SoFi

It’s no secret that identity theft has been an issue for consumers. In 2022, the Federal Trade Commission (FTC) received 1.1 million identity theft reports, and a similar number of complaints are expected in 2023. The financial toll of online fraud, which includes identity theft, can be substantial. The FTC estimates that it cost Americans $8.8 billion in 2022, with median losses around $650.

One tool that can help detect issues early on is credit monitoring. This service tracks your accounts and alerts you to any changes or suspicious activity, giving you time to start the process of undoing any damage that’s been done.

If you were involved in a data breach, you may receive credit monitoring at no cost. Otherwise, you can pay a nominal fee for the coverage — usually around $10 to $30 a month — or do most of the legwork yourself for free.

Why Is It Important to Monitor Your Credit?

Your credit history can have an impact on your ability to make big financial decisions, like purchasing a home or buying a new (or new-to-you) car.

If you have a spotless report, you could get better interest rates on new loans. On the other hand, if your score is what’s considered poor, you could be denied access to certain financial products altogether.

Even if you’re diligent about abiding by best credit practices, if someone has unauthorized use of your information, they can quickly sink your hard-earned credit score. That’s when credit monitoring comes in handy. If you see an alert corresponding to a change you didn’t make, you’ll know something’s up — and you can move quickly to repair any issues that might impact your creditworthiness.

Generally speaking, it’s a good idea to check your credit reports at least once a year. If you’re making a major purchase, consider monitor your credit for at least three months beforehand to ensure everything is in order.


💡 Quick Tip: Your credit score updates every 30-45 days. Free credit monitoring can help you learn about your score’s normal ups and downs — and when a dip is cause for concern.

Pros vs Cons of Credit Monitoring Services

Credit monitoring can be a useful tool, but there are some drawbacks you’ll want to consider. Here are pros and cons of credit monitoring services.

Pros of Credit Monitoring Services

Many credit monitoring services come with extra features that might help justify their cost. Common examples include:

•   Alerts when there are changes to your personal information, significant balance changes, account closures, or hard inquiries

•   Access to credit reports and scores from one or more of the three major credit bureaus

•   Dark web scans, which checks if your personal information has been compromised

•   Identity theft insurance, which can cover any costs you may incur as you’re dealing with identity theft

•   Identity recovery services, which can be useful as you repair any damage from identity theft

Cons of Credit Monitoring Service

Even the best credit monitoring service has its limits. Here are some potential drawbacks to consider:

•   Cost of a subscription

•   Can’t provide 100% protection from all fraud or identity theft

•   Can’t fix inaccuracies on your credit report (you’ll need to handle that)

•   Coverage may not include monitoring from all three major credit bureaus: Experian, TransUnion, and Equifax

•   You may not be alerted if someone uses your name to collect a tax refund or claim benefits from Medicare, Medicaid, Social Security, or unemployment insurance

How to Monitor Credit for Free

There are times when paying for a credit monitoring service makes sense. For example, you want more robust identity monitoring, prefer a program that monitors reports from the credit bureaus, or need help resolving disputes. It may also be a good move if you suspect your information has been exposed.

But it’s possible to do the job yourself (and avoid paying a subscription fee). Here’s how:

Request a Free Credit Report

By law, you’re entitled to a free credit report every 12 months from each of the three credit bureaus. Visit annualcreditreport.com to get started. While you can ask for the reports at any time, spacing out your requests every few months allows you to keep an eye on your accounts throughout the year.

Find Out If You’re Already Getting Coverage

Some accounts include some level of complimentary credit monitoring, so it’s worth a call to your bank or credit card company to find out if you qualify.

Put a Freeze on Your Credit Reports

There are instances when freezing your credit report might be a good move, such as when you believe your data has been breached or if your Social Security number or other sensitive information was stolen or made public.

A credit freeze allows only a limited number of entities to view your credit reports. This means the credit bureaus can’t provide your personal amount to new lenders, credit card companies, landlords, or hiring managers. While this freezes the renting, hiring, and lending process, it also prevents thieves from stealing your identity and opening a new account in your name.

