Dental Financing: Affordable Options to Pay for Your Dental Care

Understanding Dental Financing

Dental financing provides patients with flexible payment options to afford necessary dental treatments and procedures. With the rising costs of dental care, financing has become an increasingly popular way for people to access the oral health services they need without breaking the bank.

According to a survey by the American Dental Association, cost is the number one reason adults avoid going to the dentist. Dental financing aims to remove this barrier by spreading out payments over time.

There are several types of dental financing available:

In-house payment plans offered directly by dental practices
Third-party financing companies specializing in healthcare loans
Medical credit cards
Personal loans from banks or credit unions
Care credit cards specifically for healthcare expenses

The best option depends on your specific financial situation, credit score, and the type of dental work needed. Let’s explore the pros and cons of common dental financing methods.

In-House Dental Payment Plans

Many dental offices offer their own in-house financing programs to help patients afford treatment. These plans allow you to split the total cost into monthly payments paid directly to the dental practice.

Pros of In-House Financing:

Often interest-free if paid within a certain timeframe (e.g. 6-12 months)
More flexible approval process compared to third-party lenders
Can usually be set up quickly right at the dental office
Builds relationship with your dentist

Cons of In-House Financing:

May require a down payment
Typically only for that specific dental practice
Interest may be charged if not paid off in full by end of promotional period

In-house financing can be a good option for patients who want to avoid credit checks or don’t qualify for other financing. However, be sure to carefully review the terms and understand any fees or interest that may apply.

Third-Party Dental Financing Companies

Several companies specialize in providing loans specifically for dental and medical procedures. These third-party financiers partner with dental practices to offer patients financing options.

Popular Dental Financing Companies:

CareCredit
LendingClub
Proceed Finance
GreenSky
Lending Point

Pros of Third-Party Dental Financing:

Can be used at multiple dental practices
Often offer promotional 0% APR periods
Quick approval process, sometimes instant
Loan amounts up to $40,000 or more

Cons of Third-Party Dental Financing:

May require good credit to qualify for best rates
Interest rates can be high after promotional period ends
Some have annual fees or origination fees

Third-party financing gives patients more flexibility to use the funds at different providers. However, it’s crucial to understand the full terms and pay off the balance before any 0% APR offer expires to avoid high interest charges.

Dental Discount Plans

While not technically financing, dental discount plans can help make treatments more affordable. These plans charge an annual fee in exchange for discounted rates on dental services.

How Dental Discount Plans Work:

Pay yearly membership fee (typically $100-$200)
Get access to network of dentists offering 10-60% discounts
No waiting periods or annual limits
Can be used in combination with financing

Discount plans can be a good option for patients without insurance who need ongoing dental care. The discounts can significantly reduce out-of-pocket costs, especially when combined with financing to spread out payments.

Medical Credit Cards

Some credit cards are designed specifically for healthcare expenses, including dental care. These cards often feature deferred interest promotions for 6-24 months.

Popular Medical Credit Cards:

CareCredit
Wells Fargo Health Advantage
Alphaeon Credit

Pros of Medical Credit Cards:

Can be used for multiple healthcare providers
Often have 0% APR promotional periods
Revolving credit line
Quick application process

Cons of Medical Credit Cards:

High interest rates if not paid off during promo period
May have annual fees
Can negatively impact credit score if not managed properly

Medical credit cards offer flexibility but come with risks. According to the Consumer Financial Protection Bureau, many patients have been hit with unexpected interest charges and fees. Be sure to read the fine print carefully.

Personal Loans for Dental Work

Taking out a personal loan from a bank, credit union, or online lender is another option to finance dental procedures. These loans provide a lump sum that you repay in fixed monthly installments.

Pros of Personal Loans:

Fixed interest rates and repayment terms
Can be used for any purpose
May offer lower rates than credit cards for those with good credit
No collateral required for unsecured loans

Cons of Personal Loans:

Interest starts accruing immediately
May have origination fees
Approval process can take longer than other options
Typically requires good credit to qualify for best rates

Personal loans work well for patients who want predictable monthly payments and potentially lower interest rates. However, you’ll likely need a good credit score to qualify for the most favorable terms.

Comparing Dental Financing Options

Here’s a quick comparison of common dental financing methods:

Financing Type	Interest Rates	Typical Terms	Credit Check Required?
In-House Payment Plans	0-15%	3-24 months	Sometimes
Third-Party Financing	0-30%	6-84 months	Yes
Medical Credit Cards	0-30%	6-24 month promos	Yes
Personal Loans	6-36%	12-60 months	Yes

Tips for Choosing the Right Dental Financing

When selecting a dental financing option, consider your financial situation and long-term goals:

Review all terms carefully before committing
Shop around to compare interest rates from multiple lenders
Prioritize plans with 0% APR offers if you can afford the monthly payments during that period
Consider your credit score and how different options will affect it
Think about how much flexibility or predictability you need in payments

Consulting directly with dental financing companies and your dentist for a personalized recommendation is always wise.

Dental Financing Product Table (Sample Prices)

The prices below are provided as examples to give an idea of costs associated with various dental financing plans. Actual rates will vary based on your creditworthiness, the treatment type, and specific lender terms.

Plan Name	Loan Amount	APR Range	Monthly Payment Example	Total Cost (Includes Fees)	Currency
In-House Dental Plan – Office A	$2,500-$7,500	0-18%	$130 to $490/month*	$2,600 to $7,950*	$ USD
CareCredit Financing – Office B	$1,000-$20,000+	8-29%	$65 to $417/month*	$1,300 to $21,225*	$ USD
Wells Fargo Health Advantage – Nationwide	$500-$10,000+	Variable (14.99%-36.24% as of 1/27/20)	$28 to $305/month*	$522 to $10,720*	$ USD
Personal Loan from Bank X – Nationwide	$5,000-$40,000+	Fixed (6.99%-36% as of 1/27/20)	$118 to $598/month*	$5,500 to $45,700*	$ USD
*Based on a 3-year term; APR may vary.

Note: The above figures are for illustrative purposes only and do not reflect actual loan offers or costs. Always check the most current rates from lenders directly before applying.

Conclusion

Dental financing opens up access to quality dental care even when you face financial constraints. By understanding your options, shopping around for competitive terms, and carefully managing any borrowed funds, you can protect both your oral health and budget.

If you have questions about a specific plan or are unsure how much certain procedures will cost, consult with your dentist to discuss the best financing route tailored to your needs.