Summers can get too hot, especially in early summer when high ozone days are likely. If you enjoy staying indoors, the need for a good HVAC system is a priority. Replacing an old unit or installing a new system can significantly improve the central air conditioning’s power efficiency. This allows the HVAC system to cool or heat the property with less power and energy, which helps lower the monthly electric bill during summer.
Heating and Air Conditioning Financing
Financing for HVAC replacement can break the bank, may it be for a new purchase or replacement. Is financing AC unit possible? Yes, and nowadays, a lot of HVAC financing companies offer programs that cover a payment term of months or years for AC financing for a new unit or even for an HVAC financing for a replacement.
Replacement costs can fall in the range of $3,500 and $7,500 on average, but rates can go higher. In general, a good credit standing is ideal to avail heating and air conditioning financing, but some companies are lenient towards customers with bad credit. By now, you may have already asked yourself, what options are available for HVAC financing bad credit near me?
Best Options for HVAC and AC Financing
There are different routes you can take in AC and/or HVAC financing. You can do it through the installer, file for a subsidized loan or a home equity loan, pay using a credit card, or seek a federal grant. We have a few options that are highly recommended, and they may work even for AC financing bad credit.
Availing a Personal Loan
A personal loan for a home improvement project is a common option that easily gets you cash, but it often requires a credit check and a few other requirements. Go through a list of lenders and compare the pros and cons of their loan programs before you apply for a loan.
Using Your Credit Card
Credit cards don’t ask for a lot of requirements, and some companies offer enticing credit rewards when financing for HVAC replacement. A 0% promotional APR can be availed if you have good credit, and you also earn points every time you use your card for payments.
Getting a Personal Line of Credit or a Home Equity Line of Credit (HELOC)
If you are eligible for a personal line of credit or a home equity line of credit (HELOC), it means you have a good standing on your personal bank account. Rates for these lines of credit are lower compared to those of credit card payments but you may end up losing your home if you don’t regularly make payments.
Financing from Installers/Manufacturers
Lastly, financing can be availed directly from installers and manufacturers so only one company can take charge of heating and air conditioning financing among other concerns. This option works best for AC financing bad credit, as the deal can be locked in right away even when the customer has bad credit. Just be careful with this option as the interest rates are higher because of convenience.
Having a well-functioning HVAC system is essential to avoid staying outdoors and limit your ozone exposure. Financing for HVAC replacement can be as tricky as financing AC unit but you may be lucky enough in finding a lender that doesn’t conduct a credit check. If I were you, I’ll start looking for HVAC financing bad credit near me to get started.