There’s no charge to freeze or unfreeze your credit, and your credit score won’t be affected.

Request a Fraud Alert

If you think you may be the victim of fraud or identity theft, you may want to consider placing a fraud alert on your credit report. Once a fraud alert is placed, you’ll be asked to provide your phone number, which creditors will use to verify your identity whenever an application for credit is made.

There’s no charge to make the request with the credit bureaus, and the alert is active for one year. It has no impact on your credit score.


💡 Quick Tip: What is credit monitoring good for? For one, maintaining a high credit score can translate to lower interest rates on loans and credit card offers with more perks.

The Takeaway

Credit monitoring services can act like a watchdog over your accounts, flagging suspicious activity or changes so you can move quickly to correct inaccuracies or do damage control. You can take a DIY approach to keeping track of your accounts, which can include requesting a free credit report every year from the three credit bureaus. But if you’ve been the victim of identity theft or fraud — or need more robust monitoring — you may want to consider paying for a credit monitoring service.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Many Americans are finding tiny houses, or those that measure several hundred square feet in size, are a welcome way to live. They can be both economical and eco-friendly, and some people say they simplify life, which can bring many benefits.

If you’re curious about tiny houses or are currently contemplating one, it’s important to know that financing these dwellings may be different than securing a traditional mortgage. Here’s a guide to tiny houses and how to secure funds to buy or build one.

What Is a Tiny House?

A tiny house is often defined as a home that is between 100 and 400 square feet. In contrast, the median size of a single-family American home is currently 2,014 square feet. That’s five times bigger than the biggest tiny home. Here are some other facts to know about this kind of dwelling.

•   Owners live in their tiny homes themselves, rent them out, use them as a small vacation home or even build them as an accessory dwelling unit (ADU) on the same lot as their primary residence. Tiny homes may be on wheels, or they may sit on a fixed foundation.

•   Prefab homes can be delivered complete to the site, or there are modular homes that require some assembly on site. Those who would rather build their own house can hire an architect or draw up plans to their own specifications. There are small homes in all kinds of styles, from a classic Colonial or Victorian to a ranch style or A-frame or ultra-modern design.

•   Local zoning rules will determine whether or not a person can build or move into a tiny home. And building codes will determine things like ceiling height.

•   Tiny houses may not have good resale value since they are such a specific type of home and are often highly customized. Before buying a tiny house as an investment property, it might be wise to consult a real estate investment professional.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

Tiny House Pricing

In 2023, the average sales price for a single-family home was about $430,300. Tiny homes cost quite a bit less, with an average of $45,000. That price can vary up and down depending on the size of the home, materials used, and amenities (yes, some tiny homes have luxe, spa-style bathrooms, for example). The price of the building is not the only thing to consider.

Buyers of tiny homes must factor in the price of buying or leasing land on which to place the home if they don’t already own it, as well as the cost of hooking it up to utilities.

If the tiny home is on a foundation, there may be state and local property taxes to pay. If the tiny house is on wheels, though, there likely won’t be property tax assessed.

Recommended: Is Buying a House a Good Investment?

Financing the Land

If property needs to be purchased to have a place to put a tiny home, an option for financing is a land loan. There are three types of land loans: raw land loans, unimproved land loans, and improved loans.

•   Raw land loans are for land that’s completely undeveloped with no electricity, roads, or sewer access.

•   Unimproved land loans are for properties that have more access to amenities like utilities, but lack utility meters.

•   Improved land loans are for land with access to roads, water, and electricity.

The size of the down payment and the interest rate of the loan will depend on what type of loan is needed. For example, lenders may consider raw land to be a riskier option than improved land and require a bigger down payment and higher interest rates.

Mortgages for Tiny Homes

Qualifying for a home loan for a tiny home may be tricky. Some lenders may not be willing to offer first or second mortgages for tiny home financing. However, if a tiny home has a foundation and complies with local building codes, it may qualify for certain mortgages.

