Dental work is sometimes unavoidable and whether it’s a simple cleaning, a root canal, a serious surgery or a chipped tooth, the price is always high. And of course, like any other expensive problem, it usually comes at the worst possible time, such as on the same day your rent is due or on the day you had to have your car towed because it just stopped working.
The bottom line is, dental work can be downright expensive and can often be way out of our price range. Some people simply refuse to seek treatment because they know they can’t cover the price tag. But the thing is, sometimes dental work is necessary for good health or to alleviate any acute pain or discomfort. And if your bank account isn’t adequate enough to cover the cost of a trip to the dentist, a dental work loan could help.
How Does Dental Financing Work?
Dental loans are specific types of financing products that are designed to cover the cost of dental work, including surgery and other procedures. When applying for this type of loan, you’ll request a specific loan amount required to pay for any dental work you need.
Dental financing is typically not collateralized, which means there is nothing of value that is used to back the loan in case you are no longer able to make payments (want to learn more about secured personal loans? Click here). Instead, lenders who provide such loans depend on factors such as your credit score, income, assets, and most recent financial activity to determine what type of borrower you would be.
If you are approved, the funds will be deposited into your bank account for you to use to pay your dentist or another dental specialist. In order to repay the loan, you’ll need to make timely payments according to a specific payment schedule – whether weekly, bi-weekly, or monthly – and all funds must be paid back in full by a specific due date.
What Are Your Dental Financing Options?
If you need some financial assistance to pay for dental work needed, you have certain options, including the following:
Personal loan – You may be able to take out a personal loan to pay for your dental work. These loans are generally unsecured, which means no collateral is needed for this type of loan. The interest rate and the loan amount you may be eligible for will depend on the strength of your credit and financial health. Personal loans are paid back in installments until the full loan amount – plus interest – is repaid.
Credit card – If you have a credit card, you may be able to put your dental costs on it. Just keep in mind that spending a lot on your credit card – especially if the amount you put on credit is close to your credit limit – could negatively impact your credit score, since you’d be increasing your credit utilization ratio. Further, credit card debt can be difficult to climb out of, especially when you consider the high-interest rates that come with credit cards.
In-house financing – Many dental offices provide financing programs that allow you to take out financing directly through your dentist. Many of these programs are interest-free, at least for a specific period of time, after which interest may be charged. Dental work that is more on the expensive side is more likely to come with the option to finance, such as braces or dental implants.
Specialized dental loan – There are certain types of loans that are designed for medical procedures, including dental work. Procedures that are not covered by your provincial health care may be eligible for specialized dental financing. Many of these types of loan programs are also applicable to cosmetic procedures that fall under the scope of dental work. You’ll need to work with specific lenders who offer these types of unique loans.
Line of credit – This type of arrangement is similar to a personal loan, but instead of getting a lump sum of money to pay for your dental work, you’ll have access to a credit line that you can withdraw funds from as needed, and you’ll only be charged interest on the amount taken out.
Line of credit vs. a credit card, click here for everything you need to know.
How Much Do Common Dental Procedures Cost?
There are so many different types of dental procedures available, and the cost associated with each varies quite a bit. Further, the same procedure may also vary based on location and dentist. That said, the following is a list of some of the more common dental procedures and the average cost for each:
- Braces – $5,000 – $6,000
- Root canals – $300 – $2,000 per tooth, depending on the exact type of tooth
- Porcelain veneers – $900 – $2,500 per tooth
- Wisdom tooth removal – $75 – $600 per extracted tooth
- Dental implants – $1,000 – $3,000 per tooth
- Full-mouth implants – $24,000 – $100,000
- Dentures – $1,000 – $8,000
What Type of Procedures Can I Pay For With Dental Financing?
The type of dental work that dental financing can cover is vast and can include any of the following:
- Periodontal scaling
- Dental implants
- Root canals
- Bite plates
- Tooth repair
Choosing the Best Dental Work Financing
The type of dental financing you choose will depend on a few things, including the following:
- How fast you need the money
- Whether or not insurance will cover part of the cost
- The amount of money needed
- The payment amounts and types you can afford
- Your credit score
- Your financial health
The Bottom Line
Dental work is certainly expensive, and many Canadians are unable to cover the cost of some of these procedures. Luckily, Loans Canada can help. If you need dental work done but can’t afford to pay for it all on your own, let Loans Canada help you decide which dental financing product is right for you and which lender can provide it.