Are you considering the transformative power of dental veneers but feeling overwhelmed by the cost? You’re not alone.
Dental veneers can provide that perfect smile but often come with a hefty price tag. However, there’s good news!
Dive into the world of financing options, where credit scores, debt-to-income ratios, and savvy planning can make your dream smile a reality.
This article is your gateway to making an informed decision, from understanding monthly payment plans to exploring no-credit-check alternatives like FSA financing and clip-in veneers.
Monthly Payments For Veneers
You can finance dental veneers if your credit qualifications are sufficient and you can afford the projected monthly payments.
Lenders look at your consumer report, credit score, employment history, and your debt-to-income ratio (DTI) to assess if you can afford the loan.
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Requesting a small loan amount increases your chances of approval.
Debt-to-Income
Because dental veneers are costly, lenders heavily weigh your debt-to-income ratio (DTI) when deciding on your payment plan.
Since veneers can be expensive, the debt-to-income ratio (DTI) becomes the critical payment plan qualifier. Most lenders evaluate loan applications using the mortgage industry’s standards.
A favorable DTI ratio is 36%, including all monthly debt payments.
- Payments for mortgage principal, interest, insurance, and property taxes
- Rent for an apartment
- Payments on installment loans
- Payments on revolving debts like credit cards or lines of credit
- Payments on student loans
- Payments for alimony and child support
Dental veneers can cost as much as $56,000, even with insurance, and such high expenses may affect your debt-to-income ratio, potentially restricting your financing options.
For instance, if a patient earns $10,000 a month and already has debts making up 31% of their income, they could take on up to $500 more in monthly payments, a 5% increase in their DTI.
Naturally, individual incomes and debt-to-income ratios will vary.
Let’s look at three methods to lower your DTI: getting veneers for fewer teeth simultaneously, opting for the least expensive veneers, and lengthening the loan repayment period.
Number of Teeth
Reducing the number of teeth treated in one period makes dental veneer financing more affordable. The less money you borrow, the lower your monthly payments and DTI, which in turn increases your chances of loan approval.
As the patient, you choose how many teeth to treat at once, giving you control over one aspect of the loan approval process. Although most adults have twenty-eight teeth, only eight upper teeth are typically visible when smiling and six lower teeth when talking.
Dentists typically quote a per-tooth price for installing veneers. Suppose the proposed cost is $1,500 each. The total cost, and thus the monthly loan payments and debt-to-income ratio, vary with the number of teeth veneered, considering a 2-year loan at a 10% interest rate, as shown below.
| Number of Teeth | Amount Financed | Monthly Payment | DTI % |
| Six | $9,000 | $413 | 4.1% |
| Eight | $12,000 | $554 | 5.5% |
| Fourteen | $21,000 | $969 | 9.7% |
| Twenty-Eight | $42,000 | $1,938 | 19.4% |
This example shows that it’s easier to qualify for financing if you first get veneers for your eight upper teeth and then, two years later, for your six lower teeth rather than doing them all together.
By doing this, you maintain a lower debt-to-income ratio, improving your loan approval chances.
Veneer Type
Opting for the least expensive veneers can make financing them more budget-friendly. Borrowing less reduces your monthly payments and improves your debt-to-income ratio. A lower DTI increases your chances of loan approval.
As the patient, you can choose composite, porcelain, Lumineers, or no-prep veneers. Each type has a different price tag.
Suppose you want to treat eight teeth simultaneously. Here’s how the monthly payment and debt-to-income ratio are affected for a two-year loan at a 10% interest rate across various veneer options
| Veneer Type | Amount Financed | Monthly Payment | DTI % |
| Composite | $7,200 | $332 | 3.3% |
| Porcelain | $12,000 | $554 | 5.5% |
| Lumineers | $10,400 | $480 | 4.8% |
| No-Prep | $16,000 | $738 | 7.4% |
This example shows that securing financing for composite veneers could be simpler than for porcelain or no-prep veneers due to the lower monthly payments and debt-to-income ratio.
Repayment Term
Increasing the number of installments makes dental veneer financing more affordable. Extending your repayment period can result in smaller monthly payments and a lower debt-to-income ratio.
It’s important to note that patients are not in charge of setting the financing terms. Lenders set the loan duration and typically reserve the most extended repayment terms for borrowers with solid credit histories.
For instance, a patient with a FICO ® score above 800 might qualify for a 4-year repayment term. At the same time, another with a rating below 690 might have to settle for two years.
