Dental Implants with Low Monthly Payments
Dental Implant Financing & Bad Credit
When replacing teeth with dental implants, you need to prepare for the procedure and the cost of the procedure. On average, dental implants can cost between $1,500 and $3,000 per tooth, but the price increases if you require gum or bone grafting. Not all dental insurance policies cover the cost of dental implants, even though they are considered the standard for tooth replacement. If you need to replace one or more teeth with dental implants but you don’t think you can afford to pay for them out of pocket, there are financing options. Some financing options require a good credit score, so the people without a good score or people without a score at all are not able to qualify. When almost half of the people who need dental implants can’t afford to pay for them, they are not without options.
Sub-Prime Lender Financing
Primary lenders like CareCredit and GreenSky are the standard credit-based medical loan providers. If people do not have a credit score of 640 or better, they are not able to qualify with them. Subprime lenders look at credit scores, but they go further into the person’s history to determine their qualification. Additional information like income, employment history, and other information from alternative sources help reveal the risk of lending to this person.
When looking to a subprime lender for a loan, there are some downsides to their financing plans. The first is the higher interest rate and the high origination fee for the loan. The loan can put additional strain on you, and the loan is not affiliated with the dentist’s practice. The terms of the loan, fair or unfair, are determined by the lender and do not reflect the nature of the dentist or their practice.
Personal Loans
If your credit score is preventing you from using a standard credit based medical loan, then another option is to apply for a secured or unsecured personal loan. If you are looking into a secured loan, then you need to provide some collateral like a car or real estate. In the eyes of the lender, collateral improves your chances of approval and can even increase the loan amount. In the event that you are unable to continue to pay the loan and the account becomes delinquent, the lender can look to the collateral for alternative payment.
Unsecured loans do not require collateral and if you should fail to pay the loan, then the account will be sent to an outside collection agency. The agency will be responsible for collecting payment from you. Unsecured loans are not easy to qualify for if your credit is not good and the lender takes on an increased risk without the ability to collect if the account becomes delinquent. If you do not qualify for a credit-based repayment plan, then you may have a hard time being approved for an unsecured personal loan.
Flexible Pay-Over-Time Plans
Healthcare Finance Direct are lenders that provide a third option. Typically, lenders like these offer a pay over time option that can work for all patients, including anyone who has been shut out from traditional financing options due to their credit score. Healthcare Finance Direct partners with your dentist’s practice to help you get the treatment you need in a way you can afford.
These lenders use a data-driven loan underwriting process, this is a unique way to consider more than a credit report. After reviewing the risk, the lender uses data to determine the terms of an installment loan agreement. Most lenders will require a down payment. Healthcare Finance Direct will work with the dentist to determine the interest rate to mitigate the provider’s risk. With loans like these, the dentist will keep the interest on the loan payments, while HFD will collect the principle. In order to qualify for the loan, you will provide the lender with your account to set up direct debit payments. The automatic deductions will help you avoid spending resources setting up payments month after month. Healthcare Finance Direct has a payment portal where both you and the dentist can access your loan information, payment information, and customer service support.
Dental Schools
If you do not have dental insurance or your dental insurance policy is not going to cover your dental implant, you can talk to the dentist about going to dental school to be a teaching case for dental students. Depending on the school and the level of the students, the dentist may perform the procedure for the students to observe, doctors to document, recordings for lectures, or examples for articles. In other cases, the dental students are monitored and reviewed by dentists through every step of the treatment. Even dental hygienist schools offer low cost routine cleanings for the students still learning techniques. When you use dental schools as a way to save money on treatments, you will be giving up time. The supervised students require more time to learn properly and for the professionals to review their work. Rest assured that their completed work is closely monitored so the quality of your treatment will still be professional. One more opportunity to decrease the impact on your budget includes asking about clinical trials. If your dental implant case is more complicated, you may just be the patient they’re looking for to include. Finally, you can look into community health clinics in your area and local federally funded health centers may present you with more affordable options.
Request Financing and Payment Plans
Do not use the cost of your dental treatment to prevent you from getting the care you need to have a healthier mouth. Take the time to talk to the dentist or one of the office administrators about payment plan options. The interest rates may be better than you think and are probably better than your credit card. Some offices are able to offer interest free financing for months or even up to 2 years. If you are able to make payments in cash, the dentist may even offer you a discount.