Dental financing for patients: What are your options?
Visiting your dentist’s office is probably not a favorite activity for you. Additionally, the high cost of dental care may make things even worse.
Are you having an issue paying for needed dental care? Then you’re not alone. According to a study by the U.S Department of Health and Human Services Agency for Healthcare Research and Quality, the cost of average dental treatment has seen a 23% increase from 1996 to 2015.
This increment in cost has made it quite difficult for the average American to afford dental treatments. Thankfully there are numerous options for dental financing for patients today. These financing options allow you to pay for costly dental treatments upfront.
Below are the numerous dental financing options available for patients.
Get a Medical Credit Card
Today, lenders have invented medical credit cards that patients can use to pay for the treatments they need. These treatments also include dental procedures. These credit cards work in the same way regular cards do.
However, a medical credit card can only pay for your healthcare services. Patients can only use the cards within a definite network of medical care providers who accept payment using medical credit cards.
After getting your credit card, you can pay for any medical and dental procedures done by an eligible and qualified provider. Then, you will pay the individual or organization that issued you with the medical credit card.
Fortunately, some cards often have a deferred interest period. This means that you will not pay any interest if you repay your credit card balance within that period. However, if you can’t repay your balance within the deferred interest period, you will have to pay the interest accumulated from the time you used the card to the actual time of repayment.
The bad news is that using a medical credit card could mean you’re paying a lot more for treatments than if you paid out-of-pocket. Thus, ensure you consider the percentage interest rate and your repayment ability before choosing this option.
Medical credit card issuers often look at the borrower’s credit history before approving the card. Thus, ensure your credit score is intact to avoid high interest rates.
Many people use personal loans to cover a wide range of expenses. Some of these expenses may include medical treatment, cosmetic surgery, and dental treatments.
Most personal loans are often unsecured, meaning that you will not need any collateral or security to cover the loan. For this reason, lenders often look at your income, borrowing history, and credit score before approving you for a personal loan. All these factors will determine whether you can pay back the loan or not.
Individuals with low credit scores and negative borrowing history often pay the loan back with a higher interest rate. Lenders may also decide to deny their loan application because they consider such people a risk.
0% APR Normal Credit Cards
Instead of paying for your dental treatments with medical credit cards, you can consider using normal credit cards. Some cards offer borrowers a preliminary 0% APR within a specified time period for balance transfers and purchases.
After the preliminary period is over, your card will incur an annual percentage rate depending on factors such as your credit history. The catch is paying off the credit card balance within the specified period of time. The timeframe is often between 12 to 21 months.
This way, you will be financing your dental treatment without incurring any interest on your loan. However, if you’re unable to pay the full amount before the end of the preliminary period, you may be required to pay interest on the remaining amount of your loan. You could also lose the introductory 0% APR rate if you fail to follow the credit card’s terms.
Remember that the APR introductory terms and conditions will vary depending on your lender. The lender will also consider your borrowing history and credit report before issuing you a credit card.
Dental Practices That Offer Patients Financing Options
Are you looking for dental payment plans for bad credit? Fortunately, numerous dentists offer clients who have no insurance in-house dental finance plans. Other dentists also work with third-party financial institutions to help their clients pay for expensive dental procedures.
The interest rate, terms and conditions of the loan, and other essential details will differ from one lender to another. Some loan providers will offer loans with lower down payments, while others may waiver the deposit completely.
Other lenders may not check your credit report before approving you for a dental loan. However, be very careful with the lender you choose and check their loan fees and APRs.
If you’re looking for the right dentist, consider Boise Family Dentist Services without Insurance. They offer clients flexible financing and payment options that fit their current financial position.
Ask a Loved One for Financial Assistance
If you need dental treatment and don’t have the money to pay for it, you can consider asking a friend or family member for financial assistance. While this may be very uncomfortable at first, it could be a better alternative to applying for a loan or a credit card.
Your friends and family members may be more than willing to help you out. This is a better option, especially if your credit score doesn’t qualify for any loan.
However, remember that failing to pay back the money could strain your relationship. Thus, be very open with them about your repayment terms and stick to your word.
If the other party has a good credit score, ask them if they could co-sign a credit card or personal loan with you to help you pay for your dental treatment. This could significantly boost your likelihood of getting a loan approved.
Now You Know the Different Options for Dental Financing for Patients
Are you looking for a loan for dental work? While visiting a dentist is an essential factor in your dental health, it’s quite costly. Therefore, there are numerous options for dental financing for patients in the market today.
You could get a personal loan, ask a loved one for financing, or get a medical credit card. However, before getting a loan for your dental procedure, check the terms and conditions of the loan.
If you liked this article, check out other posts on our website for more informative tips.