Pet Financing: Don’t Do It, It’s A Waste Of Money

3 min read

pet financing


I’ve recently come across something quite fascinating! Until today, I did not know that pet financing was a thing! Simply put, somebody would willingly purchase a new pet using credit. Just like how you can get loans for a car or a house, you can also finance a new pet. Now, there are several problems with this!

Just like any other form of financing, when you have to buy something using credit, you simply cannot afford it. There are so many better alternatives that you can take as opposed to pet financing.

In this article, we will explore what alternative options you have when you want to bring a new furry family member home.

Can you finance a pet?

Yes, you can finance a pet. They are lenders out there that are ready and willing to lend you money in order to purchase a new pet if paying cash is not an option. Although your options are limited, unlike getting other forms of unsecured credit, there are financing options. But should you? Probably not.

How much does it cost to finance a pet?

Depending on your lender, they are various factors when determining how much it would cost to finance a pet:

  • Any application fees
  • Down payment costs
  • Interest rates

Financing a pet can be very expensive. Other than any application fees or down payments, the interest rates are usually very high. They can range anywhere between 20% to 200%, depending on your credit score and who the lender is. Just based on those numbers, financing a pet is very expensive.

What’s wrong with pet financing?

Let’s start off by getting one glaring thing out of the way. Like I mentioned above, any form of financing simply means you can’t afford it. They are of course exceptions when it comes to a mortgage, but that’s usually where it ends. Unless you finance something that increases in value or generates income, it is flat-out not worth it.

The honest truth is, you can Finance anything and everything in this day and age. They are so many services is out there that allow people to make monthly payments on any and every purchase they make. The only way most people can justify purchasing a $5,000 dog is by financing it. Why shell out five grand when you can finance it instead?

Another shocking aspect of pet financing is the interest rate. Not only do you have to take out a loan to purchase a new pet, but you are also paying anywhere between 30% to 200% interest! That’s exorbitant! Why would anybody do this?

Now that you have an idea of how much of a financial mistake pet financing is, here are some alternative ways to get a new furry family member.

Adopt from a shelter instead

Instead of purchasing and financing your new furry family member, consider adopting from a shelter. Instead of financing thousands of dollars for a new pet, you can pay anywhere between $50 to $200 to adopt a pet.

According to the ASPCA, almost 1 million pets are euthanized each year because they cannot find a home. Without looking at the financial aspect of financing a pet, it’s a much more Humane approach to adopting and rescuing a pet.

pet financing adopt

When looking at the financial aspect, that $50 to $200 will usually include spraying, neutering, any initial medical procedures the pet might need. On the other hand, if you finance a $3,000 purebred dog, you also have to Fork out more money to get the pet healthy.

Heck, you can even get yourself a new furry family member for free! Just a quick Google or looking around your area on Craigslist or Facebook Marketplace, there are people out there that have pets they want to find a home for. Our pet Copper was rescued this way. My wife had a friend that had a dog that had no more room for. Instead of giving him away to a pet shelter, my wife opted to adopt him instead. He is now undoubtedly our best friend!

But what if I want a particular breed?

The only downside that comes with pet adoption is that you don’t have the luxury of picking and choosing which exact pure breed you are looking for. The question you must be asking yourself is ” do I really need to have this exact breed?”

There are millions of very viable, healthy, cute pets out there that are desperate to find a home. If you can truly and honestly justify getting into debt for thousands of dollars just for a particular breed, then go for it. However, for most families, just a cute dog or cat will do just fine.

What you really have to ask yourself as well is, can you really afford it? If you have to get into debt to get these new pets, that simply means you can’t afford it. Don’t ruin your finances just to get a specific-looking dog Or cat. In all honesty, most people won’t even know.

Final thoughts

The concept of adopting a pet versus purchasing one at a pet store or breeder can be a sensitive topic. And this article, I’m not necessarily picking a side, but looking at the pros and cons of financing pets. There is no reason why millions of pets have to be put down just because they cannot find a home.

These pets exist oh, and they are lonely inside in a metal cage somewhere. Instead of wasting your hard-earned money and getting into debt for a pet, consider rescuing one. You’ll be much happier that you did 🙂

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