Vet Finance | Pet Loans | Veterinarian Personal Loans | Savvy

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Written by , updated on June 21st, 2024

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!

What is a pet loan and how does it work?

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.

How do I compare vet finance?

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:

Interest rates: the interest rate can have a big impact on the total amount you pay. Lower interest rates will reduce the overall cost of the loan.
Fees and charges: many personal loans come with additional fees, such as application fees, early repayment fees, late payment penalties and monthly account fees. It’s important to be aware of all costs involved and factor these into the final cost.
Comparison rate: the comparison rate shows the true cost of a loan by taking the loan’s fees and charges and expressing it as a percentage, which you can use to calculate how much you will be paying each month.
Approval and funding time: consider how quickly you can get approved and how long it takes to receive the funds. This is especially important in emergencies when you need immediate financial assistance.

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.

What alternatives are there to personal loans for pet care?

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.

Why compare personal loans through Savvy?

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Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Common questions about finance options for your pets needs

How quickly can I get vet finance?

You can receive an instant approval within one to two minutes of submitting your application, after which point it can be processed, fully approved and funded within 24 hours.

How long can I take to repay my pet personal loan?

Personal loans are generally offered over terms between one and seven years in length. However, the term you're approved for will depend on your profile (longer terms are generally reserved for borrowers deemed to be safer by lenders, such as those with very high credit scores) and the size of your loan (a seven-year term would make little sense for a $5,000 loan).

Can I get a loan if I use any practitioner?

Yes – as it's a personal loan, which is able to be used however you wish, you can choose any practitioner you like for helping your pet out.

Can I get pre-approved before taking my pet to the vet?

Yes – pre-approval is often a great way to help determine the type of loan you're eligible to take out before you commence the formal application process.

Can I pay out my loan early?

Yes – one of the features most of our partnered lenders offer is flexibility when it comes to repayments, in particular not penalising early repayments. This gives you as a borrower the opportunity to save more on your loan and reduce the interest paid overall by contributing more than the minimum, therefore shortening its term.

Can I use the loan to pay for upfront pet insurance fees?

Yes – the loan you take out doesn't have to be used exclusively for the cost of a procedure or checkup itself; you can also use it to pay for any other associated expenses, such as pet insurance.

Personal loans by city

adelaide

Adelaide

brisbane

Brisbane

canberra

Canberra

hobart

Hobart

melbourne

Melbourne

perth

Perth

sydney

Sydney

Handy personal loan guides

Still looking for the right personal loan?

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.

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Disclaimer and important things you should know

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.

© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.

© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.

1300 974 066

Sign up to our newsletter

Disclaimer and important things you should know

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.