Dental care is crucial for maintaining good health, but it can be costly, especially if you need major treatments. For those with bad credit, paying for dental care may seem like a massive challenge.
Let’s see how to secure dental financing with bad credit, as well as what to consider before you apply.
What is dental finance?
Dental finance allows patients to spread their treatment costs over time. Instead of paying upfront for procedures like braces, crowns, or even dental implant work, you can break the total cost into manageable monthly payments paid via direct debit.
These services are typically offered through dental practices or third-party lenders, and seek to help patients pay for their recommended dental treatment plan.
Does bad credit affect your ability to get finance?
Whether you apply with paper or fill out an online credit application form, your credit score is a major factor in determining your suitability for finance.
A low score indicates to lenders that you may be a higher risk, which can lead to higher interest rates or instant rejection.
However, having bad credit doesn’t mean you’re out of options.
Can you get approved for dental finance with bad credit?
In short, yes, you can get approved for a dental payment plan with bad credit.
Many lenders and dental practices offer flexible finance plans for those with lower credit scores, as well as a variety of payment options. These come with higher interest rates or stricter repayment terms but, ultimately, they will help you get the treatment you need.
Some dental practices provide in-house payment plans which allow you to make monthly payments to cover cost of your treatment over a longer period directly through the practice.
Dental finance options
In-house payment plans
An in-house payment plan allows patients to spread the cost of treatments over a defined period. They are often interest-free too, which makes a big difference.
These monthly payment plans are easier to qualify for since they are managed directly by the dental office. They also typically don’t require credit checks or the usual guarantee that more traditional loans would.
Third-party lenders
You could also turn to third-party lenders that specialise in healthcare loans. Since lending is a regulated activity, make sure that you get further information about any credit provider you are looking at and make sure that you work with a company authorised by the Financial Conduct Authority.
How to increase your chances of approval
A guarantor
To increase your likelihood of getting through the application process, consider using a guarantor. This is normally someone you know with good credit who agrees to take on the loan if you can’t make the payments. Lenders view this as less risky, leading to you being approved for financing.
A larger deposit
Offering a larger deposit can also help you. If you pay more initially, you reduce the amount of finance you’ll need overall, which may make lenders more inclined to approve your application.
Alternatives to dental finance
Credit unions and personal loans
If dental finance isn’t an option for you, consider applying for a personal loan through a credit union. Credit unions often offer more flexible lending terms and may be more willing to work with individuals with poor credit.
NHS support and payment plans
For basic dental care, the NHS offers services that can significantly reduce your costs. Many private dental practices also provide plans that allow you to make monthly repayments for treatment without needing formal financing.
What to consider before applying
Interest rates and hidden costs
Before applying for dental finance, understand the terms clearly. Bad credit often results in higher interest rates, increasing the total interest payable.
Hidden costs
Don’t forget to check the paperwork for any hidden fees so that you know exactly the amount you will be paying.
Secure your loan today!
In conclusion, while bad credit may limit your options for dental finance, it doesn’t eliminate them. By exploring flexible lenders, considering plans that allow you to spread the cost with monthly direct debit payments, and looking into alternatives options, you can find ways to pay for the care you need.
At Medicred, we make healthcare a priority, ensuring that no one has to delay getting the treatment they want or need because they cannot pay for it. With our flexible and accessible interest-free loans, we are there to help you when it comes to what matters most – your health and well-being – without worrying about any financial burdens standing in your way.
