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It’s estimated that there are more than 80,000 pets in Alexandria, with Alexandria being recognized for being a very pet-friendly city. If you’re one of these pet owners in Alexandria, you know that pets are family members. So, when they get sick or injured, you want to do everything in your power to get them on the road to recovery. But, many times, everything in your power can mean draining everything out of your bank account.
Financial considerations are a huge concern for pet owners who want to give their pets the right care, but just can’t afford it. One study found that more than half of all pet owners skipped needed veterinary care over the past year because it was too expensive. That includes 37% who went to the vet but declined care recommendations due to the cost.
What do you do when your pet needs medical care, but the cost is too much to bear? Financing has become a real option for pet owners who are struggling to cover large vet bills.
6 Reasons Why People are Looking to Financing to Pay for Vet Bills
People in Alexandria, and around the country, are looking to finance their pet bills so they don’t have to make heartbreaking choices.
Here are 6 reasons why people are taking the financing route:
Emergency Care & Rising Costs
If your pet faces an emergency, you will face an unexpected bill that will likely be expensive. Many people don’t want to use any “rainy day” funds they may have for these types of bills, or they may not have these types of funds available. But they are also faced with the situation of their pet needing emergency care.
While a routine exam can cost around $100 to $150, if that exam discovers serious issues, expect to pay much more. Major surgeries can run anywhere from $2,000- $10,000. The more complex the treatment, amount of hospitalization, and treatments needed, the more you can expect to pay.
Even if your pet doesn’t need major surgery, but requires bloodwork, X-ray, or scans, you can still be dealing with a bill that runs in the hundreds of dollars. With financing options, pets can get the emergency care they need, making it affordable for their owners.
No Pet Insurance
As of 2023, statistics showed that about 4% of dogs are insured, and only 1% of cats. Many pet owners don’t take out pet insurance because they feel like they’ll never need it, especially if their pets are young and healthy at the time. But, as with humans, emergencies and illnesses can occur at any time. When these things happen, bills can be expensive and pile up quickly.
Even for those with pet insurance, there may be procedures that are not covered or that are capped at a specific dollar amount. In these situations, the owners are responsible for paying the balance. This is why financing becomes an attractive option.
Pets are Family Members
Pet owners don’t consider their animals “just pets”. They are members of the family. They want to do everything they can to ensure their pets can be around for as long as possible. If this means an emergency service or treatment, they will look for payment options to make this happen if they don’t have the money to pay for it upfront.
Provides Immediate Care
Financing allows pet owners in Alexandria to agree to procedures without having to put money up front. They don’t have to worry if they don’t have the immediate cash for the procedure because financing relieves that burden. It also ensures that their pet can get the care they need when they need it.
Different Options
Less than one in four pet owners say their vet has ever offered them a payment plan. Many vets won’t even entertain the option because past clients may not have honored their payment obligations.
This is why veterinarian offices that can provide customer financing can truly help their clients. Pet owners don’t have to worry about how they’re going to afford pet care, and can have peace of mind that their pet will get the best treatment possible.
With financing, pet owners have options. Some plans even offer no interest if the balance is paid off by a certain date. Many set up convenient payment plans that allow the bill to be paid in a reasonable amount of time.
Can Prevent Borrowing from Family and Friends
When people can finance their pet bills, they can avoid borrowing money from family and friends. This can prevent arguments and downright messy situations that can occur when borrowing money from family. Plus, you don’t have to worry if you’re not repaying the money in the timeframe they would prefer.
What to Know Before Financing Your Veterinarian Bills
If you’re thinking about financing your veterinarian bills in Alexandria, there are a few things you should know before signing on the dotted line.
Your Credit Score Will Be Checked
Before approving your financing terms, lenders will check your credit score and income. Typically, you’ll need to have a good score and a stable income to be approved.
Check Repayment Terms
Being approved for financing is only the first step. Be sure to check the repayment terms so you understand the monthly payments, fixed terms, and any potential late fees you may face.
Look at Deferred Interest & Fees
Read the fine print so you are aware of any deferred interest you may face during the financing term.
Questions to Ask Before Financing Your Vet Bills
There are several questions to ask before financing your vet bills:
What is the interest rate and loan term?
What are the promotional periods?
Can I afford the monthly payments?
What happens if I default on my payments?
These questions are important and can ensure that you can get the financing you need, so your pet gets the care they deserve.
