Dental Loans: The Ultimate Financing Guide

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dental loans and financing

Dental work can be really costly. Especially when dental insurance pays out the bare minimum.  For some, even a simple dental check-up can be quite expensive. Fortunately, dental loans can help finance all your dental needs.

If you need to have dental work done, be it simple teeth cleaning or a more complicated root canal procedure, you might want to consider taking out a dental loan.

What Is A Dental Loan

A dental loan is a type of personal loan intended to cover various dental costs. Since this loan tends to be unsecured, expect lenders to rely on your credit score in deciding whether you will be approved or not.

Just like any other type of loan, a dental loan provides you with a specific amount of funds that you can use for dental purposes.

Upon approval, the funds will be transferred to your account, ready to be taken out anytime you need it.

The amount depends on various factors, including your credit score, credit history, and ability to pay on time.

Borrowers will have the freedom to use the money for a variety of purposes. From minor periodical check-ups to major oral surgeries, your loan can be spread out to accommodate all your dental needs.

It is important to note though that failing to meet the terms of your dental loan may result in additional charges or even hurt your credit score. That being said, it is best to stay on top of payments to avoid such consequences.

Types Of Dental Loans

There are several types of dental loans.

In-house Payment Plan

Some dentists offer in-house payment plans, which are typically interest-free. Procedures that are usually covered by this type of loan include braces, retainers, and in some cases, recurrent check-ups.

Specialist Dental Loan

If you are looking to get a procedure from a specific dental specialist, you might want to consider taking out a specialist dental loan. This type of loan allows you to get funds for a range of procedures tailored to your needs.

Some dental specialists that may offer this loan include endodontist, periodontist, prosthodontist, and oral surgeons.

Personal Loan

Perhaps the most convenient way to get financing for your dental needs is by using a personal loan. Given that you have a good credit score, it’ll be easier to get approved and have access to a specific amount of money, which you can use to cover dental costs.

Typically, you can borrow between $1,000 to $50,000 with interest rates ranging from 6 percent to 36 percent, depending on your lender.

Credit Card

Another easy and straightforward way of funding your dental needs is by using a credit card. Most hospitals and dental clinics accept credit cards as a mode of payment, making it convenient for those who already own one.

It is worth noting though that the interest rate on your credit card is likely to be higher compared to a personal loan, so it’s best to use it wisely.

Medical Credit Card

Similar to a credit card, this method allows borrowers to pay for their dental needs in an instant. Most medical credit cards offer 0% interest rate during the introductory period, which typically lasts six to 18 months.

This is perfect for those who intend to pay off the debt on or before the agreed due date.

However, failing to settle the amount on time will result in interest and other charges.

Note:  Carecredit is an excellent option, especially if you have bad credit.

Bad Credit Personal Loan

A bad credit personal loan allows borrowers to get cash quickly despite having bad credit.

In the past, this short-term loan must be paid off in one lump sum on the borrower’s next payday. However, these days, some lenders offer terms for as long as six months.

Usually, borrowers can loan between $100 to $5,000, depending on their qualifications. This is referred to as an installment loan.

What Procedures Are Covered By A Dental Loan?

Under a dental loan, you will be able to receive various dental work by qualified dental professionals.

Such services range from a minor treatment to a more complicated procedure. Below are a few examples of treatments that can be covered by a dental loan.

  • Braces or retainers
  • Periodic cleaning and check-ups
  • Root canals
  • Gum surgery
  • Wisdom tooth removal
  • Tooth whitening
  • Dentures
  • Veneers
  • Cavity filling
  • Crowns
  • Bridges

Average Costs Of Common Dental Procedures

Dental procedures may come with a hefty price tag, especially if you don’t have health insurance. To give you an idea, here is a list of cost estimations by dental experts on various procedures as cited by SuperMoney.

  • Dental exams, cleanings, and digital x-rays – $75 to $150
  • Composite (tooth-colored) fillings per area filled – $100 to $300
  • Typical ceramic crown – $800 to $1,200
  • Dental bridges – $1,500 to $3,000
  • Simple tooth extractions per tooth – $100 to $200
  • Surgical tooth extractions per tooth – $200 to $400
  • Teeth whitening take-home trays – $100 to $200
  • Teeth whitening in-office – $300 to $500+
  • Invisalign – $4,000 to $8,000
  • Dental Implants per tooth – $1,500 to $2,500
  • An average-size filling – $200 to $300
  • Crowns and root canals – $1200 to $1300

Factors That Affect Dental Costs

Several factors can affect the price of your dental procedures. From the location where you are getting dental care to the quality of the dentist’s work, each play a huge role in determining the cost of treatment.

