Vet Finance

Looking for a personal loan to cover your vet and pet care expenses? Compare finance offers right here with Savvy and save.

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, updated on June 21st, 2024       

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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!

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?

Types of personal 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.

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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