Pets are family, and they deserve top-notch care. But that typically requires a financial commitment, and vet bills can easily catch you off guard.
Fortunately, vet care financing helps you cover unexpected costs without draining your savings. Read on to learn more about pet and veterinary care financing in Canada.
Key Points
- Veterinary care can cost hundreds and even thousands of dollars, sometimes leaving pet parents with a huge bill they may be unable to cover.
- Pet and veterinary care financing can come in handy to cover a big bill, allowing borrowers to spread the cost over time.
- Pet insurance is another viable option to consider, which covers a percentage of vet care costs.
What Financing Options Are Available For Veterinary Bills?
As mentioned, one of the larger expenses associated with pets is the cost of keeping them healthy. Medical emergencies are often the biggest culprit when it comes to large veterinary bills.
As necessary as veterinary procedures are, their costs can be well above your income and savings account balance. If that’s the case, don’t worry, because there are many ways to finance those expenses over time, such as:
Finance Your Vet Bills With A Personal Loan
This is a specific amount of money that you can borrow from almost any lender in Canada. If you’re eligible for approval, a personal loan can provide a lump sum of money to cover any sort of vet bill. Your repayment plan would then be broken down into equal installments, which you will pay back with interest over a set term.
Finance Your Vet Bills With A Specialized Pet Loan
A specialized pet loan is a type of personal financing designed specifically to cover veterinary expenses, pet surgeries, or even adoption fees. These loans often come with flexible repayment terms and can be a lifeline for pet owners facing unexpected costs, ensuring your pet gets the care they need without delay.
Finance Your Vet Bills With A Credit Card
Though not ideal for larger expenses, using revolving credit to tackle veterinary bills is a popular approach. If you use this method of payment, it is best kept for smaller bills or smaller animals that involve less maintenance and healthcare, such as reptiles and rodents.
Credit cards can be useful because you can take advantage of the minimum (or multiple) payment options for each monthly billing cycle. If you’re able to repay the full balance before the due date, you can avoid interest charges.
If you do carry a balance, aim to use a card with a low interest rate. And look for a card that offers a rewards program to make the most of your credit card expenditures.
Finance Your Vet Bills With A Small Cash Advance
If time is of the essence and you don’t have the credit score needed to get approved for a traditional loan, then a small interest-free cash advance may help. Here are a few worth checking out:
- Bree: Bree’s cash advances of up to $500 can help bridge the gap between paycheques or to cover urgent expenses. There’s no credit check, no interest, no late fees, and funds are accessible within minutes.
- Nyble: Nyble offers users up to $250 without any credit checks or interest. You can also use Nyble to build positive credit, as payments are reported to the credit bureaus.
- Money Up: MoneyUp’s FastForward feature offers instant access to a credit line up to $1,000. There’s no interest charged, though a 2.5% transaction fee applies for every $100 withdrawn.
- KOHO Cover: KOHO Cover is an interest-free cash advance of up to $250 that can be useful for emergency expenses or unexpected purchases. A small monthly subscription fee is required.
Pet Vet Bill Loans Eligibility Requirements
A pet care loan is fairly straightforward and typically comes with the same eligibility criteria for those looking for other types of financing:
- Age: You must be the age of majority in your province.
- Residency: You must either be a Canadian permanent resident or citizen and be able to provide proof of address.
- Bank Account: You must have an active bank account.
- Income: You must meet the minimum income requirements as per your lender.
- Debt: In addition to your income, the lender will want to measure your debt level relative to your monthly earnings to ensure your debt-to-income (DTI) ratio doesn’t exceed a specific threshold (typically 44%).
- Credit Score: Your lender may conduct a credit check to ensure you meet minimum credit score requirements.
| Can You Apply With Bad Credit? Many lenders accept bad credit, making loans more accessible to those with less-than-perfect credit profiles. Must keep in mind that these loans come with higher rates, making them more expensive than traditional loans. |
How To Apply For Pet Care Financing
It’s fairly easy to apply for pet care financing. Just follow these steps:
Step 1: Review Your Credit Score
Your first step should be to look at your credit report and score. You want to know where you stand and how strong your application form is before applying. You can quickly check your credit score for free using Loans Canada’s CompareHub tool.
If you have good credit, your odds of loan approval at a lower rate are much higher. If you see that you have a low score, take some time to give it a boost.
Step 2: Compare Loan Options
Research lenders to see what types of loan offers are available to you based on your credentials. This is easy to do thanks to online loan comparison platforms like Loans Canada.
Step 3: Apply
Complete the lender’s loan application, ensuring all fields are completed in full and accurately. You’ll also be asked to supply various documents to support the information on your application, such as:
- Photo ID
- Proof of residency
- Proof of income
- Statement of debts
Once the loan company receives your application, it will review your information and ensure that you meet the requirements for financing. Provided you are approved, you will receive a loan contract (often digitally).
Step 4: Get Funded
After you have signed and submitted the contract, the amount will be transferred based on your agreed-upon funding method (usually direct deposit or e-Transfer). Then, you’ll start making loan repayments as per your agreement.
Veterinary Bill Financing Costs To Consider
There are a few key factors involved in the cost of pet and veterinary care financing, such as the following:
Interest Rate
The interest rate is what lenders charge to earn a profit on a loan. The higher the rate, the more you’re going to pay. The rate you’re charged will depend on things like your credit score, income, debt, and requested loan amount.
Loan Term
The duration of the loan will determine how much you end up paying in interest charges. A longer term means you will have lower regular payments. However, it results in paying more in interest due to it compounding over time. A shorter loan period means that you pay less in interest, though the payments are higher.
