Reasonable choice for a large loan amount?

Question

I'm Planning on taking out a loan here soon as I need some dental work done...and as most know..dental work isn't cheap...by any stretch of the imagination. Well...the amount I need in dental work is right around a absurd 24k ( ye i know...robbery isn't it? ), and the max amount I could take out at my current bank would be 20k ( if I chose to do that ). Now the interest rate on a loan of that size under them is a little over 9% ( like 9.5 or something to that effect I believe.. ). 

My question is, If I did indeed consider to take out a loan of that size ( hypothetically speaking of course for the time being ), Would a interest rate of 9% seem reasonable and would paying on that monthly be plausible without causing me to fall into debt from interest alone. ( Believe the monthly would fall at around 330 ish or so $'s )

I do want to weigh my options of course but I do need the dental work done...so would a loan of that size be reasonable in terms of being able to pay off without a burden on my behalf...or should I consider another option?

I Can Count To Potato · Accepted Answer

9% is absurd, even for dental work.

As a man from a family of 3 dentists and an orthodontist, I have to call in question the amount this work is going to cost.

Even if you capped all 32 of your teeth with gold crowns, you would spend around $28k (900/CROWN). You dont need that kind of work done. Its cheaper to extract all your teeth and go to dentures.

If you are talking something like veneers, you dont NEED the work, you WANT the work. Veneers arent going to get you a nicer job, a better mate, a house with 2.3 kids and a picket fence.. etc etc etc.

Do yourself a favor... use the money towards buying a HOUSE. You'll pay half the interest rate, and actually have something that will appreciate in value...The only thing $24K worth of dental work will do... is make you dentist rich...

EDIT for more details given----- I still say extraction and dentures are less expensive in the long run. If your dental health is this far gone down the road, you might be throwing good money for questionable results. All a root canal does is deaden the nerve of the tooth, effectively "killing" it, because you dont feel those shooting pains anymore.Teeth with little or no enamel will rot in short order. Its a matter of when, not if....

The crown is little more that a cosmetic fix. at $900/tooth. thats a TON of cash. I understand the desire to keep the natural teeth. I have a number of crowns myself.

I know it seems extreme, but consider it as an option. Once done, you dont have to pay the dentist for dental work any more...:O)....

A 2nd and even a 3rd opinion is a SMART move ....BTW...

generazio · Answer

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Reena · Answer

Just get them pulled all at once and get fitted for dentures. 

Your teeth and gums are already so damaged that the crowns won't last long.

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Reasonable choice for a large loan amount?

3 Answers