The Ultimate Guide to Financing: Hearing Devices

The Ultimate Guide to Financing: Hearing Devices

Hearing devices have become essential for millions of people across the UK, allowing individuals with hearing loss to improve their quality of life and maintain connections with their loved ones. However, the cost of high-quality hearing aids and related devices can be prohibitive for many. Fortunately, there are several financing options available to help spread the cost of these essential devices over time. This guide will take you through everything you need to know about financing hearing devices, the various options available, and how Kandoo, a UK retail finance broker, can assist you in making the right financial decision.

Understanding the Cost of Hearing Devices

Before diving into financing options, it's important to understand the typical costs associated with hearing devices. Prices can vary depending on the type of device, the technology it uses, and the specific needs of the individual.

Types of Hearing Devices

1. Behind-the-Ear (BTE) Devices: These are the most common type of hearing aids, resting behind the ear with a tube that directs sound into the ear canal. Prices typically range from £500 to £3,000 per device.

2. In-the-Ear (ITE) Devices: These hearing aids are custom-made to fit inside the ear canal. They are less visible than BTE models but tend to be more expensive, ranging from £1,000 to £3,500 per device.

3. Completely-in-Canal (CIC) Devices: These are the smallest and least visible hearing aids, fitting entirely within the ear canal. Due to their compact size and advanced technology, they can cost anywhere from £1,500 to £4,000 per device.

4. Cochlear Implants: For individuals with severe hearing loss, cochlear implants may be recommended. These devices are surgically implanted and can cost upwards of £20,000.

Additional Costs to Consider

In addition to the cost of the device itself, there are several other expenses to keep in mind, such as:

• Fitting and adjustment appointments: Ensuring the device is properly fitted can require multiple visits to an audiologist.
• Ongoing maintenance and repairs: Hearing aids require regular cleaning and occasional repairs.
• Replacement batteries: Most hearing aids require batteries that need to be replaced regularly, adding to the long-term cost.

Financing Options for Hearing Devices

Given the significant cost of hearing devices, it's no surprise that many people seek financing options to help manage the expense. Below are some of the most common methods for financing hearing devices in the UK.

1. NHS Hearing Aids

The National Health Service (NHS) provides hearing aids free of charge to UK residents who qualify. However, the range of devices available through the NHS is limited, and many people prefer to opt for more advanced models available privately. If you are eligible for NHS-provided hearing aids, you may be able to avoid the need for financing altogether. However, if you're seeking a higher-end device, you'll need to explore private options and financing solutions.

2. Private Health Insurance

Some private health insurance policies in the UK offer coverage for hearing aids and related services. However, not all policies include this benefit, so it's important to review your policy carefully. If your policy does cover hearing aids, you may still need to pay an excess or a portion of the cost, making financing an appealing option for any remaining balance.

3. Personal Loans

A personal loan is a straightforward option for financing hearing devices. With a personal loan, you can borrow the amount needed to cover the cost of the device and then repay the loan in fixed monthly instalments over a set period of time. Interest rates and loan terms vary depending on your credit history and the lender.

Kandoo, a UK-based retail finance broker, can help you compare personal loan options from a range of lenders. By working with Kandoo, you can quickly and easily find a loan that suits your needs, ensuring that you can afford your hearing device without straining your budget.

4. Retail Finance

Many hearing device retailers offer financing plans directly through partnerships with finance providers. These plans often allow you to spread the cost of the device over several months or years, typically with fixed monthly payments. Some retailers may even offer 0% interest financing for a limited period, making it an attractive option for those who want to avoid paying interest.

Kandoo partners with a wide range of retailers and lenders, helping you find retail finance options that work for you. Whether you're purchasing from a high street retailer or an online provider, Kandoo can assist in securing a financing plan that fits your financial situation.

5. Credit Cards

Another option for financing hearing devices is to use a credit card. Many people opt for this method because it allows them to spread the cost over time, particularly if they have a card with a low or 0% introductory interest rate. However, it's important to be cautious with this approach, as high-interest rates can quickly accumulate if the balance is not paid off within the promotional period.

If you're considering using a credit card for your purchase, Kandoo can help you explore other financing options that may offer more favourable terms, such as lower interest rates or fixed payment schedules.

6. Buy Now, Pay Later (BNPL)

Buy Now, Pay Later (BNPL) schemes have grown in popularity in recent years, offering consumers the ability to spread the cost of purchases over time with little to no interest. Some hearing device retailers may offer BNPL options, allowing you to make smaller payments over several months.

Kandoo works with a variety of BNPL providers, helping you find the best terms for your purchase. If you're interested in a BNPL option, Kandoo can assist you in navigating the available choices to ensure you're making a sound financial decision.

Why Choose Kandoo for Financing Your Hearing Device?

Kandoo is a UK-based retail finance broker that partners with a wide network of lenders and retailers to help you find the best financing options for your needs. Here are just a few reasons why Kandoo is a great choice when financing your hearing device:

1. Access to a Wide Range of Lenders

Kandoo works with a broad selection of lenders, ensuring that you have access to a variety of financing options. Whether you're looking for a personal loan, retail finance, or a BNPL plan, Kandoo can help you compare offers and find the best deal for your situation.

2. Transparent and Simple Process

The financing process can be overwhelming, but Kandoo makes it simple and transparent. Their online platform allows you to quickly compare loan and finance options, giving you all the information you need to make an informed decision. With Kandoo, there are no hidden fees or surprises – just straightforward, honest advice.

3. Flexible Repayment Terms

Kandoo understands that everyone's financial situation is different, which is why they offer flexible repayment terms. Whether you're looking to pay off your loan over a few months or several years, Kandoo can help you find a plan that fits your budget.

4. Trusted and Regulated

As a fully authorised and regulated finance broker, Kandoo adheres to strict industry standards. You can trust that they will provide you with reliable advice and connect you with reputable lenders.

How to Apply for Financing Through Kandoo

Applying for financing through Kandoo is simple and straightforward. Here's how the process works:

1. Visit the Kandoo Website: Start by visiting Kandoo's website, where you can begin the application process.

2. Compare Financing Options: After providing some basic information about your financial situation and the amount you wish to borrow, Kandoo will present you with a range of financing options from their network of lenders.

3. Choose the Best Option: Review the available options, comparing interest rates, repayment terms, and any associated fees. Once you've found the plan that works for you, you can proceed with the application.

4. Get Approved: Once your application is submitted, you'll receive a decision from the lender. If approved, the funds will be available to you to purchase your hearing device.

Conclusion

Investing in a hearing device can significantly improve your quality of life, but the cost can be a barrier for many. Fortunately, there are numerous financing options available to help you manage the expense, from personal loans to retail finance and Buy Now, Pay Later schemes.

Kandoo, as a trusted UK retail finance broker, can assist you in navigating the various options and finding a solution that fits your budget. By working with Kandoo, you can ensure that you're making a smart financial decision, allowing you to focus on what really matters – improving your hearing and enhancing your everyday life.

If you're ready to explore financing options for your hearing device, visit Kandoo today and take the first step towards better hearing.