Tiny homes may also qualify for what is known as a “chattel mortgage,” a mortgage for moveable personal property. The tiny home acts as security for the loan, and the lender effectively becomes the owner of the tiny home until the loan is paid off and ownership is transferred back to the borrower.

This differs from traditional mortgages that are secured by a lien on the property. Because the size of the loans are typically small, chattel mortgages may have relatively short terms, though interest rates may be relatively high.

Personal Loans

A personal loan can allow individuals access to money that they can use for any personal, family, or household purpose, from paying off credit cards to an effective tiny house loan. Depending on the lender, loan amounts can range from a few thousand dollars to $100,000. When the applicant is approved for a personal loan, they’ll receive the loan amount in a lump sum and pay it back in installments with interest.

Personal loans may be secured or unsecured. Unsecured loans are not backed with any collateral, and the interest rates currently range from about 6% to 36%, depending largely on the borrower’s credit score.

Secured loans are backed by collateral, such as personal savings, a car, or another home owned by the same borrower. They typically come with a lower interest rate than their unsecured counterparts. However, it’s important to note that if a personal loan is defaulted on, the borrower’s assets could be seized by the lender to repay the debt.

Home Equity Loans

The equity someone may have built up in a home they already own can be tapped to finance a tiny home for use as a vacation home, rental property, or ADU. A home equity loan is a fixed amount of money secured by a borrower’s home.

Usually, up to 85% of the equity accumulated in a home can be borrowed, though actual loan amounts will also depend on the applicant’s income and credit history. The home equity loan is repaid with monthly payments over a fixed term. And if the borrower fails to repay, the lender can foreclose on the house.

A home equity line of credit (HELOC) may be another option to finance a tiny home. HELOCs differ from home equity loans in that the borrower doesn’t receive a single lump-sum payment from the lender.

Rather, a HELOC gives the borrower access to a line of credit that can be drawn down, paid back, and drawn down again, if need be, within a certain time period. The HELOC is secured by the borrower’s home, so as with a home equity loan if the debt is not paid, the lender can use the home as collateral.

Loans From Tiny House Builders

A tiny house builder or contractor may be able to help secure financing through unsecured loans based on an applicant’s credit score, or secured loans backed by the value of the tiny home. These tiny-house loans may have longer terms and lower starting interest rates than personal loans, but they may require a downpayment.

RV Loans

If the tiny house has wheels and is certified as an RV by the Recreational Vehicle Industry Association, an RV loan may be another option for financing. Online lenders, banks, and credit unions may all offer RV loans. In many cases, the tiny house will serve as collateral for the loan, the same way a car would serve as collateral in an automobile loan.

Recommended: Guide to Buying, Selling, and Updating Your Home

The Takeaway

If you’re in the market for a tiny house, you may need to think beyond traditional mortgages. Home equity, HELOC, and personal loans, among other options, may be available forms of financing that can set you on your way to owning the tiny house of your dreams.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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You may feel proud of yourself for paying off a debt early, but doing so could trigger prepayment fees (ouch). The best way to avoid those charges is to read the fine print before you take out a loan that involves this kind of fee.

If you neglected to do that, however, it doesn’t necessarily mean you’re stuck with a prepayment penalty. Read on to learn ways to avoid paying loan prepayment penalties.

What Is a Prepayment Penalty?

A prepayment penalty is when a lender charges you a fee for paying off your loan before the end of the loan term. It can be frustrating that a lender would charge you for paying off a loan too early. After all, many people may think a lender would appreciate being repaid as quickly as possible.

In theory, a lender would appreciate getting repaid quickly. But in reality, it’s not that simple. Lenders make most of their profit from interest, so if you pay off your loan early, the lender is possibly losing out on the interest payments that they were anticipating. Charging a prepayment penalty is one way a lender may recoup their financial loss if you pay off your loan early.

