4 Options For Financing Stair Lifts

A new stair lift can be a lifesaver for someone that has mobility problems. However, the stair lifts price can be a problem in some cases. There is no doubt that costs can get up there depending on options you want, etc. Most people that buy a lift for their home cannot pay for it all at once, so financing options must be explored. If you would like to buy one of these machines but are not sure how you could pay for it, you might want to consider a few of these methods to get financing.

Option 1 - Financing from the dealer or manufacturer

Just as it is when you purchase a new vehicle, a stair lift manufacturer or dealer might be able to offer you some financing options. They may have a few loan options set up through any number of financial institutions. By going this route, it will often work just like it does with a car dealerships. You may end up leasing the lift from them until it is completely paid for.

Check with the manufacturer of your stair lift to see if they offer this kind of option. You might also want to speak directly to the dealer to see if they offer financing as well. In most cases, this will be your most attractive funding option.

Option 2 - Financing from a private institution

Private financing kind of falls into two separate categories. First, you may be able to find a company that specializes in helping finance medical or health-related equipment. In populated areas, there are often organizations that have been established for this purpose.

Second, you might be able to secure your own personal loan through your bank. Of course, with this option you'll need to put up some kind of collateral. Some financial institutions may allow you to put the stair lift up as collateral, and some may not. Be very careful and make sure that you understand all of the factors that go into a personal loan before you agree to anything.

Option 3 - Fundraising or charity

If you are in financial need and require any type of medical equipment, you might be able to get help from a fundraising or charity organization. Of course, there may not be an organization set up specifically to help people purchase stair lifts, but there may be a church group or other charity group willing to help you out.

A great place to start your search for this type of group is on the internet. Get in contact with any local charities or churches to see if they can help you out. This is usually an option that should be saved for someone that has a good amount of financial need.

Option 4 - Public assistance

Depending on the city and state in which you live, you may be able to receive some kind of public assistance for the purchase of your lift chair. wheelchair lift or any other type of lift or residential elevator for that matter. There are many programs at both the state and Federal level that help handicapped individuals receive grants or low interest loans for the purchase of medical equipment.

To find out more about these types of programs, you should get into contact with a local social service agency. If you are covered by Medicare, perhaps you could speak with your doctor about prescription options that might allow a stair lift to be covered by Medicare part B.

As you can see, there are several different financing options to help you purchase a stair lift. Do not let financial problems keep you from regaining freedom in your own home. Still, you should keep in mind that stairway lifts are a big purchase and you should consider it very carefully. However, if mobility issues are keeping you from getting to the second story of your home safely, it might be a great purchase.