders offer promotional financing of up to a year which means that you pay no interest if you pay off your entire balance within the first year. At the 14.9% APR which CareCredit assess on 24 month up to 60 month loans, you will continue making monthly payments towards the loan well after the surgery itself has been paid off. For the 24-month financing plan alone you can expect to pay $1,616 in interest charges assuming that $10,000 was loaned for you tubal reversal surgery.
Ultimately, it is up to you to decide how you want you tubal reversal payment plan to be structured. The smarter strategy is to go with the higher monthly payments so you can repay the debt as quickly as possible without accruing interest charges. Remember that any advertised interest rates may be contingent upon your credit score and thus subject to change. Run some calculations before hurriedly signing anything to ensure you can afford the payments. Don’t forget to factor in the cost of a baby as well as any time off you will need once the baby is born and you should be fine.