Lenders might calculate the prepayment fee based on the loan’s principal or how much interest remains when you pay off the loan. The penalty could also be a fixed amount as stated in the loan agreement.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

Can You Pay Off a Loan Early?

Say you took out a $5,000 personal loan three years ago. You’ve been paying it off for three years, and you have two more years before the loan term ends. Recently you received a financial windfall and you want to use that money to pay off your personal loan early.

Can you pay off a personal loan early without paying a prepayment penalty? It depends on your lender. Some lenders offer personal loans without prepayment penalties, but some don’t. A mortgage prepayment penalty is more common than a personal loan prepayment penalty.

Recommended: When to Consider Paying off Your Mortgage Early

Differences in Prepayment Penalties

The best way to figure out how much a prepayment penalty would be is to check a loan’s terms before you accept them. Lenders have to be upfront about how much the prepayment penalty will be, and they’re required by law to disclose that information before you take on the loan.

Personal Loan Prepayment Penalty

If you take out a $6,000 personal loan to turn your guest room into a pet portrait studio and agree to pay your lender back $125 per month for five years, the term of that loan is five years. Although your loan term says it can’t take you more than five years to pay it off, some lenders also require that you don’t pay it off in less than five years.

The lender makes money off the monthly interest you pay on your loan, and if you pay off your loan early, the lender doesn’t make as much money. Loan prepayment penalties allow the lender to recoup the money they lose when you pay your loan off early.

Mortgage Prepayment Penalty

When it comes to mortgages, things get a little trickier. For loans that originated after 2014, there are restrictions on when a lender can impose prepayment penalties. If you took out a mortgage before 2014, however, you may be subject to a mortgage prepayment penalty. If you’re not sure if your mortgage has a prepayment penalty, check your origination paperwork or call your lender.

Checking for a Prepayment Clause

Lenders disclose whether or not they charge a prepayment penalty in the loan documents. It might be in the fine print, but the prepayment clause is there. If you’re considering paying off any type of loan early, check your loan’s terms and conditions to determine whether or not you’ll have to pay a prepayment penalty.

How Are Prepayment Penalties Calculated?

The cost of a prepayment penalty can vary widely depending on the amount of the loan and how your lender calculates the penalty. Lenders have different ways to determine how much of a prepayment penalty to charge.

If your loan has a prepayment penalty, figuring out exactly what the fee will be can help you determine whether paying the penalty will outweigh the benefits of paying your loan off early. Here are three different ways the prepayment penalty fee might be calculated:

1. Interest costs. If your loan charges a prepayment penalty based on interest, the lender is basing the fee on the interest you would have paid over the full term of the loan. Using the previous example, if you have a $6,000 loan with a five-year term and want to pay the remaining balance of the loan after only four years, the lender may charge you 12 months’ worth of interest as a penalty.

2. Percentage of balance. Some lenders use a percentage of the amount left on the loan to determine the penalty fee. This is a common way to calculate a mortgage prepayment penalty fee. For example, if you bought a house for $500,000 and have already paid down half the mortgage, you might want to pay off the remaining balance in a lump sum before the full term of your loan is up. In this case, your lender might require that you pay a percentage of the remaining $250,000 as a penalty.

3. Flat fee. Some lenders simply have a flat fee as a prepayment penalty. This means that no matter how early you pay back your loan, the amount you’ll have to pay will always be the prepayment penalty amount that’s disclosed in the loan agreement.

Recommended: Debt Payoff Guide

Avoiding a Prepayment Penalty

Trying to avoid prepayment penalties can seem like an exercise in futility, but it is possible. The easiest way to avoid them is to take out a loan or mortgage without prepayment penalties. If that’s not possible, you may still have options.

•   If you already have a personal loan that has a prepayment penalty, and you want to pay your loan off early, talk to your lender. You may be offered an opportunity to pay off your loan closer to the final due date and sidestep the penalty. Or you might find that even if you pay off the loan early and incur a penalty, it might be less than the interest you would have paid over the remaining term of the loan.

