Can I Get Dental Financing with Bad Credit?

Dental Financing with Bad Credit

A visit to a dentist is an ordeal in itself and high costs add to the misery. According to the US Department of Health and Human Services’ survey spanning over 20 years, it shows that the cost of dental treatment rose by 23% during this course.

The survey also shows that 29% of Americans didn’t have dental coverage in 2015. Besides, out of 78% of Americans who had dental insurance, only 43% of total dental costs were covered by private insurance.

This is where dental financing comes into the picture. But then again, getting a dental loan can be difficult if you have bad credit, and even if you get it, the interest rate and terms may be high. Does it mean all hope is lost? Let’s dig deep to look into the answer. 

What is Dental Financing?

Dental financing, as the name suggests, is borrowing money from a financing company to get your dental treatment done. Like any other financing, it comes with the following prerequisites:

  1. A good credit score
  2. A collateral
  3. A certain minimum bank balance

When dental loan applicant meets all these prerequisites, they get a secured loan, but when that doesn’t happen, the chances of getting dental treatment look bleak.

Problems of a Bad Credit

A credit score below 580 is considered bad credit. It establishes that a person has:

  • Missed bill payment due dates on several occasions.
  • Not taken care of mortgages, car loans, credit cards, and other payments.
  • High credit utilization, further affects their credit score.

Bad credit poses a myriad of problems, including, but not limited to:

Getting Dental Financing

Dental financing bad credit, just like a loan for any other purpose (home loan, education loan, or vehicle loan) depends on their credit score.

All the major banks have a stringent screening process. When an individual applies for a loan with one of these banks despite having bad credit, the chances of loan refusal increase multifold.

While mainstream banks and lenders refuse to give loans to people with bad credit, payday loans and other lenders don’t paint a hopeful picture either.

Hefty Interest Rates

While good credit opens the gates to good loans and low-interest rates, bad credit creates the opposite scenario. Banks are cautious about giving loans to those with bad credit. And even if they do, they raise their interest rates.

This way, loan applicants with bad credit end up paying way more than they should.

Does it mean all hope is lost for those looking to get dental financing with bad credit?

Getting a dental loan may be difficult, but there is still some hope. You can look at other options such as inexpensive dental care, negotiating your bill, and local lenders. But all these options come with their own drawbacks.

Drawbacks of Choosing a Less Expensive Dental Care

With budget constraints, getting quality dental care can be difficult. It’s not that less expensive means cheap and bad, but there’s always a scope of their services not being up to the mark. Any dental service that goes wrong can lead to discomfort and even more health problems in the future.

Drawbacks of Negotiating the Bill

Negotiation is an important life skill, but negotiating a bill with a medical service provider is the last thing you’d want to do. Dentists are skilled professionals who get their practicing license after years of hard work. It’s one thing to ask for a “fair” price, but it’s better to leave your negotiation skills for shopping.

Moving forward

Gone are the days when getting dental financing bad credit wasn’t easy. Fortunately, Denefits is here to help you. 

It’s an easy financing solution where you don’t need to worry about your credit score at all. You can choose multiple payment plans that suit your pocket and financial situation.

It is an easy, fast, and reliable solution that opens the doors to getting quality dental services. With no credit checks and instant approvals, Denefits is your go-to dental financing solution. Get in touch with Denefits today to learn more about how it can make things easier for you.

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