Pet financing: Should you get a pet loan?

If you need help financing your pet’s medical bills or want to purchase a service or emotional support animal, a pet loan is not the only option. Depending on the circumstances, alternative financing options can be just as useful as a pet loan:

—Credit: Using credit allows you to pay for the high costs of vet bills or service dog training over time. However, the average credit card interest rate is about 20%, keep in mind you’ll be accruing interest on the balances you can’t repay each month unless you have a 0% APR card.

—Nonprofit assistance: Many nonprofit organizations work with people who need service animals. There are programs for veterans specifically, as well as programs for people with autism and physical disabilities. Some non-profit organizations offer grants or loans with low interest rates to help pet owners finance their pet’s medical treatment.

—Payment plan: Your vet may be willing to negotiate a payment plan, which can lighten the financial blow by breaking it into increments. However, not all vets offer this option. It’s best to ask as soon as you arrive to make alternate repayment plans should your vet not offer it.

—Pet insurance: Pet insurance covers all or a portion of veterinary expenses, like procedures and treatments resulting from accidents, illness or general wellness bills. Prices vary between insurance companies and policy coverages.

—Vet schools or low-cost vet options: Vet schools often have affordable clinics that allow students to practice, so your pet can get the treatment it needs at a fraction of the cost quoted by other clinics. Depending on where you live, there may be some low-cost vet options, although the clinics may not offer the same services as traditional animal hospitals.

The bottom line

If your pet needs a veterinary procedure or you need a service dog or emotional support animal, a pet loan can be a useful way to cover the expense at an affordable rate.

However, a pet loan is still an additional debt that impacts your finances. It can jeopardize your credit if you don’t stay on top of the payments and pay the loan off promptly. To best protect your finances, research and compare multiple lenders to find the most competitive rate and terms before applying for a pet loan.