Financing

[DeeFranklin14]

So i have been approved to be financed for my TJ procedure. I have all the money, but it will exhaust my savings. Should I roll with the financing and pay the extra $$$$ Or go all or nothing??? HELP

[Terps]

Hi Dee, that's a tough question. I remember that financing really increased the cost. I can't recall the interest rate. If it's high, is go the cash route...if you can manage it. Or could you finance part and pay cash the rest???

Best of luck to you!!!

[DeeFranklin14]

Well i was like i can put X down and finance the rest. She was kind of snippy!!!! Saying well you may as well save up the rest and pay cash.... I was like okay then Heffa!!!!!!!!!!!!!!!!!!!!!!! Lol

[dmart27]

I was approved as well and the loan officer at united medical was rude. I have most of the money but I don't want to drain my accounts. You still need that money for ur new food. The surgery is $7299 and the interest is 18%. The monthly payments are reasonable. I'm still trying to figure it out...

[dmart27]

Btw, finance company only allow you to pay a down payment of $1299.

[Fast Eddie]

It's got to be your choice, but...at 18% you might want to talk to your bank/credit union. You could probably get a small loan from them, especially if you pay say half as a downpayment, for a considerable less interest rate. I think my car interest was 5%, couldn't imagine paying 18% for a car loan, much less something that you're doing for your body. I'm sure the "finance" companies only have their pockets in mind if they are charging 18%. may as well just use a credit card
Good luck! This is a great post, and hopefully you get lots of opinions!

[DeeFranklin14]

Yeah. My car loan is only 3%. I may see at my bank

[BillyJ]

18% is too much. Have you considered borrowing against your savings? I paid cash for mine ($14,500) but I borrowed some of it against my savings at 2% interest. This way every time I make a payment, I am putting the money back into my savings account. It is a win win situation. Good luck.

[Toopie2Seater]

1.2% on my husband's new truck through Navy Federal. I agree with Fast Eddie and Billy J. In the economy we live in, I'd be uncomfortable draining my account and 18% is a lot. One thing to check though, is to find out if there is a prepayment penalty imbedded in the loan. If not, and I didn't have other options, I'd finance it. With the first payment I'd pay that half amount you are already prepared to pay, and then make payments greater than the minimum each month.

And Lol @ "heffa"!!!! Too funny!

[tinoch]

I say drain your savings and avoid interest at all cost! We never pay interest (except our mortgage and it is only 3%) and we save a lot of money that way.

And, you will save money after your surgery because you will eat so much less that you did pre-op. You can put the money you save on food back into your savings account pretty quickly.

Good Luck!

[Denise Foremam]

I've been making payments and it's actually gone by pretty quick I started making payments Sept 9th and I only have three left, I was going to finanace until I added up the price difference with interest, I'm so glad I decieded to go this route, my surgery will paid paid for two weeks prior to my arrival, and I saved a ton of money.

[dmart27]

I decided to self-pay. No financing!!! That's just too much interest. Financing is a good tool to have but the interest rate is too high.

[DeeFranklin14]

well just had a nice financial blessing come my way!!!!! I hit goal and then some! YESSSSSSSSSSSSSSSSSSSS!!!!! All glory to my heavenly father!

[FeliciaB]

I decided to do self pay because the surgery jumped from $4,399 to $7,500 if I financed. I will be draining the life out of my savings account, but it beats paying almost double plus interest. Plus we will all be more than likely saving on our monthly grocery bill after this, and can afford to put that extra money into savings. I'm more than sure the surgery will pay for itself over time. Ha! I sound like those people who try to sale you new home appliances.

It's getting so close to your date, I'm excited for you! This month has flown by so fast. Feels like just yesterday I was booking my surgery, I pray it continues to move fast until January. Have you found a travel buddy?

[DeeFranklin14]

No buddy yet ..... but im ready, set and going! !!! I have paid for my flights and took the days off. My deposit is paid and thats al she wrote!!!! I hope I can find someone to go with me