Pet Financing For Veterinary Care

Whether it’s a present for your children, partner, or yourself, any pet can bring joy to your life and quickly become a part of the family. The only problem is that some pets are quite expensive to purchase, feed, and keep healthy. Nonetheless, the money and effort you invest in them are always worth it. 

If you’re currently dealing with an unexpected pet expense and are interested in learning more about your financing options, Loans Canada has everything you need. 

What Options Do You Have For Financing the Cost of 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:

Personal Loans – This is a specific amount of money that you can borrow from almost any lender in Canada. If you’re eligible for approval, the loan will be deposited as a lump sum directly to your bank account. Your repayment plan would then be broken down into equal installments, which you will gradually pay back with interest. 

Credit Cards – Are often the best choice for smaller animals that involve less maintenance and healthcare, such as reptiles and rodents. They are beneficial because you can take advantage of the minimum (or multiple) payment options for each monthly billing cycle. Some cards also come with perks when used enough. 

Secured Loans – If you’re looking for better rates or are having trouble qualifying for a normal loan due to less-than-perfect finances, you may be able to offer up an asset as collateral, such as a vehicle or other valuable property. This lessens the risk for the lender, so they will often give you better loan terms and conditions. 

Interested in more information about how secured loans work? Click here. 

Specialized Pet Loans – While most everyday financing products can be acquired through your local bank or credit union, there are also many organizations in Canada that offer loans that are designed specifically for pet care. Although rates and conditions will vary from lender to lender, a specialized loan may be able to help you cover a greater variety of pet-related costs.

How to Compare Your Pet Financing Options

Depending on how expensive your pet is and what your financial situation looks like, you may be able to access any of the financing solutions above. However, the less qualified you are, the more limited and expensive your options will be, so it’s critical to compare several sources of pet financing in your area. 

When researching pet financing lenders in Canada, be sure to take these kinds of factors into consideration:

  • What kind of interest rate and repayment plan would you receive
  • How much it would cost to purchase and house your pet
  • The quality and quantity of food that your pet consumes 
  • The veterinary treatments and medications your specific animal needs
  • How long certain animals/breeds are expected to live
  • Who you will hire to care for your pet if you’re at work or out of town
  • How you might cover an emergency medical procedure
  • How you would deal with these expenses (plus your own) during a financial crisis  

Getting ready to apply for pet financing? Before you actually do, it’s also essential to prepare yourself for the application process by: 

  • Asking multiple lenders about their product costs and approval conditions
  • Finding a steady job and saving up plenty of income
  • Settling any current debts
  • Checking your credit report for errors, fraud, or identity theft
  • Keeping your credit score within the ‘good’ range (660 – 900)
  • Organizing the personal/financial information your lender requests (bank statements, identification, etc.) 

What Costs Does Pet 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. For instance, some specialized pet financing products are designed specifically for various veterinary procedures, such as:

  • Surgeries (hip dysplasia, etc.)   
  • Dermatological care
  • Vaccinations 
  • Rehabilitation
  • Micro-chipping

Fortunately, most of the above solutions involve liquid cash or a line of credit and can, therefore, be used to finance just about any pet-related goods and services, including but certainly not restricted to:

  • Food of all kinds
  • Feeding/drinking implements (bowls, bottles, etc.)
  • Bedding/housing (tanks, cages, etc.)
  • Aquarium/terrarium installation & maintenance
  • Insurance
  • Toys/leashes
  • Training products/courses
  • Teeth/body cleaning

Average Cost of Common Veterinary Visits 

It’s clear that many of the highest pet-related costs are associated with veterinary care. Although these types of expenses are more necessary for some animals, medical conditions are possible when it comes to any pet, so it’s best if you’ve got an appropriate financing method on-hand.

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 but aren’t limited to:

Basic Health – 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 – 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 – 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 – 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.

Worried about bad credit? Find out what bad credit lenders are looking for, here

What to Avoid When Looking For Pet Financing

As awesome as it can be to own the right pet, your personal and financial health is always important. This is why it’s in your best interest to make sure that the lender or service provider you choose to work with is reputable and can provide you with a financing option that meets your needs. 

When looking for the right pet financing, make sure you…

  • Avoid applying for too many loans within a short period of time, this can negatively affect your credit score
  • Avoid taking on a loan you can’t afford or that will put you under financial stress
  • Find a lender that meets your needs and offers a realistic loan and repayment plan

Find Pet Financing Through Loans Canada

Remember, your pet is a member of the family, so it pays to keep them as healthy and happy as possible, which often means some financing is essential. This is where Loans Canada can help. We can match you with the best sources of pet financing in your area. 

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