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How to pay for vet bills: 4 options

Yahoo Personal Finance· Getty Images
Updated 5 min read

You can’t predict if your pet will get sick or injured – nor the costs when it happens. According to healthcare financing company CareCredit, the average cost of initial triage and a physical exam at the emergency vet is between $150-$250, and that cost can grow substantially if your pet needs additional testing or care. While pet insurance can help offset these costs, it may not cover everything.

Several financing options are available if you’re concerned about your ability to pay vet bills. Here’s what you need to know about financing vet bills and how to choose the right financing option.

Pet-sitting company Rover’s 2023 cost of dog ownership survey estimates that pet parents spend $1,135 to $5,155 in their first year of ownership. These figures include initial adoption costs, spay/neuter surgery expenses, food and supplies, pet licenses, and routine vet care. Annual costs dip after the first year, with dog owners spending $610-$3,555 on average for vet care and other essentials, according to the survey.

Cat ownership costs substantially less. New cat owners pay between $755-$3,020 the first year after welcoming their furry family members home, Rover found. Again, these numbers include adoption fees, spay/neuter surgery, food and supplies, and routine vet care. Annual expenses decrease to $325-$1,600 after that.

The cost of pet care varies depending on factors like your pet’s age, overall health, and where you live. Regardless, costs can add up to hundreds or thousands of dollars annually. While paying out of pocket for veterinary care is often the best approach to avoid interest costs, sometimes doing so isn’t feasible — especially if your pet needs unexpected surgery or emergency medical care.

A personal loan can be a smart way to finance an expensive veterinary procedure. These pet loans are often disbursed on the same day of approval or within a few business days. They’re typically unsecured, meaning lenders don’t require you to put up collateral such as your home or car.

Depending on your lender, you could borrow as little as a couple hundred dollars or as much as several thousand. Personal loan rates also differ by lender, but generally, these loans have lower rates than credit cards. According to Federal Reserve data, the average rate for a 2-year personal loan is around 12.17%.

You’ll generally need good credit or excellent credit to get approved for a personal loan, though some lenders may have more flexible credit score requirements. Your lender will also run a hard credit check as part of the loan application process, which could ding your credit score by a few points.

Regular credit card annual percentage rates (APRs) are often significantly higher than what you’d get with other types of financing, averaging around 22%. Given this, a credit card may only be the best choice for large vet bills if you can qualify for a new card with a 0% introductory APR on purchases. These cards don’t charge interest for a set period of time, often up to 12 or 18 months. If you pay off your balance during the introductory period, you won’t incur interest costs at all.

Typically, you’ll need good-to-excellent credit to qualify for a 0% intro APR credit card, and your credit card issuer will do a hard credit pull and review your credit history as part of the approval process. If you do need to put emergency pet care on a credit card with a high interest rate, work out a payment plan for yourself that ensures you pay off the full amount as quickly as your budget allows.

Read more: How to choose between a personal loan vs. a credit card

While pet insurance isn’t a loan or credit line, getting a pet insurance policy can help you save on vet bills. Pet insurers often provide accident and illness coverage with wellness coverage as an optional add-on, so if your pet is injured or ill, your insurer will pay for a percentage of their healthcare costs. While most pet insurance policies reimburse you for a portion of your veterinary costs after the fact, some will pay your vet directly.

Like other types of insurance, you’ll pay a monthly premium for pet insurance coverage. The cost of your premiums can vary depending on the type of pet you have, their age, overall health, and other factors. Generally, premiums increase as your pet ages, so be aware of that as you compare policies.

A payment plan may be another option, depending on whether your vet offers them. These veterinary financing plans allow you to pay for large vet bills and pet surgeries over time, rather than making a large upfront payment. Rates and terms for payment plans vary by veterinary practice, so learn more about available plans before signing up.

Financing can help make veterinary bills and other pet care costs more manageable if you’re struggling, but there’s not one right loan product for every borrower. Instead, the best type of financing will depend on your situation. As you compare loans and credit lines, look at rates, terms, potential fees, borrower requirements, and your overall budget to determine whether monthly payments are affordable.

As an alternative to financing, consider a pet insurance plan, since the right coverage could help reduce your veterinary costs significantly. While you’ll pay monthly premiums with pet insurance, they’re often relatively affordable, especially if you get a policy when your dog or cat is young. Get quotes and compare policies, paying close attention to what’s covered versus not covered. Doing your due diligence will help you find the right policy for your furry family member.