6 Factors to Consider Before Applying for Dental Financing

These days, dental care is a necessity if you’d like to keep your teeth and gums in tip-top shape and reduce the risk of cavities, gum disease, tooth loss, and other issues. While trips to the dentist don’t come cheap, dental financing can make them more affordable, even if you already have dental insurance.

If you’re in the market for a dental loan for exams and cleanings, clear aligners, crowns, veneers, and other services, it’s important to shop around and compare your options. You’ll quickly notice that dental financing varies greatly by lender. As you research dental financing, focus on the following factors.

1.   Eligibility criteria

When it comes to dental financing, some lenders are more lenient than others. Many of them, however, will look at your credit score, income, and debt-to-income ratio. In general, a higher credit score, greater income, and lower debt-to-income ratio may help you be approved and qualify for the most favorable rates. Note that some lenders accept co-signers who may help you qualify if you’re working on building your credit score.

2.   Borrowing amounts

Depending on what services you want to finance, you may only need to borrow a few hundred dollars. If you’re looking to take out a much larger loan to cover veneers, Invisalign, or other costly services, you might need to borrow a few thousand. Many lenders offer loans between $1,000 and $50,000, but some may lend up to $100,000 to the right borrower. Before you apply, confirm the lender can issue a loan for the amount you need.

3.   APR

Annual percentage rate (APR) refers to how much you’ll pay in interest and fees to take out a dental loan. Ideally, you’d choose a lender that offers a competitive APR. Before you sign on the dotted line and commit to dental financing, do the math and calculate your overall cost of borrowing.

4.   Fees

Some dental loans may have fees in addition to interest, which may include origination fees, application fees, late fees, and annual fees. Since fees can add up quickly, ensure you know all the fees a lender charges, including those you might incur if you decide to repay the loan early.

5.   Funding time

If you have an emergency dental need, funding time is particularly important. You’ll find that some lenders disburse funds the same day you apply or the next business day, while others take a few business days or even longer. In a pinch, you might have to choose a particular lender simply because they can get you the money you need more quickly.

6.   Lender reputation

Reputation is important as you explore dental financing. It’s wise to check ratings and reviews on reputable websites. This way, you can get a feel for how current and former borrowers perceive the company. If you read many negative reviews, it’s likely in your best interest to continue your search.

Achieve a healthy smile with dental financing

Even if you don’t have the cash to cover dental services upfront, you can protect your teeth, mouth, and gums with a dental loan. By shopping around and considering the factors mentioned above, you can zero in on the ideal product that meets your dental and financial needs.

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