Dental Implants with Low Monthly Payments
The gold standard for tooth replacement today is the dental implant. It can replace a single tooth, multiple teeth, or every single tooth in one’s mouth. Removable, permanent, a whole set of snap-in dentures on four implants: the options are seemingly endless. This customizable solution offers a whole range of benefits, from increased comfort to a stronger bite to rejuvenated facial appearance. It also comes with a considerable price tag, and while almost everyone who benefits from dental implants would agree that they are well worth the price, figuring out how to finance dental implants can seem like a real challenge.
Price of Dental Implants
The price of dental implants can vary a great deal. There are numerous factors that work together to determine the price of dental implants, such as the number of teeth being replaced, the number of implant fixtures required, the availability of healthy bone and/or the necessity of bone grafting, and options surrounding materials, among others. The price of dental implant replacing a single tooth today can range from $1500 to $3000, for example. As more teeth are replaced and more parts are required, even more variability can occur.
Particularly for those in need of extensive dental implants and those requiring bone grafting to make dental implants possible, the cost can present a real problem to be solved. Most people don’t have this kind of cash on hand and dental insurance typically doesn’t cover these costs. For these reasons, financing is the choice that most folks are left with as a means of paying for their dental implants. As in all things in life, some loans are better than others, and some are best avoided all together.
Standard Financing Options
Because most dental insurance doesn’t cover dental implants, some patients take out loans with their personal or other lenders. Depending on one’s credit score, the terms of these loans can range from good to bad to just plain ugly. The higher one’s credit score, the more favorable the terms one can obtain for a loan. For those with good credit scores, securing a loan at their local bank or credit union is a simple process that can offer favorable terms. Low interest rates and low origination fees are some of the benefits that accompany a good credit score coupled with a higher monthly income.
The same cannot be said, unfortunately, for those loans that can be secured with lower credit scores, especially when they are coupled with a lower monthly income. That doesn’t mean that loans can’t be found or secured, but those with lower credit scores often have trouble securing a loan with a decent interest rate. In the long run, the terms of these loans will be much more favorable to the lender than to the borrower.
Loans made to those with low credit scores or lower monthly incomes may require some sort of collateral as a means of securing the loan, for example, such as a car title or a lien against a house. This means that if the loan becomes delinquent (i.e. not paid on time, or not paid in full), the lender has a legal right to the property that was offered as collateral as a means of recouping their funds. While people never intent to become delinquent on loans that they take out, life has a way of throwing us curveballs, and lost jobs or loved ones in need of help can sometimes create situations in which payments can’t be made. The danger of a secured loan is that if this happens, you could lose the collateral you put up against the loan should you become unable to pay it.
Sub-prime lender financing is another option that folks with lower credit scores and lower monthly incomes often turn to when they need the money but can’t find a better option. Because they are a risky investment for the lender, they mitigate the risk with very high interest rates and a number of fees so that even if the person who borrows the money is eventually unable to continue making payments, the lender will have made enough money in interest and fees to cover most of the initial cost. For those who have been turned down repeatedly by other lenders, sub-prime loans can seem like a magical solution to securing a loan even with bad credit. One should beware, however, of the extremely high interest rates and all of the fees that one must pay in order to secure and pay down the loan; the terms of sub-prime loans can quickly double or even triple the price that one pays over time for the original purchase.
Financing Dental Implants with Low Monthly Payments
Fortunately, other lenders exist to help finance medical necessities like dental implants, and many also work directly with medical and dental offices to ensure a range of options for patients at all income levels and with a wide range of credit scores. Even those who can only qualify for sub-prime loans can often qualify for a healthcare direct payment plan with low monthly payments via the healthcare lenders that your dentist works with, so before taking on a monthly payment with a high interest rate and a bunch of inflated fees, check with your dentist about any options that she or he can offer.
Typically, healthcare direct loans require a one-time down payment followed by a series of monthly payments, which are tailored to your own unique financial situation. Oftentimes these payments can even be set up as a simple debit system, whereby the money is automatically debited from your account. Some offices also have portal systems set up where their patients can enter and make their payments each month. It’s good to have options, particularly in financing, and many find that this is a great option for paying for dental implants over time. For more information on how this system could finance your new dental implants for a simply, low monthly payment, call your dentist’s office today.