What are veterinary loans?
Veterinary loans are when you borrow money to cover vet expenses. Some people use these loans to have their pets spayed or neutered. Others use vet loans to cover costs related to setting broken bones, treating canine or feline cancer, getting help after a car accident, buying arthritis medication, and for a variety of other needs. Your pets are a part of your family, and they deserve adequate medical care when they are sick or in pain.
Some people also use veterinary loans to get care for large animals. This includes horses but also livestock.
What are the benefits of veterinary loans?
With a veterinary loan, you can get your pet the care they need. Depending on your situation, getting timely care can help to avoid expensive issues down the road. In other cases, veterinary care can save your animal’s life.
When should you get a loan for your pet?
When you are trying to decide whether or not you should take out a loan to cover veterinary costs, you may want to consider the following questions:
- Does getting veterinary care now potentially save you money in the long run?
- Will your pet die or suffer if they don’t get veterinary care?
- Do you have savings or an alternative way to cover the costs?
- Can you afford the repayment terms on the vet loan?
- Does your vet offer a payment plan? If so, can you continue to receive care if you are on a payment plan? Does the plan offer a better or worse interest rate than you can get from a lender?
- Have you shopped around to find the best rates for veterinary loans?
- Can you find a loan that covers all your anticipated upcoming veterinary costs for the lifetime of the loan? That way, you don’t have to worry about incurring new costs while you are repaying the loan.
What is an installment loan?
Veterinary loans are installment loans. An installment loan is where you take out a lump sum of money. Then, you may repayments on a monthly basis. In most cases, the payments are the same amount every month for the lifetime of the loan.
Once you finish repaying the loan, you have to apply for a new one. You cannot just repay the funds. In contrast, if you have a credit card or a line of credit, you can spend the money, repay the funds, and spend the money. These loans are called revolving loans, and they are considered to be the opposite of an installment loan.
How do you apply for veterinary loans?
Citizen Financial offers installment loans to our clients, and we can help you apply for veterinary loans. To get started or to learn more, contact us today. We look forward to helping you get the funds you need for your pet’s care.