Yes, you can get dental financing even if you have a lower credit score.
While it may be more challenging to qualify for some loans, there still may be options available to help cover the cost of dental care. Whether you need a routine check-up, braces or emergency dental work, the costs can add up quickly.
Understanding dental financing
Dental financing typically allows patients to spread out the cost of their treatments over time instead of paying the total all at once. This can make dental care more affordable upfront, especially for procedures that cost thousands of dollars.
Financing can come from different sources, including personal loans, medical credit cards, and payment plans offered by dentists.
However, keep in mind that, like other types of loans, lenders offering these financing options are likely to consider your credit score when deciding whether to approve you.
Options for dental financing with lower credit scores
If you have a less-than-perfect credit score, you might need to explore different ways to pay for your dental treatments. Here are some common options:
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Personal loans
A personal loan is a lump sum of money you borrow from a bank, credit union, or other lender. When you get a personal loan, you agree to repay the loan in fixed monthly payments over a set amount of time, plus interest (the cost of borrowing). You’ll make monthly payments until the loan is fully repaid.
Some lenders offer personal loans to borrowers with lower credit scores, but it’s always a good idea to compare interest rates and fees before accepting a loan offer.
If you belong to a credit union or a small local bank, they may be more willing to work with you personally compared to a large regional or national bank. Some credit unions and local banks offer personal loans with low interest rates, even for people with imperfect credit scores.
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In-house payment plans
Some dental offices offer their own payment plans for patients. Instead of applying for a loan or credit card, you make monthly payments directly to the dentist. These plans typically don’t require a credit check, making them a great choice for people with low credit scores.
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Medical credit cards
Some companies offer credit cards specifically for healthcare expenses, including dental care. Medical credit cards may come with special financing offers like zero interest plans if you agree to pay off the balance within a certain time. However, high interest rates often apply if you don’t pay on time.
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Nonprofit and government programs
Some programs help people who can’t afford dental care based on eligibility requirements. Programs like Medicaid, dental charities like America’s ToothFairy and other nonprofit organizations may provide free or low-cost dental services. If you qualify, this could be a great way to get the care you need without worrying about financing.
Tips to improve your chances of getting approved
Even if your credit score isn’t great, there are steps you can take to help increase your chances of getting approved for dental financing:
- Check your credit report: Before applying for financing, review your credit report for any errors like a missed payment that wasn’t actually missed. Disputing incorrect information could help improve your score.
- Apply with a cosigner or co-borrower: If a friend or family member with a strong credit score is willing to cosign or co-borrow on a loan, it could help you get approved. A cosigner agrees to be equally responsible for the loan and may be required to make payments if you don’t. A co-borrower is responsible for paying back the loan, but they also have equal access to the money from the loan.
- Work on improving your credit: While this won’t help immediately, making on-time payments and reducing debt could improve your score over time and give you better financing options in the future.
Look for a payment option that works for you
Having a low credit score shouldn’t mean you have to skip necessary dental care. Dental financing options could help you afford treatments. By researching your options and taking steps to improve your financial situation, you might just find a way to get the dental care you need without breaking the bank.
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