Pet financing refers to using credit cards and personal loans for vet bills or other pet-related expenses. Some pet finance companies, like LendingUSA and CareCredit veterinary financing, offer special financing options with deferred interest. You can also use traditional personal loans and credit cards to pay for virtually anything, including vet bills and pet purchases.
If you can afford to make on-time payments, then pet financing might make sense to protect your pet’s well-being. A loan for pet surgery, for example, can help you come up with the funds needed to keep your pet healthy.
There are pet expenses you can plan for, and unexpected vet bills that you can’t. The average vet visit cost is around $50 for a basic appointment, but it can be as high as $250 or more for a specialist or emergency vet, according to PetMD.
Nearly half of pet owners have been in debt for their pets, a September 2020 LendingTree survey found. But with the right financial planning, you may be able to avoid taking out debt for your pet altogether. The graphic below outlines some of the basic recurring and one-time pet expenses that you can expect to pay:
• Credit score
• Positive payment history
• Debt-to-income ratio
Every lender and credit card issuer has different requirements. In general, they will look at your credit history, income and other financial indicators, such as how much debt you have, to determine whether you qualify.
Personal loans (and credit cards, for that matter) can be used to pay for virtually any pet-related expense, from pet surgery or cancer treatment to financing adoption fees. However, certain pet financing options, like CareCredit, may only work with certain veterinary providers. Weigh your options before committing to a certain financing option.
Before settling on a particular lender or credit card issuer, compare interest rates and fees.
Most personal loan lenders allow you to apply for prequalification with a soft credit check, which won’t affect your credit score. Doing so will let you get an idea of the APR and terms you may be offered.
When comparing credit card offers, look at the card user agreement to compare potential APRs and special financing offers. You should also take into account any annual fees and late fees that may be charged.
Only borrow what you can afford to repay. When you utilize special financing services like CareCredit or take out a LendingUSA pet loan, they should let you know how much your monthly payments will be. If you can’t afford the monthly payment, then seek alternative financing options, like borrowing from friends or family or talking with your vet about financial aid. Defaulting on your loan or credit card could result in:
Personal loans…
Credit cards…