Laser Eye Surgery Loan vs Finance

Justine.Cross

Hello,

I've recently gone through Laser Eye Surgery, costing just under £5k. I'd initially agreed with Optical Express that I would pay for the surgery on finance across 4 years at 11.5% interest rate. This comes to just over £100 per month to be paid.

I've worked out that the total would come to over £5k by the time I've paid it all off, so I'm wondering whether there is a way to have a loan and repay that back... and for it to be cheaper in the long-run.

Does anyone have any tips on this? Other than a student loan, I've never had a loan before so I'm not sure how it would work to be honest.

Also, is 11.5% a good rate? My credit score is fairly good at nearly 700 and has been like that all year. Could there be opportunity for me getting a lower interest rate elsewhere?

Any tips would be appreciated!

Thanks,

Justine

[Deleted User]

There may be, but it depends on your income, credit history and existing debts. Given it sounds as if you have a lack of history, plus 5k existing debt, you may not do any better. But you can look.

If you can't get cheaper funding, then overpay as much as you can on your existing loan.

bargainbetty

You should also factor in any early repayment fees you may incur. Check the terms of your finance agreement carefully.

DCFC79

Lenders don't see your score, they see the history.

It might be possible to get a cheaper rate but you will have to apply for a min of £7500 to get a chance for a better rate.

bearcat16

Also, don't forget to consider 0% money transfer credit cards. Cheaper than loans if you can get them, and they often last over 3 years.