In the United States, 77 million adults do not have dental insurance. If your dental plan does not cover all of the procedures you need, you can turn to dental financing options. These plans can help you get the treatments you need with affordable monthly payments. Learn more about what dental financing is and how to apply.
What Is Dental Financing?
Dental financing options usually involve personal loans that you can use to pay for extensive dental procedures. These are unsecured loans, which means they do not require any type of collateral. You will repay the lender with a fixed monthly payment, and the loans usually charge interest.
Some dental financing options offer the choice of paying the loan off early without any penalties.
Before approving you for dental financing, a lender will look at your credit score. They will use your score to decide whether to approve the loan and what your interest rate will be.
Getting a Loan
For a dental financing loan, you want to first research your options. Compare personal loan interest rates as well as terms. If you prequalify for dental financing, you can get a sense of how much you can expect to pay per month.
Once you decide on a lender, apply officially. You may need to file an application in person or online. You will likely have to provide information like your Social Security number and monthly income. At this stage, you can decide on the amount of the loan and the length of the loan term.
You then have to wait for approval. The lender will review your application. While approval times vary, some lenders will let you know on the same day.
If you are approved, you will receive the loan agreement, which you will need to sign.
Look for eligibility requirements before choosing a lender. These can include:
- Minimum income
- Minimum credit score
- Prequalifying options
If you have bad credit, it can be more challenging to find a lender, but it is still possible.
You also want to consider the loan amounts the lender offers. Some lenders have minimum loan amounts that might not work for your needs.
Also, ask about loan term lengths, which can vary. A longer loan term will lower your monthly payment, but it can increase the total amount of interest you pay throughout the loan’s lifetime.
Ask about fees. Some lenders charge late fees, origination fees, application fees, and more. These fees affect the total amount you will pay. In addition, ask whether the loan has a prepayment penalty, which is a fee for paying your loan off earlier than expected.
Consider the annual percentage rate (APR). This is a more accurate measurement of the interest you will pay for the loan than the interest rate because it takes into account loan fees.
Get the Dental Financing Help You Need
At Vegas Dental Experts, Dr. Harvey Chin and his team offer the dental procedures you need to feel and look your best. If you need dental financing to afford our services, we offer numerous options.
Learn more about the services we provide and how we can help by calling Vegas Dental Experts today for a free consultation.