Your teeth could use some work, but there’s no money to cover the cost. Choosing the right approach to dental financing is not as difficult as you may think. Use these four tips and it won’t take long to find a plan that’s just right for your budget.
Identify All the Plans That Your Dentist Accepts
You already know that most dentists are happy to share information about all forms of dental insurance they accept. Did you know they are equally as happy to provide details about any dental payment plans they accept? Start your search by finding out which plans are currently accepted. With the list in hand, you’ll be ready to move on to the next step.
Determine the Fees and Charges Associated with the Plan
Most dental payment plans do come with some type of fees involved. You do expect to pay interest on the outstanding balance and it’s reasonable for the provider to require some type of up-front or annual fee. Your goal is to compare different plans and identify the one with the most reasonable schedule of fees and charges. Doing so will save money over the course of the financing.
How Much Are The Payments?
The goal is to lock in a payment schedule that allows you to get the dental work done now and still work within your monthly budget. As you compare plans, some of them will require monthly payments that place a lot of stress on your finances. Others will offer a payment schedule that you can manage with relative ease. The latter will go a long way toward preventing you from worrying about how to keep up with the payments and ensure your account remains in good standing.
If possible, it never hurts to lock in payments that would allow you to make an extra one now and then. Assuming the provider reports to the major credit bureaus, this strategy would help to increase your credit score over time. This is due to the positive feedback the provider submits to one or more of those major bureaus.
Tracking Your Progress
The plan you think is the right fit offers reasonable interest rates, affordable fees, and monthly installment payments you can afford. How about the ability to track your account online? You’ll find that the more reputable providers make it possible for you to log in, see the payments as they post, and also check your current balance. If you can make payments using that same interface, that’s all the better.
Remember that the right plan makes it possible to have the dental work you need done now and ensures you can retire the amount owed within a reasonable amount of time. Don’t make any assumptions about how a given plan compares to other forms of financing. Research the plan carefully, make sure you can meet all the lender’s requirements, and commit to paying off the account balance as quickly as possible. The next time some sort of dental work is needed, you will know exactly where to turn for the financing.