Most Common Ways to Finance a New HVAC System

by | Oct 24, 2019 | Air Conditioning Service

The last thing you want to hear on a hot summer day or a cold winter morning is your HVAC system went out. It cannot be repaired, and it must be replaced. The first thing that comes to your mind is: How am I going to pay for this? There are several ways to finance a new HVAC unit. Let’s discuss the most common HVAC financing options.

Finance through a Home Equity Loan

One way of financing a HVAC unit is through a home equity loan. While this doesn’t fall under the category of HVAC financing companies, if you currently own a home that has a current market value of more than what you actually owe, you may be eligible for a home equity loan. The benefit of this option is rates may be lower than taking out a personal loan. The drawback is if you fall behind on the payments, you risk losing your home, not just the HVAC unit.

A Credit Card Loan

Financing a HVAC purchase through a credit card may not be offered by HVAC financing companies, but it does work like a finance plan of sorts. With a credit card, you draw the money from your account and then are responsible for repaying the credit card and any interest associated with the purchase. The pro of this option is if the line of credit is available, you have the funds without going through a loan approval process. However, your rate is based on your credit card’s APR. If you have a high interest rate, you may be paying too much to finance a new HVAC unit in this way.

HVAC Financing Companies

Finally, there is the option to finance through an HVAC financing company. This option keeps you from taking out a home equity loan or unduly charging your credit card, both of which can have dire financial consequences if not handled properly. HVAC financing companies can match you with competitive rates that fit your budget and your needs, helping to make financing more affordable.

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