•   You can also take a look at your loan origination paperwork to see if it allows for a partial payoff without penalty. If it does, you might be able to prepay a portion of your loan each year, which allows you to get out of debt sooner without requiring you to pay a penalty fee.

For example, some mortgages allow payments of up to 25% of the purchase price once a year, without charging a prepayment penalty. This means that while you might not be able to pay off your full mortgage, you could pay up to 25% of the purchase price each year without triggering a penalty.

Some lenders shift their prepayment penalty terms over the life of your loan. This means that as you get closer to the end of your original loan term, you might face lower prepayment penalty fees or no fees at all. If that’s the case, it might make sense to wait a year or two until the prepayment penalties are less or no longer apply.

When it comes to your money, you don’t want to make any assumptions. You still need to do your due diligence by asking potential lenders if they have a prepayment penalty. The Truth in Lending Act (TILA) requires lenders to provide documentation of any loan fees they charge, including a prepayment penalty. Also, under the TILA, consumers have the right to cancel a loan agreement within three days of closing on the loan without the lender taking any adverse action against them.

The Takeaway

A prepayment penalty is one fee that can be avoided by asking questions of the lender and looking at the loan documents with a discerning eye. This may hold true both when you are shopping for a loan and when you are paying your loan off.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re making a big purchase, it can pay (literally) to know when prices are lowest, such as Black Friday, Cyber Monday, and other sale dates.

After all, if you are plunking down hundreds or thousands on a purchase, you likely want to get the best bargain possible. Here, you’ll learn about the best times to buy some of the most common big investment items. Happy shopping!

Televisions

If you’re interested in upgrading your home viewing experience, waiting for a sale could mean you score serious savings on the model you’ve had your eye on. There are a few times of year that TVs commonly go on sale. One way to score a deal on a new TV is to follow the release cycle.

Most television manufacturers release new models sometime between February and April every year, and while you could pick up the latest model, you could also find dramatic price cuts on last year’s models since retailers are looking to make room for newer inventory.

You can also find discounts on televisions in advance of events like the big football game in February, during Black Friday, and Cyber Monday.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

Laptops

Buying a laptop can be a very personal choice. The demands you place on your computer may require more processing power than others, so it’s important to determine what you need out of a laptop before you begin browsing different brands and models. Deals may vary depending on the model that you need.

Macbooks and other Apple products usually get an upgrade once a year, though they don’t always follow a consistent release schedule or release all new products at the same time. If you see ads announcing new models, it may well mean that last year’s models are seeing price cuts.

Major PC manufacturers generally release new laptops three times a year — back-to-school season from June to September, holiday season from September to December, and spring from February to April. However, the best deals on laptops tend to appear at the heart of the back-to-school shopping season from July to August and from November to December, the peak of the holiday shopping season.

Outdoor Furniture

A great time to shop for outdoor furniture is generally when you won’t actually be able to use it. Typically, patio furniture goes on sale from Fourth of July to Labor Day, as retailers are trying to clear their inventory to make room for fall inventory. Usually the further you are from summer, the bigger the savings.

Recommended: $5,000 Personal Loan: How to Get One

Mattresses

Finding the perfect mattress can mean comfort, relaxation, and most importantly a restful sleep. So finding a supremely comfortable mattress and at a low price would be a huge win.

When buying a mattress there are a few times of year you can target to find reliably low prices. May is one of the best months to buy a new mattress. That’s because most sellers launch new models in June, and are eager to make space for the newer inventory.

It’s also worth looking for deals over popular shopping holidays, including but not limited to Memorial Day, Labor Day, and President’s Day. And don’t overlook Black Friday and Cyber Monday, where you can often find reasonable prices and good deals on mattresses. Amazon Prime Day can be another good time to swoop in and get a good deal.

Furniture

If you’re ready to spruce up your interior design with some new furniture there are two times you can look to find some major sales. The best time to buy furniture is typically either in winter or summer (usually January or July, to be specific). Usually, new styles are released twice a year, in February and August.

