General questions about financing elective surgery?

Question

Okay, I want to get a maxillofacial procedure done on my jaw, and my insurance won't cover it.

However, I have no financial knowledge whatsoever. I have some questions and I was wondering if you guys could help me!

1. What is APR? Does a 9.95% APR mean I pay 9.95% total interest on the money i borrow? Or is that compounded monthly, or yearly?
2. What is the best place to get a small loan for? I don't have any collateral, except my car a 2000 model small japanese car. I'm guessing I am too young to have a credit history. My parents pay for everything, and they give me about $5000 to spend on rent and other things every 3 to 4 months, so I could use this to pay for my surgery over time. I don't really have an income, I am a college student. I suppose I could convince a loan company to give me money if I could make a downpayment, so this probably would be the best way for me to go.

I am guessing I need at most $10,000. Orthodontics and then eventual jaw surgery.
Please help me.

Answer 1

Why would you have ELECTIVE surgery on your JAW? is it malformed? is it in need of being pulled back? if it causes any kind of deformity OR the inability to chew food correctly, then it most certainly COULD be covered by insurance because in that case it could be considered a CHOKING factor and hazardous to your health!!!!!... I had maxillofacial surgery done on my upper jaw 3 years ago which I DID get covered under my insurance due to a pre-existing condition called a CLEFT PALATE....even the titanium posts that were drilled into the jaw so that I could have TEETH were covered by insurance--and they usually are NOT COVERED by any insurance plan. but if I were you I would check into the possibility that if this jaw surgery is necessary for you and not JUST COSMETIC, then it SHOULD be a covered procedure.... if not, I wouldn't take out a loan for it at ALL.... you will be paying SO much more then for just the money borrowed. a $5000 loan can cost you over $8000 in interest and other charges... save up your money and pay cash or look into the possibility of this jaw surgery NOT being just cosmetic... OR, go to a DENTAL COLLEGE where they would charge a LOT LESS for the maxillofacial surgery procedure...(I had mine done at Columbia Presbyterian Hospital which is a teaching hospital and part of Columbia University.... I saved THOUSANDS going through their dental school.

Answer 2

APR is always Annual Percentage Rate ,
Annual means yearly . . .
Usually , the payments are monthly , so divide that amount by 12 for the monthly % paid .

Best place for a small loan is the one that will give you the lowest rate .
Only you will know that after putting in several aps
( bank , credit union , capital one med financing )

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Answer 3

You might want to try Capital One Healthcare Finance. You never know., the worst thing that could happen if they approved you is that you'll be obligated to repay the loan at 23.99%.