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Dental loans in Australia – Space out your treatment costs
Dental visits can be nerve-racking, but to add insult to injury, you might find yourself getting slapped with a costly bill. However, the results can be well worth it. Whether it’s a cosmetic procedure, an emergency treatment, or overdue work, a visit to the dentist can improve your oral health and appearance. But if the price is too steep for your pocket, and insurance is off the table, dental loans could offer suitable financing options.
In this guide, BestFind gives you the lowdown on dental loans in Australia and finding an option that suits your needs.
What’s a dental loan?
At the core of it, a dental loan is personal loan money that you hand over to your dentist or dental specialist in exchange for any services rendered. Going by statistics from the Australian Dental Association and Orthodontics Australia, a dental visit can cost anywhere from $22.00 to $15,000. Generally, dental loans are an important financial crutch for many Aussies who find themselves overwhelmed with hefty dental charges, particularly where multiple visits or many heads per family are involved.
Instead of scrambling around to cover the upfront costs or the shortfall after insurance has paid, one can simply apply for a personal loan.
How do dental loans work in Australia?
When you need a dental loan, you borrow money from a finance provider, usually a bank, credit union, online lender, or P2P lender. Lump sums on offer typically range from $100 up to $50,000. You then repay the debt over a loan term of 12 months up to 7 years. When applying for a dental loan, you’ll be looking at two main types:
- Secured. The lump sum is backed by property you own. Secured personal loans come with lower rates since the lender can claim the property if you default.
- Unsecured. Unsecured personal loans require no collateral. Although they have higher rates because they’re riskier for lenders, they tend to be the most common dental loan option.
What will a dental loan pay for?
Dental personal loans are flexible enough to finance a wide range of treatments, including:
- General work, for instance, fillings, extractions, and root canals.
- Cosmetic procedures, such as dental implants, teeth whitening, and veneers.
- Orthodontic treatments like braces and aligners.
Are there any other options for financing dental procedures?
- Dental payment plans. Some dentists allow you to pay for treatment bit by bit. This in-house arrangement may be offered directly by the dentist, or they might partner with a third party. Usually, you have an introductory interest-free period in which to settle your debt. But you might still have to pay fees or a deposit if you opt for this plan.
- Specialist loans. You can also find some Australian lenders offering personal loan products that have been customised to match the dental finance needs of borrowers. The lender might even link you up with several dental practices they partner with.
- Credit cards. Credit cards are useful up to a specific limit and if they have a low promotional rate. Generally, credit card rates are far less attractive than personal loan rates.
- Buy now, pay later. Some practices accept payments through ‘buy now, pay later’ services from providers like Afterpay and Zip Pay.
How to compare personal loans for dental work
Track down a dental loan that suits your needs by considering the following:
- Borrowing costs. Finance costs determine how much you end up paying to the lender. Look at the interest rate and any applicable fees. Most dental loans have fixed interest rates, but a variable rate might also be available.
- Monthly repayments. To make sure you’re biting off only what you can chew, use our dental loan calculator to work out an affordable repayment amount. This amount should ideally be in line with your budget.
- Extra repayments. These help you clear your debt faster so you can save, especially if there are no penalty fees. You can also choose an option that allows you to take back your extra repayments (redraw facility).
- Lender’s requirements. Credit providers have different requirements for credit scores and income. These can affect whether your application gets approved, how much you borrow, and the rate you get.
- Speed of service. How soon will the money drop into your account? If it’s an emergency or urgent situation, check the lender’s response time before applying.
How to apply for a dental loan online
Scroll up to the top of the page and compare top dental loans using our product table. Once you have a winner, click “Go to Site” to visit the finance provider’s application page. General requirements for dental loans include:
- Minimum age of 18 years
- Australian citizenship or permanent residency
- Proof of income and address.
Dental loan FAQ
Will applying for a dental loan affect my credit score?
Australian lenders carry out credit checks when assessing your application. These, in turn, impact your credit rating and credit report. Therefore, it’s best to limit applications unless it’s for a soft credit check, which allows you to view the terms of the loan before you accept.
Can I finance overseas dental work?
Personal loans generally come with little restrictions in terms of how you use them. Therefore, you should be able to finance any work done outside Australia.
I have bad credit. Can I get a dental loan?
Yes, but bad credit personal loans typically come with higher interest rates.
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