The purchase of a new HVAC system is one of the largest upkeep expenses faced by American homeowners. Unfortunately, when your current system fails, you may not have the cash set aside to cover the expected cost of replacement. The typical homeowner can overcome this hurdle by arranging financing for a new system. Such financing arrangements come with some important benefits.
Basics of HVAC Financing
An HVAC provider typically strives to make sure that customers have the chance to finance their heating/cooling system purchases. That’s because the availability of suitable financing often plays a pivotal role in customers’ final purchasing decisions. Rather than making credit available themselves, most providers work with multiple banks or other lending institutions to create a range of financing packages. When you shop for a new system, the HVAC company you choose will direct you toward the package(s) that fit your needs. From that point on, you’ll work with the financing institution to finalize any arrangements.
Why Finance Your HVAC Purchase?
So, what are the benefits of financing your HVAC purchase? One of the most obvious practical advantages is an improved opportunity to buy a well-designed, energy efficient HVAC system that pays long-term dividends by helping you keep your monthly utility spending as low as possible. In turn, the money you continually save on utility costs can go toward monthly payment of your financing plan. Available financing packages also commonly come with a number of important short- and long-term benefits. Depending on the package you choose, specific benefits you can look forward to may include quick decisions on your suitability for credit, flexibility in the method of monthly payment, the ability to avoid incurring any closing costs, avoidance of any home equity requirements and an HVAC financing arrangement that doesn’t alter the status of your existing credit lines. If you’re lucky, the lender you choose may also offer discounts to encourage qualified buyers.
Who Can Get Financing?
If you own your home, chances are you can find an HVAC financing package. In some cases, the packages for which you qualify may cover the entire cost of purchase. However, available options may only cover part of the purchase cost. As a rule, you have greater financing flexibility if you can demonstrate a history of solvency and sound financial decision-making. Still, even if you’ve had credit troubles you may be able to obtain financing, especially if a long-term employer will provide you with a testimonial of reliability.
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