When selecting an elective medical procedure financing option, patients should compare various offerings carefully. Several key factors distinguish patient financing programs from one another.
"Same as cash" financing or true 0% APR financing
Two promotional financing approaches exist. "Same as cash" programs begin accruing interest immediately, though charges may be waived if the full balance is paid before the promotional period ends. However, if any balance remains, cardholders owe all accumulated interest retroactively.
True 0% APR financing, by contrast, does not charge interest until after the promotional period concludes. Cardholders incur no interest during the promotional window, regardless of their repayment status.
The standard interest rate
Traditional patient financing typically carries standard rates between 20-30% once promotional periods expire. More competitive programs offer lower rates, such as competitive rates for well-qualified applicants, with no interest accrual during promotional financing periods.
Penalty interest rate
Some programs impose significantly higher rates for late payments. Alternative options may eliminate penalty rates entirely and automatically waive a single annual late payment.
Fees
Certain programs charge application or annual fees, while others eliminate these costs altogether.
Customer service
Round-the-clock availability of domestic customer service representatives offers advantages over outsourced call centers with limited accessibility.
Length of promotional financing period
Promotional periods vary widely. Longer periods with traditional financing can actually increase total interest owed if balances remain unpaid at period's end.