In January and July, retailers are eager to clear space for those new arrivals, so prices will generally be discounted. Floor models may be included as well, so you could ask about discounts on sample pieces to help you afford your purchase, whether you are thinking of using your credit card or a personal loan to pay for your new furniture.

And for an even better deal? Don’t be afraid to haggle! Furniture stores may be willing to negotiate, so consider asking them to sweeten the deal with a discount or freebie.

You may also find furniture deals around shopping holidays like President’s Day and Memorial Day.

Recommended: Can I Increase My Personal Loan Amount?

Engagement Rings

The thrill of falling in love and finally finding your match is invigorating. The cost of an engagement ring to make it official? Not as exciting. In 2023, Americans spent an average of $6,000 to buy an engagement ring. If the thought of dropping a few thousand dollars on a ring is less than thrilling, it could be worth planning your purchase so you can wait for the optimal time to buy.

If you’re wondering how to finance an engagement ring, know that there are a couple of times when you may be able to find a discount. Jewelry sales can be slow in the summer, so there may be sales to entice customers. There may also be seasonal sales after Christmas or after Valentine’s Day. Some jewelers may even be willing to negotiate on price to make the sale.

Household Appliances

Major household appliances like dishwashers, washing machines, stoves, and refrigerators can be expensive, so it makes sense to look out for discounts before you commit to a new model. Some great discounts on appliances can be found from September to October when manufacturers are releasing their latest product. This can make financing an appliance purchase easier.

Retailers will be trying to make room for newer models so you can often find considerable discounts during these months on new, but last year’s models. When it comes to refrigerators, the best time to purchase is usually in that spring, as that is when manufacturers release new models.

Black Friday and the Fourth of July are other great times to look for sales on household appliances. And if you plan on buying a new appliance from a brick and mortar store, it could be worth going toward the end of the month when salesmen are trying to meet their monthly quotas.

Tip: When you’re looking to upgrade or replace an appliance, always check for floor models and returned (but still fully functional) models when bargain hunting.

Fitness Equipment

Have your eye on a new treadmill or elliptical? January could be the right time to buy new exercise equipment as stores are eager to take advantage of New Year’s resolutions to get fit or lose weight.

Also look for Black Friday, Cyber Monday, and Amazon Prime Day discounts.

Cars

Dealerships generally offer great deals during year-end sales events. Some dealers anticipate cars as gifts for the holidays. Car dealerships are also looking toward the new year, which means they’ll need to make space for newer models on the lot. For some dealers, December is one of their biggest sales months.

You may also secure a good deal on a new car during holiday weekends when dealerships run promotions. Dealerships are also more likely to offer a deal on older models, anticipating a new release. Typically, new models are released in September and October, so you might also look for deals in late August. This intel can help you get your financing for a car purchase ready in time to go shopping.

The Takeaway

The best time to make a large purchase will depend on the item. There are a few shopping holidays, like Memorial Day, Labor Day, and Black Friday, when retailers are known to offer deep discounts on some items. When shopping for a big-ticket item it can be helpful to do your research, shop around, and in some cases, negotiate to secure the best deal.

Even timing your purchase to secure a deal at peak savings can mean a hefty bill. Instead of charging the expense to your credit card, consider applying for an unsecured personal loan, which likely offers a lower interest rate.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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A dental bridge fills any gaps in your smile by replacing one or more missing teeth with artificial ones. If your dentist recommends this procedure to you, one question you may have is, “What is the cost for dental bridges?” A bridge can range in price from $1,500 to $16,000, depending on type you need, the material it’s made of, and your insurance

Read on to learn more about the cost for dental bridges, factors that can impact the overall price, and ways to pay for the procedure whether or not you have insurance.

What Is a Dental Bridge?

