Dental finance helps patients spread the cost of treatments over time, making it easier to afford essential or cosmetic dental work. However, some may wonder if it’s difficult to qualify for dental finance. Let’s look at dental finance options, eligibility, and ways to improve your chances of approval.
What is dental finance?
Dental finance is a simple and affordable way for patients to spread the cost of dental treatment through payment options like set plans or loans. This option especially benefits those seeking private dental treatments that the NHS doesn’t cover in the UK.
Why do patients need dental finance?
Dental treatments, especially private ones, can be costly. Many patients turn to finance to help manage their cash flow and be able to access the treatment they need without waiting.
High costs of common dental treatments
Procedures like dental implants can cost between £2,000 and £4,000 per tooth, while Invisalign can range from £1,500 to £5,000. These costs make getting patient finance an attractive option for many patients looking to make their treatment more affordable.
Dental financing options
You can choose from in-house financing, where you pay the dental practice directly via direct debit, or go to a third-party lender. Some offer interest free loan periods, although interest may subsequently apply if you don’t pay the balance in time.
How difficult is it to qualify for dental finance?
Being eligible for dental finance largely depends on your credit score and income. Most will find the process easy, however some may struggle due to bad debt, poor credit, or other financial factors.
Your employment status is also important to lenders. A good credit score and stable income improve your chances of approval, as it will indicate that the loan instalments are likely to be paid back each month.
Can patients with bad credit get dental finance?
Patients with bad credit can still access dental finance, but the options may be more limited, and interest rates could be higher.
Options for Those with Low Credit Scores
Some lenders cater to those with bad credit, offering loans with higher interest rates. You might also consider a guarantor loan, where a co-signer with better credit helps you secure finance.
The dental finance application process
Applying for dental finance is usually simple. You can apply through your dental practice or directly with a lender. The process typically involves a credit check and a review of your financial details. Once approved, they will present you with a credit agreement to sign and then the money – and the responsibility to pay it back – is yours.
Understanding dental finance interest rates
Interest rates on dental finance vary based on factors like your credit score and the lender’s terms.
How to compare rates and find the best deal
Compare the Annual Percentage Rate (APR) from different lenders to find the best deal. Watch out for hidden fees or early repayment charges, as these can increase the total cost.
Tips for getting approved for dental finance
Improving your financial profile can help increase your chances of getting approved for dental finance. Start by reviewing your credit score and addressing any outstanding issues before applying.
Ways to improve your chances of success
- Ensure all required financial documents are ready.
- If your credit score is low, consider applying with a guarantor.
- Choose a shorter repayment plan to reduce the lender’s risk.
By preparing ahead and knowing your options, dental finance can be easier to secure, helping you manage your money more effectively.
Get the dental treatment you need now!
Dental finance may seem challenging to secure for some patients, but there are options available, even for those with lower credit scores looking to spread the cost of treatment. By understanding the factors that impact approval, and exploring suitable finance providers, you can find a plan that fits your needs.
Services like Medicred make this easier by offering tailored dental patient finance solutions. With flexible plans and clear guidance, Medicred helps ensure you can access the dental services you need without the stress of paying a large upfront cost, so contact us today and see how we might be able to help you!