Loan Amount
The more you borrow, the more you’ll have to pay back. So, don’t borrow any more than necessary.
The vet will typically give you a quote directly, though it may not represent all the costs. For instance, if you need to cover the cost of medication, prescription food, or transportation with the proceeds of the loan, you may need a higher borrowing amount.
| How much will your loan cost you? To figure out how your loan will cost, use this online loan calculator. |
What Costs Does Pet Care Financing Cover?
There are several forms of pet financing that you can apply for in Canada, some of which may come with conditions that are right or wrong for your particular situation. However, generally, you can use your loan to finance various veterinary procedures and pet-related goods and services, like the following:
Veterinary Procedures
- Surgeries
- Dermatological care
- Vaccinations
- Rehabilitation
- Cancer treatment
- Micro-chipping
Pet-Related Goods & Services
- Bedding/housing (tanks, cages, etc.)
- Aquarium/terrarium installation & maintenance
- Pet Insurance
- Training products/courses
- Teeth/body cleaning
What Is The Average Cost Of Common Veterinary Visits?
Veterinary care can be quite expensive, which is why you should assess your finances before ever getting a pet.
While procedures and treatments will vary in price based on your province, living area, animal species, and chosen clinic (private clinics are often more expensive), some of the most common veterinary costs include the following:
| Cost | ||
| Basic Health | $300-$500 | Depending on what breed and size of animal you have, you can expect to spend an average of $300 – $500 a year on simple but necessary treatments, such as check-ups, parasite checks, and grooming. |
| Spaying/Neutering | $100-$800 | Though this is not a mandatory procedure, spaying and neutering helps limit our country’s stray animal population and will usually cost a one-time fee of $100 – $800 (depends mainly on the size of your dog or cat). |
| Dental Work | $200-$7,000 | Dental hygiene is important for many species. Unfortunately, like with humans, some procedures can be quite pricey. Most exams, tooth extractions, and cleaning services range from $200 – $7,000 (veterinarians may bill you for time, resources, and even the amount of teeth pulled). |
| Vaccinations | $10-$30 | Basic vaccinations (rabies, deworming, antibiotics, etc.), while cheaper than other procedures, may still range from $10 – $30 per shot. However, many clinics can offer you a bundle cost for several vaccinations at once. |
What To Avoid When Looking For Veterinary Care Financing
When looking for the right pet financing, consider the following:
- Number Of Loans: Avoid applying for too many loans within a short period of time, as this can negatively affect your credit score
- Loan Amount: Avoid taking on a loan you can’t afford or that will put you under financial stress.
- The Lender: Find a lender that meets your needs and offers a realistic loan and repayment plan.
Other Ways To Finance Your Vet Bills
There is more than one approach to financing veterinary expenses.
- In-House Financing: In-house financing at vet clinics allows you to pay for treatments through manageable installment plans directly with the clinic. This flexible option helps reduce financial stress during emergencies or costly procedures, making essential care more accessible.
- Non-Profits: Another approach is looking into non-profits in the area. You can contact your local Humane Society or SPCA (Society for the Prevention of Cruelty to Animals). Particularly for spaying and neutering procedures, most of these agencies make the services financially accessible. These organizations may also be able to help low-income pet owners with affordable veterinary services in the area.
What About Pet Insurance?
Pet insurance is a type of health coverage plan designed to help pet owners manage the cost of veterinary care. Like other types of insurance, pet insurance works by reimbursing a percentage of eligible vet bills after the deductible is paid, with coverage limits and exclusions in place (which vary by provider). Plans are available for dogs, cats, and sometimes exotic pets.
Pet insurance typically covers the following:
- Accidents
- Illnesses
- Surgeries
- Chronic conditions
Premiums depend on factors such as the following:
- Breed
- Age
- Health
- Location
Tips To Lower Vet Bills Without Financing
While it might be difficult to avoid seeing a vet altogether, there are practical things you can do to help you lower veterinary bills without relying on financing:
- Maintain A Healthy Lifestyle: Proper diet, exercise, and weight management reduce the risk of chronic conditions, like diabetes or arthritis. A healthy pet means fewer vet visits.
- Brush Your Pet’s Teeth Daily: Dental cleanings can cost upwards of $1,000 or more, depending on your pet’s oral condition. Daily brushing helps avoid plaque buildup and expensive procedures.
- Use Over-The-Counter Meds: Ask your vet about safe OTC alternatives for flea, tick, or allergy treatments. Generic medications can be significantly cheaper than brand-name prescriptions.
- Comparison Shop For Medications: Compare prices of meds at online pet pharmacies, warehouse clubs, or use price-matching at local vets.
- Request Detailed Estimates: If your pet requires vet care, be sure to request an estimate first with a breakdown of costs. This will help you understand what’s essential and what can be postponed or declined.
- Groom At Home: Regular grooming is important, as it prevents skin infections, matting, and ear issues. That said, you may not necessarily need to visit a groomer. Instead, you can tackle these sessions on your own by investing in basic tools like nail clippers and brushes.
- Use Low-Cost Clinics Or Vet Schools: Veterinary teaching hospitals often offer discounted services, and are typically supervised by licensed vets. So, you’re still getting quality care at reduced rates.
Final Thoughts
Keeping your pet as healthy as possible requires a financial commitment. If your bank account isn’t sufficient to cover some of these expenses, financing may be needed. If you’re in need of pet and vet care financing, Loans Canada can help match you with the best financing sources based on your financial and credit profile.
