Pet Financing: Compare Veterinary Loans & Payment Plans

Pets can be quite expensive. For example, between food, vet bills and other miscellaneous expenses, most dog owners will spend somewhere in the neighborhood of $4,000 - $35,000 over the course of their pet’s expected lifespan – 6 to 14 years, depending on the breed – according to estimates from the American Kennel Club and the American Society for the Prevention of Cruelty to Animals. Cat owners don’t have it much better, facing expected annual costs of around $670, which would equate to roughly $10,050 over a feline’s 15-year average lifespan.

It’s therefore no surprise that the 160 million pet-owning U.S. households are projected to collectively spend $60.59 billion on pet care in 2015, after shelling out $266.5 billion in the previous five years. Furthermore, it’s obvious why a flourishing pet financing industry has cropped up to help people afford the sometimes-exorbitant costs associated with caring for our furry, feathered and scaled friends.

In this guide, we will help you understand the financing available to both current and prospective pet owners as well as compare the most popular offers to help you find the best deal.

Financing Options

You can obviously finance pet care costs with a standard personal credit card or loan.  But if you aren’t satisfied with the terms you’re able to get approved for, a number of lenders offer pet-specific loans and lines of credit.  These financing offers are generally targeted to people with fair or bad credit, which means they could help you care for your pet when no one else will, but the cost may be steep.

Below you can find a breakdown of the most popular pet financing plans available to consumers.

Veterinary Assistance Programs

There is a wide range of animal charities that may be able to help you afford certain veterinary bills, either in the form of financial assistance or by connecting you with organizations that provide funding support. We recommend checking with your local animal shelter as well as looking into the resources listed below.

Money-Saving Pet Care Tips

Like any major expense, there are myriad ways that savvy pet owners can defray the cost associated with keeping their dogs, cats and other animals both happy and healthy. Here are some of the best ways to do so:

• Adopt From A Reputable Shelter: There is little reason to purchase a dog or a cat these days, considering that 3.9 million dogs and 3.4 cats enter shelters each year, with 2.7 million being euthanized, according to the ASPCA.  What’s more, you’ll only have to pay a small adoption fee when getting a pet from a shelter, compared to the $500 - $3,000 price tag for a pet purchased from a private breeder.So, save a life and do your wallet a favor by adopting your next pet. 

• Know Your Breed’s Risks: Due to the way in which they were bred over the years, certain types of dogs and cats have specific breed-related problems.  For example, Labradors often have issues with hip dysplasia and bulldogs are prone to breathing problems. Knowing what to watch out for will make preventive care easier, in addition to giving you foresight regarding potential major expenses down the road. 

• Purchase Pet Insurance: Insurance, of any type, is designed to protect the holder from unknown financial risks. In return for regular payments, the insured enjoys coverage against certain predetermined events that could prove debilitatingly expensive without such a safety net. That’s true for auto insurance, home insurance, life insurance and pet insurance alike.However, while 95% of home owners have insurance, 70% of adults have life insurance and all drivers are legally required to have auto insurance, only about 3% of dogs and 1% of cats are covered by pet insurance, according to the American Pet Products Association.

  The average dog insurance policy will run you around $30 per month, based on numerous estimates, while insuring a cat costs about $10 less.  And though insuring your pet is ultimately your choice, make sure to review the cost of common veterinary procedures before deciding. 

• Borrow Supplies If Possible: If you know someone with an older pet, ask them if you can borrow any supplies that are no longer needed. You might be able to score a crate, a bed, collars, leashes, etc. 

• Shop Online For The Best Prices: Pretty much any pet supply can be purchased online. By comparing costs across multiple websites, you’ll be able to find the best deal. Signing up for a service like Amazon Prime that provides free shipping and expedited delivery might be worthwhile as well.  

• Start A Pet Emergency Fund: Having a financial safety net is crucial. That’s why we recommend that people with existing debt set aside some savings before beginning to concentrate on paying off amounts owed. But, since you’ll want to make sure to have enough money put away for various types of financial emergencies that might befall you, so it’s a wise idea to segment these emergency funds across multiple accounts. Having a general emergency fund and a pet emergency fund, for example, will give you increased visibility in terms of your ability to afford both major car repairs and major veterinary surgery, for example. 

• Plan For Increased Costs In Old Age: Just like with humans, your pet’s medical needs will increase as it ages. There will be more trips to the vet, more medicines and various other expenses you may never have thought of.For example, my Black Labrador, Missy, lived until she was 15, and during the last few years we had to purchase a harness collar because she had problems with her hind legs as well as lots and lots of “pee pads” due to her lack of mobility and spotty bladder control.  But she was happy (and quite bossy) until the end, and that’s all that matters! 

• Mind Your Pet’s Diet: All animals need a healthy diet in order to live long, healthy lives. So, research the ingredients of your pet’s food and see what experts recommend. This will help you identify the value sweet spot between cost and product quality. 

• Go For Regular Check-Ups: Preventive care is important for both people and pets. That means you should make sure to schedule regular vet visits so you can nip and potential problems in the bud.  Don’t just put it off because going to the vet is an ordeal for both you and your pet.One interesting thing to look into in that regard is the availability of in-home vet services. My dogs’ veterinarian comes to our house, and being in their own environment really helps keep them calm. 

• Take Daily Walks: Exercise keeps the body healthy and limber (both yours and your pet’s).  Regular walks – whether a mile or just around the block – will therefore do wonders for all involved, including your wallet.

Ask The Experts: Analyzing Veterinary Lending

We turned to a panel of leading pet care experts, including a number of veterinary professionals, for more insights into how to better afford vet bills and the nature of the veterinary lending landscape.  You can check out their bios and responses to the following questions below.

 

Image: ANURAK PONGPATIMET / Shutterstock