Best Dental Loans

What is a Dental Loan?

Dental loans are personal loans that are intended to finance dental procedures, like cleanings, extractions, and root canals. If your insurance plan won’t cover some or all of the cost of a dental procedure, a dental loan can be very useful. In most cases, there is no collateral tied to it so you don’t have to put an asset like a house or car on the line. You may receive a lump sum of money upfront and repay it over time via fixed monthly payments.

Reasons to Get a Dental Loan

Even if you have dental insurance, you may still be responsible for at least some of the total cost of a dental procedure. This is particularly true if you have a high-deductible plan. While dental loans can be used for any dental procedures, here’s a breakdown of the most common ones and their costs.

• Dental cleanings: $75 to $200 for a standard cleaning without x-rays or other extras
• Cavity fillings: $50 to $300 for a standard silver filling and $90 to $450 for a tooth-colored filling
• Dental implants: $2,400 to $3,000 per implant
• Root canals: $500 to $2,000 per root canal
• Crowns: $600 to $2,500 for a metal crown and $500 to $1,500 for a porcelain crown
• Tooth extractions: $75 to $450 for a simple extraction and more for a complex extraction width section
• Veneers: $925 to $2,500 per tooth
• Professional teeth whitening: $500 to $1,000

How to Get a Dental Loan

If you’d like to take out a dental loan, follow these steps.

• Decide how much you need: Ask your dental office how much your procedure will cost you so that you don’t overborrow and steer yourself into a cycle of debt. When you decide on how much money you want to ask for, remember you’ll likely have to pay interest and fees on top of the original loan amount.
• Check your credit: Most personal loans for dental procedures depend on your creditworthiness. That’s why it’s in your best interest to check your credit scores and pull reports from the three credit bureaus through AnnualCreditReport.com before you apply.  Once you know where you stand credit wise, it’ll be easier to determine which loans you may qualify for.
• Prequalify: Most lenders will allow you to prequalify for a loan and check your offers without any impact to your credit. All you have to do is fill out a short form with some basic information like your name, address, income, and the amount you want to borrow. Prequalifying can make it a breeze to compare your offers and hone in on the ideal dental loan for your particular budget and needs.
• Choose a lender: After you prequalify with multiple lenders, it’s time to make a decision. Go through your offers and look at the loan amounts, interest rates, fees, and fine print of each one. Don't hesitate to ask a lender if something is unclear or doesn’t make sense.
• Apply for a loan: Now, you can move forward with the loan and fill out an application. In most cases, you’ll be able to do so online. Be prepared to submit documents like a government-issued ID, pay stubs, tax forms, and bank statements.

Can You Get a Dental Loan with Bad Credit?

It’s much easier to get approved for a dental loan if you have good or excellent credit. But you can still qualify for one with bad credit. Just know that you’ll likely have to settle for a higher interest rate, which can cost you hundreds or even thousands of extra dollars over the life of your loan. If you do get a dental loan with bad credit, make sure you make your payments on time, every time so you can improve your score and open the doors to more favorable terms in the future.

Dental Loan Alternatives

In addition to dental loans, there are other ways to finance your dental procedures, including:

• In-house financing: Many dentists offer in-house payment plans to patients without insurance or those who don’t have the cash to cover their out-of-pocket costs. While dentists usually set their own interest rates, you may be able to negotiate with them and set up a monthly payment plan that works well for your budget.
• 0% APR credit cards: If you have decent credit, you might want to explore a credit card with a 0% intro APR. As long as you repay your balance before the intro period, which is usually between 12 and 18 months, is up, you won’t have to pay any interest on the cost of your procedure.
• Medical credit cards: There are also medical credit cards like CareCredit and PatientFi. Sometimes these cards come with 0% interest offers but the standard rate for them is about 26.99%. They work just like regular credit cards but are specifically designed for out-of-pocket medical expenses.
• Home equity loans: If you own a home, you can tap into your home equity and finance your dental procedure with a home equity loan. You’ll receive a lump sum of money upfront and repay it via fixed monthly payments. Since these loans are secured, they tend to come with low rates. But you will have to pay closing costs if you pursue this option.
• Home equity lines of credit (HELOC): HELOCs are similar to home equity loans. The main difference, however, is that they’re a revolving line of credit. You can withdraw funds from them as much or as little as you’d like up to a set credit limit. You’ll only pay interest on the amount you borrow.

Use Dental Loans to Keep Your Teeth Healthy

Dental procedures are almost always a necessity. Without them, you put yourself at risk for serious health complications like cavities and gum diseases. If your dental insurance doesn't cover the full cost of a procedure or you don’t have it, a dental loan can be a real lifesaver. Just make sure you read the fine print before you sign on the dotted line and pay back what you borrow.