A dental bridge is a permanent fixture of a false tooth or teeth — also called pontics — that are held up by your existing teeth and placed on an empty socket. Existing teeth serve as an anchor to keep your bridge in place. In many cases, the false teeth blend seamlessly with your natural teeth and may be made of ceramic, porcelain, zirconium, or composites.

Types of Dental Bridges

There are four main types of dental bridges: traditional, cantilever, Maryland, and implant-supported.

•  Traditional: A traditional dental bridge includes false teeth held in place by dental crowns cemented to two “support” teeth, also called “abutment” teeth.

•  Cantilever: In a cantilever dental bridge, a dental crown cements the pontic to just one abutment tooth.

•  Maryland: Like a traditional dental bridge, a Maryland dental bridge requires two abutment teeth. In this case, a metal or porcelain framework bonds to the backs of those two abutment teeth.

•  Implant-supported: Implant-supported bridges use dental implants to replace missing teeth and hold the bridge in position. Dentists install a titanium post in your jawbone to form a “root” of a new tooth, which anchors a crown on top of the implant post. Implants last longer than dental bridges because bridges can loosen over time. They don’t require support from adjacent teeth. Note that implants require two surgeries — one for the small titanium jawbone implants and one to place the bridge.

Your dentist can recommend the dental bridge type that’s right for you.

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What Are the Requirements for Getting a Dental Bridge?

Good candidates for dental bridges include individuals who have one or more missing teeth and two strong, healthy teeth on either side of the gap. Bridges can replace up to four consecutive teeth, but longer bridges usually need more support.

You must also have good oral hygiene habits and good overall health. People with certain diseases, including cancer and diabetes, may not be a good candidate for a dental bridge.

How Much Does A Dental Bridge Cost?

A dental bridge typically costs between $1,500 to $5,000, depending on the number of false teeth you need, the type of bridge, the material it’s made of, how difficult the bridge is to place, the dental procedures required, and insurance.

How Much Does A Dental Bridge Cost Without Insurance?

Some dental insurance plans will cover a portion of the costs associated with dental bridges. But how much should you expect to pay if you don’t have insurance? As the list below shows, prices can vary based on the type of dental bridge you receive:

•  Traditional bridges: Costs can range between $2,000 and $5,000, but the average price of a traditional bridge is $2,500.

•  Cantilever bridges: Costs can range between $2,000 and $5,000, but the average price of a cantilever bridge is $2,500.

•  Maryland bridges: Costs can range between $1,500 and $2,500, but the average price of a Maryland bridge is $1,750.

•  Implant-supported bridges: Costs can range between $4,000 and $16,000, but the average price of an implant-supported bridge is $5,500.

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What Impacts the Cost of a Dental Bridge?

The type of dental bridge you receive isn’t the only thing that can influence cost. Other factors that may impact your total bill include materials, dental fees, and even where you live. Let’s take a closer look at each.

Materials

Dental bridges usually are often made of porcelain, ceramics, zirconium, and composites, and these materials can affect price. For instance, you may pay more for an all-porcelain bridge compared to a metal or one that is porcelain fused.

Dental Fees

Dental fees will vary depending on the dentist. It’s a good idea to get a full list of dental fees before you agree to the procedure so you know how much you’ll pay and when payments are due.

Location

The price of a dental bridge will likely vary based on where you’re having it installed. For example, you may end up paying more for the procedure if your dentist is in a big city compared to a rural area.

What Other Costs Accompany a Dental Bridge?

Getting a dental bridge doesn’t happen in just one visit — you’ll likely have to visit the dentist multiple times. The dentist will make imprints of the teeth. Once a lab creates the bridge, you’ll need a second appointment with the dentist so he or she can put crowns on your abutment teeth and link them. You’ll also want to factor in the cost of other dental services and treatments.

Common fees may include:

•  Oral exam: $100 on average but costs can run between $50 and $200

•  Dental X-rays: $35 on average but costs can run between $25 and $80

•  Tooth extraction: $200 on average but costs can run between $50 and $500

•  Local anesthesia: $90 on average but costs can run between $40 and $150

•  Professional cleaning: $100 on average but costs can run between $70 and $250

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Does Insurance Cover a Dental Bridge?