Here are a few elements that have significant effects on the overall price of various dental works.

Location

It’s common knowledge that prices of services vary from different locations. Typically, dental clinics situated in big cities tend to charge higher than those located in rural areas.

One of the main reasons for this is the higher cost of expenses, including rent, labor, transportation, and supplies.

Health Insurance

Those who are not under an insurance policy are likely to pay more for dental procedures.

Usually, there is a negotiated rate between a dentist and an insurance company.

You could save around 15 percent to 20 percent on dental work if you have existing insurance.

However, if you are not covered by any health insurance, expect to pay the regular price set by your dentist.

Coding Of Procedures

Dentists have different approaches when doing dental treatments. In fact, their different code of procedures may affect the cost significantly.

For instance, if you are in need of two fillings on one tooth, some dentists may charge that as two separate fillings, while others may consider it as a single three-surface filling, which is relatively cheaper.

Quality Of Care

Another factor that can affect the cost of a dental procedure is the quality of care and services that you will receive.

Typically, the price may increase depending on experience and technical expertise of your dentist, as well as the cost of materials used in the procedure.

Tips On Choosing The Right Dental Experts

While it’s true that there are plenty of dental professionals out there, choosing the right one that suits your needs can be quite tricky.

Since you and your dentist are likely to be working closely together for a long time, it is essential to consider all factors and find the perfect match.

To help you decide, here are a few tips in picking the right dentist.

Find A Dentist With An Outstanding Reputation

In choosing the right dentist, it is essential to check his or her reputation in the industry. It’s a no-brainer that positive feedback means good skills and high-quality services.

That being said, it’s best to look for a dentist that has an outstanding status in the dental field. To do this, you can try searching online for reviews from previous patients.

You can also make an inquiry in the dental clinic or hospital where your prospective dentist is affiliated.

Aside from that, you can take a look at your state dental board website, which tracks the history of dentists in a particular area.

Don’t Hesitate To Ask Your Dentist

One of the most straightforward ways of getting accurate information about a dentist is by interviewing him or her firsthand.

As a potential client, you have the right to ask relevant questions related to his or her profession.

Details like the length of service, previous dental experiences, and even the type of dentistry he or she specializes in are important factors that can help you decide whether the dentist is a good match for you.

Get Referrals

Another way of choosing the right dental expert is by getting referrals from friends and family members.

You can simply ask them where they usually go for their dental needs.

Most people will not recommend someone who they had a bad experience with and only suggest who they trust.

Tips On Choosing The Right Dental Loan

If you are keen on taking out a dental loan to finance your dental needs, here are a few tips that might help you understand and choose the right one for you.

Know What You’re Getting Into

Just like any other type of loans, a dental loan has its own procedure. Before applying for one, it’s best to have a good understanding of how things work to avoid any confusion and inconvenience.

Important details such as the duration of the loan process, estimated timeframe of repayment, and payment deadlines must be clarified before proceeding with the application.

Determine The Interest Rate

Before taking out a dental loan, it is also essential to determine its interest rate. After all, you wouldn’t want to pay more than what you actually need for your dental expenses.

Do not hesitate to ask about the terms regarding interest rates before pushing through with your application.

Payment Period

Typically, dental loans come with a fixed repayment period. This gives borrowers a chance to plan ahead and manage their expenses efficiently.

Typically, a loan can be settled in a longer or shorter repayment term. Longer repayment term tends to have a lower monthly bill but with a higher interest rate.

On the other hand, a shorter repayment term comes with higher monthly payments but with relatively lower interest cost.

Penalties And Other Charges

There are cases when a borrower misses a payment deadline or skip the bill altogether. If this happens, the borrower will be forced to deal with the consequences of going default.

Some of the most common aftermaths of not paying the dues on time include penalties and other charges on top of the monthly bill.

Lenders may even collection agent to try and collect the amount owed. Some could even face the court and forced to pay the debt plus additional legal fees.

To prevent this from happening to you, be sure to settle your bill in a timely manner and in accordance with your loan’s terms.

Repayment Flexibility

Another deciding factor that you might want to consider before taking out a dental loan is the repayment flexibility. Usually, loans come with full and partial prepayment charges.

That being said, you will be required to pay a small fee f you’re going to pay off the outstanding balance in full before the agreed timeframe.

Before applying for a dental loan, be sure to ask your lender about repayment flexibility to avoid any inconvenience.

With dental loans, you don’t have to compromise your dental health.

By choosing the right dental loan, you can get the dental care you deserve without threatening your personal budget and savings.

Remember, lack of funds doesn’t have to be the cause of delay in getting dental procedures. 

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