Dental Treatment Financing

Dental financing refers to payment plans or credit options designed to help patients manage the cost of dental treatments and procedures. It allows patients to receive dental care immediately while spreading the payment over a period of time, usually through monthly installments. Dental financing can be particularly helpful for covering treatments that are not fully covered by insurance, such as cosmetic dentistry, orthodontics, or more expensive procedures like dental implants. These financing plans can be offered directly by dental practices or through third-party credit providers specializing in medical and dental care financing. The terms and interest rates vary depending on the provider and the patient’s credit history but usually are less than non-health related financing and they tend to be easier to get approved for.

No. Pre-qualification or soft credit check is what any dental office should do to pre-assess your eligibility and financing options so we know which lender is right for you. It will not hurt your credit score.

Healthcare personal loans fall under the category of installment credit, while credit cards are classified as revolving credit. Incorporating both kinds in your credit portfolio can enhance your credit mix. For improving or sustaining a favorable credit score, prioritize the five crucial elements: Payment History (35%), Credit Utilization Rate (30%), Length Of Credit History (15%), New Credit Applications (10%) and Credit Mix (10%).

The specific credit score required for financing dental implants can vary depending on the lender or financing company. In addition to credit score, the credit utilization rate is also considered a major factor in the approval of dental implant loans. Here’s a general guideline:

1. Prime Lending Scores: Typically, a credit score in the “good” to “excellent” range (around 660 and above on the FICO scale) is more likely to qualify for prime lending rates. This means lower interest rates and better terms.
2. Subprime Lending: If your credit score is below the “good” range (usually below 540-660), you may still be able to obtain financing, but the terms are often less favorable. This could mean higher interest rates and more stringent repayment terms.
3. In-House Financing: Some dental offices like Trident Dental offer in-house financing options which may have more flexible credit requirements. These might not require a specific credit score, or they may be interest-free. Please check with our office manager or treatment coordinator for more information about Trident Dental’s in-house financing.
4. Specialized Healthcare Credit Lines: Some dental offices like ours, have access to companies that specialize in healthcare financing, and might offer different thresholds for approval compared to traditional banks or credit cards. Their approval criteria can be more tailored to healthcare expenses, including dental implants.
5. Co-signer Option: If you have a lower credit score, having a co-signer with a better credit history can increase your chances of getting approved with more favorable terms.

Keep in mind that applying for dental financing can impact your credit score due to the credit inquiry involved. To choose the right lender let us help you perform a soft inquiry first, which doesn’t affect your credit score, to pre-assess your eligibility and options. When we know which company is right for you, you can allow them to run a hard credit pool. 

If you have bad credit or a low credit score, there are still options available to help you finance dental treatment:

1. Special Third-Party Financing Companies: There are financing companies that specialize in low-credit healthcare and dental care financing, which may offer plans for individuals with various credit backgrounds. While approval and interest rates may be influenced by credit scores, these companies often have options for those with less-than-ideal credit. If your credit score is low 580 you may need to apply with one of these companies. Please do not try to do this on your own as you may damage your credit even further please contact us and we can help you better understand your options and apply for a health loan that is safe and suited for your financial situation  
2. In-House Dental Payment Plans: For some treatments such as Braces or dental implants, we can help you to divide your payment throughout your treatment lifecycle. In this case, no credit check is needed and there is no interest rate on your balance with us. Please call us and ask to talk with the treatment planner or office manager, they can explain these options to you an more detail. 
3. Dental Schools: In some cases, If we can’t help you with financing or in-house payment plans, we can always refer you to a Dental school. They often offer services at a reduced cost, and these clinics are typically open to the public. Treatment is provided by dental students under the supervision of experienced dentists. 
4. Government Programs: In some regions, government programs may offer assistance for dental care, especially for low-income individuals or families.
5. Credit Unions: If you are a member of a credit union, they sometimes offer personal loans at lower interest rates than traditional banks, and they may be more understanding of lower credit scores.

Always discuss your financial situation openly with your dentist or the dental office’s financial coordinator. They may be able to guide you toward the best option for your circumstances.

Many dental practices including Trident Dental do offer in-house payment plans to their patients. These plans typically allow patients to pay for their dental treatments over time, often in monthly installments, directly to the dental office. 

If you’re interested in in-house payment options, it’s best to discuss this directly with your dental office manager. They can provide specific details about the types of payment plans they offer, including any requirements, interest rates, payment schedules, and terms and conditions. Each dental practice may have its own policies and procedures regarding financing, so inquiring directly will give you the most accurate and relevant information.

You can find Trident Dental’s treatment Prices here and check out this month’s dental treatment special offers here.

In general, as a patient, you should never be under any obligation to accept a lender’s dental financing offer. Your dental office should help you get access to a healthcare credit line and make sure it’s something you’re comfortable with. You should always be given different financing options at the time of application. You should be in complete control when choosing whether or not to accept the offer and how much of the total approval you like to use for your dental treatment.

The principal is the amount you borrow. The interest sort of like paying rent on the money you borrow – the faster you pay off the loan, the less you pay overall.

Deferred interest refers to a financing arrangement where no interest is charged for a set period, provided you pay the entire balance within this time. However, if the balance isn’t paid off by the end of this period, you’ll need to pay interest, often applied retroactively.