Dental bridges are not considered a wholly cosmetic treatment, so dental insurance policies usually cover a portion of the cost. Dental coverage varies, so it’s important to find out what your insurance will cover. In general, most insurance policies take care of 40% to 50% of the dental bridge costs.

How Can You Pay for A Dental Bridge Without Insurance?

If you know you’re going to have the procedure in advance and don’t have insurance, you’ll likely want to look for ways to keep costs in check. Consider finding out if there are discounts for paying in cash or asking your dentist whether some parts of the procedure (such as pricier materials) are really necessary.

If you don’t have enough money up front, your dentist may allow you to set up a payment plan to break up the cost of your dental bridge. However, note that you may be charged interest.

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Dental Bridge Alternatives

Not sure a dental bridge is right for you? There are alternatives you can consider, such as partial dentures or removable false teeth.

Dentures are held in place by a metal framework attached to plastic that’s the color of your gums. Partial dentures fasten to teeth in the jaw. However, they may not be as structurally sound as bridges, and you must remove and soak them nightly.

Financing Options If You Don’t Have Dental Insurance

What are your options for paying for a dental bridge if you don’t have dental insurance? You can look into using a credit card, getting approved for a personal loan, or tapping into a health savings account (HSA).

•  Credit card: You can consider paying for your dental bridge with a credit card, but keep in mind that the interest rate for a credit card tends to be high. For best results, you’ll want to pay off your balance as quickly as possible.

•  Personal loan: Personal loans likely won’t carry as high of an interest rate as a credit card, especially if you have decent credit. Have a low credit score? There are also personal loans for low-credit borrowers. You can use personal loan funds for a wide variety of purposes, and you can pay back what you owe in fixed payments over a few years.

•  Health savings account: Consider using an HSA or if you’re on a high-deductible health plan. You can save for a wide variety of health care needs and pay for them tax-free with a health savings account. If you no longer have a high deductible plan, you can still use up the money you have in your health savings account. Learn more about FSA vs. HSA.

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The Takeaway

Dental bridges aren’t cheap. They run anywhere from $1,500 to $16,000, depending on the type of bridge you need, its material, and other factors. While a bill that size can put a dent in your budget, it’s possible to put together a plan to refurbish your smile. Talk to your dentist about the costs involved, what the procedure will entail, and any follow-up visits or services that will be needed.

Consider all your financing options as well. You can also mix and match various financing methods, such as a combination of paying cash, using a health savings account, and taking out a personal loan or dental loan to cover the rest.

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FAQ

Can the cost of a dental bridge vary between dental providers?

Yes, the cost of a dental bridge can vary between dental providers. The costs may vary depending on your dentist’s experience level. Experienced dentists cost more than dentists fresh out of dental school.

Are there additional costs associated with getting a dental bridge, such as consultations or follow-up visits?

It will take more than one visit to the dentist to get a bridge, and services will likely include an oral exam and X-rays. You may need one or more follow-up visits to ensure the bridge fits in your mouth properly and isn’t causing irritation or other problems. Check with your dentist to learn more about the costs of these follow-up visits.

Are there any long-term costs associated with maintaining a dental bridge?

Dental bridges typically last five to 15 years, though some can last longer with proper care and maintenance. You’ll eventually need to replace the bridge when it shows signs of damage.

Should I consult with multiple dental providers to compare costs before getting a dental bridge without insurance?

Whether or not you have insurance, you can consult dental providers to compare the cost for a dental bridge. (Remember, even if you have insurance, it probably won’t cover the full cost of the procedure.)

Ask each provider for the full set of fees and the average cost for dental bridges at their location. Be specific about asking for tooth bridge costs. Ask about the cost for a dental bridge for one tooth, if that’s what you need, and be sure to include the cost of visits to the dentist before and after the procedure.

Photo credit: iStock/Cesare Ferrari
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