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A pet is a part of the family, but ownership can be costly – especially when it comes to vet bills. Whether it’s routine care or emergency treatment, it’s important you are able to pay for your animal’s veterinary care. If you need support, Savvy can help you find vet finance that suits your needs. Get started with a free quote today!
Vet finance or pet loans are personal loans that you can use to cover your pet’s veterinary expenses and other costs. With households spending an average of $3,218 each year on a pet dog and $1,715 each year on their cat, according to research by Animal Medicines Australia, the financial strain of unexpected vet bills can be substantial. Pet loans offer a solution by providing extra funds to help cover the shortfall. As well as healthcare, your pet personal loan can also be put towards your pet’s food, training, grooming costs and pet insurance, or however else you see fit.
When you apply for vet finance, the loan amount, interest rate and repayment terms will be decided based on your creditworthiness and financial situation. You must also be at least 18 years old and typically an Australian citizen or permanent resident. Repayment terms generally range from one to seven years, allowing you to choose a schedule that fits your budget. By spreading the cost of veterinary care over a manageable period, you can afford the care your pet needs without immediate financial worry.
The best vet finance option is one that best meets your specific requirements. There are a number of factors to weigh up when considering a personal loan for vet expenses. These include:
If you need help, you can compare a variety of lenders and offers across the country in one place with Savvy, helping to save you time, effort and money on your personal loan.
When it comes to managing pet care expenses, personal loans are not the only choice you have. Here are some other options:
Payment plan
Many clinics offer payment plans like VetPay that allow you to spread the cost of care over a period of time, which can be a helpful way to manage large or unexpected vet expenses without having to pay everything upfront. Some vets also allow you to use buy now pay later services such as Afterpay for smaller costs, which you pay back in instalments
Pet insurance
There are many pet insurance policies on the market to help people give their pets the best care they can. Pet insurance can provide cover for things such as illness, accidental injury and also trips to the vet. However, you will have to consider the flexibility of the policy you are interested in to see if it will cover a wider range of illnesses such as diabetes and injuries sustained from certain activities. Pre-existing conditions are also generally excluded. Weighing the cost against what the policy offers will help you see if you are getting the best value.
Pet saving account
Opening a savings account and depositing a small amount every month is another way to cover your pet’s vet costs when they arise. This way, you can be prepared for any eventuality and have funds on hand immediately – and without any extra costs like interest or fees to consider. Savings take time to build up, but even if you cannot cover the whole bill, you can still use your savings to offset your personal loan amount.
It’s also important to remember routine check-ups, even if you pet is currently healthy. Catching problems early before they grow into something more serious – and costly to treat – can help you save money in the long run, as well as make sure your pet is in the best health possible.
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Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
