Dental Implants with Low Monthly Payments

Dental Implants with Low Monthly Payments
Dental implants are becoming a terrifically popular restoration solution to replace missing teeth. Not only are they next to perfect in matching your natural teeth, but the titanium post acts as a natural root. It delivers stability, security, biting and chewing sensations as well as temperature changes. Sometimes the cost of the treatment can get in the way of choosing this quality-of-life restoration.
The Financial Hurdles
When patients wish to undergo an expensive procedure like receiving a dental implant, which average around $3,000 per tooth and sometimes more when gum or jaw restoration is required, they often must cover a portion or all the cost out-of-pocket expenses. Despite dental implants becoming the new standard for tooth replacement, they are not always covered by many dental insurance policies.
When a patient wants a dental implant but cannot afford it out of pocket, there are financing options available. Most of these options do require a good credit score to qualify, which then leaves many patients unable to finance the cost of dental implants. There are a few common options available for patients with low credit scores.
Sub-Prime Lender Financing
Usually, the first option for patients that do not qualify for a standard credit-based dental loan through a primary lender like CareCredit or GreenSky is to then apply for subprime lender financing. Standard lenders require a minimum score of 640 for approval, but subprime lenders will take a deeper look at a patient’s history beyond their credit score. Income, employment history, and other information are examined to understand the risk associated with lending to the patient.
Subprime lender financing plans usually come with high interest rates and origination fees for the patient.
Personal Loans
A second option for patients with a lower credit score is to apply for a secured or unsecured personal loan. Secured loans require some collateral from the patient, such as a car or real estate. The collateral improves their chances of approval and increases the loan amount. If the patient defaults or becomes delinquent, the lender may repossess the collateral.
An unsecured personal loan does not require any collateral from the patient. These loans are harder to qualify for with poor credit since the lender is taking on more risk without collateral. Delinquent unsecured loans will be sent to an outside collection agency.
Flexible Pay-Over-Time Plans
Pay-over-time lenders like Healthcare Finance Direct are a third option that works for all patients, even those that have been shut out from traditional financing options due to a low credit score.
HFD uses a unique data-driven underwriting process that considers more than just a simple credit report to determine the risk with a patient. The lender uses the data to create an installment loan agreement that includes a down payment. They also use the information gathered to set interest rates that mitigate the provider’s risk.
Check with the Office Manager at Your Dentist
The staff has encountered these challenges before and will have good advice on what avenue they have had the most success with regarding other patients.