You worked hard to establish and maintain a good credit history by always paying your bills on time and staying out of serious debt. And when you need to finance an important medical procedure, it is nice to know that you can qualify for financing options with the most favorable terms.
Unfortunately, many of the traditional patient financing options offer a single rate to all qualified applicants. By doing so, it offers the most qualified applicants the same rates as the least qualified. Sadly, those rates can be as high as 25% – 30%.
Alternatives to traditional patient financing
A popular alternative to traditional patient financing is the Advance Care Card. It offers interest rates of 10.99% – 22.99%, depending on the customer’s credit worthiness at the time of application. Those with excellent credit should qualify for a competitive interest rate. In fact, even those with some credit problems can still be approved at rates that are still lower than traditional payment financing options.
Other ways applicants waste their good credit on traditional patient financing
The goal of traditional patient financing programs is to offer some form of “same as cash” promotional financing, so that patients don’t take the time to notice the exorbitant interest rates. Since patients are focused on their medical procedure, they may not realize that the high interest rate is being applied to their balance the entire time, and that they can only avoid all of these interest charges by paying the entire balance before the promotional financing expires.
In contrast, the Advance care card features true 0% APR financing for periods as long as 14 months. Once patients are approved, they can immediately schedule their procedures. Over the next 14 months, they do make a minimum payment, but they will not be incurring interest charges whether or not they are able to pay off their balance within the promotional financing offer.
Even when patients carry a portion of their balance beyond the promotional financing, the standard interest rate only applies to the unpaid portion of the balance.
Other features
There are other features of the Advance care card that appeal to those with good credit histories. For example, traditional patient financing options can include large late payment penalties and penalty interest rates. The Advance Care Card has no penalty interest rate, and cardholder’s first late payment is automatically waived.
Finally, the Advance Care Card has no pre-payment penalties. Cardholders can pay their balance off quickly, or extend it as long as they want so long as they always make their minimum payment each month.
Having excellent credit means that you have managed your finances responsibly, and that you deserve to receive the most preferred rates when you need them. By utilizing the Advance Care Card, you can finance your procedure at the lowest possible cost.