Consider these examples of a $10,000 loan with a 10% interest rate repaid over two years versus four. Notice the impact on monthly payments and DTI.
| Repayment Term | Monthly Payment | DTI % |
|---|---|---|
| 2-Year | $461 | 4.6% |
| 4-Year | $253 | 2.5% |
Payment Plans No Credit Check
Getting payment plans for dental veneers without a credit check is challenging. Patients who conventional lenders turn down often cannot access longer repayment terms, which can lead to an unmanageable debt-to-income ratio.
Nevertheless, several alternatives are worth exploring.
FSA Financing
An employer-sponsored Flexible Spending Account (FSA) could act as a dental veneer payment plan without requiring a credit check.
IRS rules require employers to immediately reimburse qualifying expenses up to the chosen contribution level. Since employees receive access to the entire annual contribution amount from the start of the plan year without needing to pre-fund their account, an FSA functions similarly to an interest-free advance provided by the employer.
While few patients will qualify because of medically necessary criteria, an FSA offers better terms than any other financing option.
Qualifying
You may be able to use an FSA for a payment plan on dental veneers if they are considered medically necessary for your oral health. Patients wanting to brighten their smile for cosmetic reasons do not qualify.
An FSA follows rules similar to those of a Health Savings Account (HSA). The Internal Revenue Service (IRS) regulates both programs, explicitly allowing deductions for artificial teeth.
IRS Publication 502 covers Medical and Dental Expenses and excludes cosmetic procedures performed solely to improve appearance. However, it does allow for necessary procedures to correct deformities resulting from congenital abnormalities, personal injuries, or diseases.
Steps
Take the following steps to set up an FSA payment plan for medically necessary dental veneers without a credit check.
- Get pre-approval from your FSA administrator for the veneer procedure.
- Enroll in an FSA during your employer’s annual open enrollment period.
- Arrange to place the veneers at the beginning of the FSA plan year.
- Your employer must immediately reimburse any qualifying expense without pulling your consumer report or viewing your credit score.
- Repay the advance twelve months using pre-tax payroll deductions.
Limits
The contribution limits for an FSA are typically more generous than those of other no-credit-check financing options, which makes it an advantageous choice for funding medically necessary dental veneers.
You can utilize the total annual contribution limit from the outset of the FSA plan year, offering a significant amount of pre-tax funds for expenses like veneers.
- The current annual FSA contribution limit is $3,200 per employee and is subject to yearly increases. If both spouses are eligible, they can contribute a combined total of $6,400.
- By contributing a maximum of $6,400, a couple can effectively increase their budget for necessary expenses like veneers. For example, a couple in California with an adjusted gross income of $100,000 could realize tax savings of 38.95% on their contribution, which equates to $2,493, factoring in 22% federal tax, 9.3% state tax, and 7.65% for FICA taxes.
Clip-In Veneers
Patients often find it easier to secure payment plans for clip-in dental veneers without a credit check due to their affordability compared to permanent veneers. For example, a complete set of clip-in veneers can be purchased for under $750 from top online retailers.
With clip-on veneers, you order a kit online, make impressions of your teeth at home, and your new smile arrives shortly after. There’s no need for an expensive dental procedure that involves grinding down your tooth enamel, as clip-on veneers are a non-invasive alternative.
For example, InstaSmile offers payment plans for clip-on veneers. InstaSmile partners with multiple buy-now-pay-later services, giving patients flexible payment options. Several financing alternatives provide the convenience of not requiring a credit check for approval.
iCare Financial
Dental veneer payment plans that do not require a credit check might be accessible through iCare Financial. However, be aware that you may need to navigate extra steps and that borrowing limits can vary.
To utilize iCare Financial’s patient financing for dental veneers, you’ll need to be treated by a dentist enrolled in their program. The company deposits funds directly into the practice’s account. This arrangement might mean finding a new provider or encouraging your current dentist to join the iCare network.
To proceed with iCare Financial for your dental veneer financing, fill out their online form to discover a nearby participating provider or request that iCare contact the dental practice of your choice.
The iCare Financial website indicates they can finance up to $3,000 for dental procedures. Since they do not review your credit report or take your FICO® score into account, obtaining approval for more significant amounts may be challenging.
A $3,000 limit may be insufficient for composite veneers on eight upper teeth and certainly inadequate for a complete set of the more expensive porcelain veneers.
