Pet financing: Should you get a pet loan?

At the end of the day, taking out a pet loan is best used when funding large, necessary expenses, like major medical bills or support animal costs.

Surgery or major treatments

The bills can be astronomical if your pet needs surgery or major treatments. For example, dog intestinal blockage surgery can cost up to $7,000. A CCL (ligament) surgery can cost owners anywhere from $3,000 to $5,000, depending on the severity of the injury.

Most vets require owners to pay at least a downpayment before starting treatment. While many offer financing options, most offer point-of-sale loans with astronomically high interest rates or branded credit cards.

Depending on your credit score, it’s likely that a pet loan will carry much lower rates than the in-house financing option offered by most vets and animal hospitals. Due to this, it’s best to research before you even get your new pet to ensure you have an affordable financing option should an emergency medical situation arise.

Service, therapy and emotional support animal financing

The average cost of a service dog can be anywhere from $15,000 to $30,000, with the more expensive animals costing up to $50,000. These costs do not account for everyday expenses, like food, accessories and veterinary care, which averages an annual minimum of $500. Unlike support animals, service animals are limited to specific animals, like dogs and horses, and are trained to complete specific tasks for a person with a disability.

Emotional support animals don’t have any official certification programs. They cost far less than a service animal and don’t need to pass any specific training requirements.

Because any domesticated animal can be registered as an emotional support or therapy animal, there is no overall average cost for these pets. Still, you will need to pay to visit a doctor or licensed therapist who can attest to your need for an emotional support animal.

Due to the lessened training responsibilities required of support animals, they’re not permitted in as many public spaces as registered service animals. For example, service animals are permitted in grocery or retail shops, where support animals may not be welcome, depending on the company.

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