Dental Implants With Low Monthly Payments
Dental Implant Financing Options:
Receiving dental implants can be an expansive, multi-faceted and expensive procedure. Dental implants can average between 1500k-3000k a tooth, and sometimes the costs are considerably more if any gum restoration or any jaw restoration is involved or required. A lot of times patients will have to pay for the total costs themselves - or at least a portion to the costs - because in spite of the fact that dental implants are considered to be the medical standard when it comes to tooth replacements, the costs involved are usually not covered by many dental insurance plans.
As dental implant treatments become more and more popular, financing options are also becoming more available and accessible. However, a lot of these financing options require certain credit scores, which unfortunately still leaves a lot of people unable to apply for these financing options. But, for those willing to really research and consider options, there are a few decent financing options worth considering for people that may have lower credit scores.
- The Sub-Prime Lender Financing: Usually, a first option for people that do not quality for the more standard type of credit-based loans through what’s considered a primary lender (such as GreenSky or Care Credit) is to explore using financing offered by a subprime lender. Generally, a standard lender will require a person to have a minimum credit score of 640 to be approved. However, the subprime lenders are lenders that are willing to take a more comprehensive look into a person’s financial history, taking into consideration things such as employment, employment history, income, loan history, and other kinds of information that can be used to fully establish what risk might be involved in lending to a person. There are some downsides associated with using financing available from a subprime lender such as higher interest rates and origination fees (for a patient). So, if you are a dental office this can be less than ideal because it doesn’t actually benefit the dental office, and of course the money will end up going to the subprime lender. This will of course increase financial stress and strain for the patient, and any terms of the loan will reflect on your practice and office, even if they are actually set by a third party lender. So there are considerations for both patients and dental offices when exploring using a subprime lender.
- Personal Loans: Another option for people with less than ideal credit scores is to consider applying for a personal loan - either secured or unsecured. A secured loan is a kind of loan that will require some kind of collateral, such as real estate, or an automobile. Collateral can improve a person’s chances of loan approval, and can also increase the amount of the loan being offered. In these kinds of loans the risk is that if a a person defaults and/or is unable to pay in a timely fashion the lender can in theory repossess any collateral. In the case of unsecured personal loans there is no collateral required from a person. If an unsecured personal loan become delinquent then usually an outside collection agency will be used to follow up on any issues of outstanding payments, etc. Unsecured personal loans are usually more difficult to qualify for if a person has poor credit, since a lender is assuming more risk with no collateral.
- Pay-Over-Time Flexible Plans: There is another option known as pay-over-time lenders for people that may have been excluded from more traditional/common financing options because of low credit scores and/or overall poor credit history. These pay-over-time lenders, such as Healthcare Finance Direct, can allow dentist offices to offer more patients a payment option that will allow them to actually consider a more extensive treatment such as dental implants. Healthcare Finance Direct is able to use a kind of underwriting process that is unique and takes into consideration information beyond just basic credit reports to assess any risks involved with lending to someone looking to get a more costly medical (and/or dental) treatment. In this case the lender is able to use different kinds of information to determine the most fitting terms for an installment-based loan agreement which often will include at least some kind of down payment. The lender will also be able to use specific kinds of information that can help set appropriate interest rates that will also mitigate the risk for the provider. In these cases the dentist office then keeps the interest on the payments, as well, which can be a positive for dentists and their offices since they are offering a lot by doing the work up front without a full payment. Usually in these kinds of installment based loans a direct payment will be set up so that a determined amount is taken at a regular and specified time from the a patient’s account, so that the dentist office does not have to spend time or money trying to make sure payments are made. This allows for dentists to focus on great treatments, and allows patients to feel comfortable taking on the expenses of a bigger treatment. Also, with these kinds of flexible pay-over-time options it can be considerably more convenient for patients by allowing a payment portal to be set up between the patient and the dentist’s office without the stress and stigma of trying to navigate around less than ideal credit scores. People are allowed to move forward with ideal treatments that can help in fundamental and daily aspects of their lives, which can be a positive experience for the patients of course, but also for the dentists and dentist offices, knowing they will be able to offer quality treatments to more patients.
If you are considering dental implant treatments it’s important to discuss any and all financing options with any lenders you think might be an option. And, it’s especially important to discuss your options directly with the dentist you are considering working with to ensure the best treatment and financing plan for you.