While going to the dentist is essential, one single visit or procedure can cost you hundreds or even thousands of dollars — especially if you don’t have dental insurance. Dental costs can range from around $100 for a cleaning to a few hundred dollars for a tooth filling to thousands of dollars for a tooth implant and crown.
In this article, we want to provide valuable insight into all of your dental financing options and some other alternative ways to cover dental procedure costs.
Dental financing is essentially different payment options designed to make treatments more affordable and accessible to everyone. These options can include a dental loan or several other finance options to help make monthly payments instead of paying everything upfront. You may be able to find an insurance plan that covers the costs you need for a dental procedure (with monthly coverage payments) or other types of financing that give you more time to pay off your dental work.
Whether you’re considering dental insurance, in-house financing, or a personal loan, dental financing allows you flexibility that aligns with your budget and timeline. Here are some of the different types of dental financing you can choose from:
Dental insurance could be a great option to cover your dental costs throughout the year, especially if you require certain procedures, like dental implants, dental bonding, or multiple cavity fillings.
Similar to regular health insurance, dental insurance works by sharing the costs of dental care in exchange for a premium you pay. You will most likely pay for deductibles, copays, and other costs, but the details vary based on the dental insurance plan you have.
If you do have dental insurance, you may use it for certain covered procedures. If you've met your deductible or a dental procedure isn't covered, other financing options will be needed. Many dental insurance plans cover preventive services at full cost but typically do not cover the full amount for all dental procedures.
Dental benefits could help you save money based on your insurer and plan, especially if you use an in-network dentist.
Some dental practices offer an in-house financing option. This type of financing is mutually beneficial for dental practices and patients. It allows dental practices to offer patients the option of paying for their dental procedures over time without third-party lenders or typical credit checks.
If you don’t have insurance or the financial means to pay upfront for a dental procedure, an in-house financing option could be a manageable way to cover at least part of your dental costs. It divides the cost over monthly payments, offering patients the treatment they need without causing major financial stress.
Personal loans are unsecured loans, which means they don’t require you to pledge any collateral, like an auto loan. You can apply for a personal dental loan with a bank, credit union, or online lender. The terms of each loan vary on your credit.
Dental loans are unsecured personal loans that can be used to pay for expensive procedures, such as dental emergencies, tooth repair, or cosmetic work, such as dental bridges.
This type of dental financing typically involves fixed monthly payments and interest rates.
If you’re in a financial pinch, you may consider putting some of the dental costs onto a credit card and paying off the expenses each month. As you may already know, this comes with varying interest rates based on your credit score.
If you can, open a credit card with an introductory 0% APR. This option is great because you don’t get charged interest during the promotional period. Make sure you understand when the rate increases so you can pay off the balance.
Although you’ll need to spend more on interest fees each month, you still have a chance to pay it off in a good amount of time if you are diligent about spying it off every month.
If you’re considering taking out a dental loan to finance your dental procedures, here are some steps to take:
Personal loan rates and terms vary, so it’s important to do your research and speak with different lenders to get the best loan for your needs. Once you meet a lender’s eligibility requirements, prequalifying will give you an estimate of the loan amount along with the interest rate.
After you prequalify and choose a lender, you’ll need to fill out a loan application online or in person. At this point, you decide on the exact amount you want to borrow and your loan term.
After you submit your application, the lender will review it and decide whether to approve the loan. Approval times will vary, but you might receive an approval as promptly as one day.
The last step of the loan process is to receive approval. A lender will send you a loan agreement, which you’ll need to carefully review before signing.
After you sign the agreement, the lender will deposit your funds into your bank account, some even as soon as the same business day.
Maybe dental insurance is not something you have right now. According to CareQuest Institute for Oral Health®, an estimated 68.5 million adults in the United States do not have dental insurance.
If you don’t have hundreds or thousands of dollars to cover a dental procedure right now, you may be able to break up your payments into installments rather than taking out a loan. Some dentists offer payment plans with low interest or even interest-free payments.
Others accept medical credit cards, like CareCredit, where you can make minimum monthly payments and pay off your dental work over time.
Ask your local dental office for their most updated dental financing options. Many of them are willing to be flexible, as they want to keep you as a loyal patient.
Dental practices offer internal or external programs to help patients finance treatment. Ask your local dentist to learn more about all of your options.
Medical credit cards are a great alternative for those who don’t have the best credit score and are pressed for time.
These credit cards are used only for medical purposes, like dental work. The downside of these kinds of credit cards is the higher interest rates and frequently deferred interest payments.
While not all dental procedures are preventable, one of the best ways to avoid spending hundreds or even thousands on a dental procedure is getting your regular dental checkups. Getting regular cleanings and keeping up with your dental hygiene is the best preventative dental care.
Here are the answers to some of the most frequently asked questions about dental financing.
Are you worried about the impact dental financing will have on your credit score? Your fears are valid. When you put in a new application, there may be an effect on your credit score if the lender makes a hard inquiry into your credit history.
Many credit applications conclude with a hard inquiry, where the lender pulls your credit report from one of the three main credit bureaus: Experian, Equifax, or TransUnion. These inquiries can cause your credit score to fluctuate compared to a soft inquiry.
Generally, credit inquiries have a minor impact on your FICO Scores. For many people, an additional credit inquiry will take less than five points off their FICO Scores.
You may still qualify for dental financing with fair or bad credit (689 or below). However, you can expect to have a higher interest rate.
Chances of approval will be higher or lower based on your cash flow, employment history, and education are considered. If you have poor credit, you may wish to consider a co-signed or secured loan to receive a lower rate.
Dental implants are dental procedures done to replace missing teeth and are considered a permanent solution for tooth loss. These implants could cost a hefty $3,000-$4,500.
Since dental implants are not cheap, one of the most common ways people pay for them is through dental financing. Financing allows you to pay off dental work monthly over an extended period, typically between two and seven years.
Whether it’s an in-house dental financing plan with your dental provider or opening a credit card, you have options.
The best credit card for dental work has the lowest interest rate, helping you spend less at the end of the day. Apply for credit cards, if qualified, with a 0% APR introductory special for new cardholders that allows you to pay no interest for a certain timeframe, such as 12 to 21 months. But be sure to pay it off within that time period to avoid major interest fees.
Medical credit cards are another option if you are not eligible for a normal credit card. These types of credit cards offer special financing options for dental procedures. If you use a medical credit card offered by your dentist, it usually has a low interest rate or no interest at all. Two popular providers are Care Credit and Alphaoen.
Dental needs can be stressful due to the financial investment involved. We hope this article has given you more insight into the various dental financing options available to you. It’s important to get the dental care and preventative treatment you need to have a healthy, confident smile.
Sources:
Survey of Household Economics and Decisionmaking | Federal Reserve Board
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