The HVAC system in your home is absolutely crucial. It helps regulate the flow of air throughout your home and keeps temperatures comfortable. The cost of repairing or replacing this vital system can be high, but financing from an HVAC company can help manage this expense.
CAN YOU AFFORD A NEW HVAC SYSTEM?
Many people would rather repair their existing system than install a new one. When repairing your HVAC system is feasible, that is likely the best way to save money. However, it’s not always possible to repair units at a reasonable cost.
If repairing your system is pricier than a new system, it’s in your best interest to replace it. This is especially true in homes with older systems. Old systems will be prone to needing more repairs, and also run less efficiently. Replacing an old, worn HVAC system can help you save not just on repairs but also on your energy bill.
WHAT IS AN HVAC LOAN?
HVAC replacement doesn’t need to be a major stressor for your finances. Even if you don’t have the cash up front, you still have options through financing.
HVAC financing generally involves an unsecured personal loan that enables you to buy the HVAC system you need. The system itself will not act as collateral for your loan. Instead, your credit score will be the final determining factor as to whether you’ll qualify.
Your credit score can also affect the cost of the loan and interest rates. If you have a great credit score, your financing costs will typically be lower.
WHERE CAN YOU GO TO GET AN HVAC LOAN?
Using a loan to purchase your HVAC system does not mean you’ll need to spend time at the bank. In fact, many HVAC services allow you to apply for loans directly through them. Upon approval, the funds will go straight to the project.
DO YOU NEED TO HAVE PERFECT CREDIT?
Contrary to popular belief, you don’t always need to have a perfect credit score to qualify for an HVAC loan. Most companies have programs that meet the needs of people with different credit scores. If you don’t qualify for one program, you might easily succeed with another.
PAY ATTENTION TO YOUR APR
Once you have your financing, note the Annual Percentage Rate (APR). This is the rate of interest that you’ll pay annually. The size of the loan determines your interest.
Keep in mind that the loan with the lowest APR will tend to be the least costly in the long run. This will be true even if you don’t choose the one with the lowest rate of actual interest.
THE LENGTH OF REPAYMENT TIME MATTERS
Another factor to consider will be the length of the repayment time. Repayment time determines how long you will be paying off the loan.
A shorter term of repayment time will often have higher per-month payments, even with a lower rate of APR. For this reason, someone with worse credit or a lower income may need to choose a deal with longer repayment terms. This can help keep monthly payments more affordable and might even help them save in the long run.
YOU MAY BE QUALIFIED TO RECEIVE DISCOUNTS
Getting an HVAC loan through a company that your service partners with can qualify you for special discounts. This is especially likely if you happen to have a pre-existing relationship with that bank or lender. You may even qualify for signing on to an automated loan repayment program or interest-free financing.
WHEN IS THE BEST TIME TO GET A LOAN?
The best time to apply for an HVAC loan will be in the spring or fall seasons. These are the times of the year when prices for a new system will be the lowest. Temperatures during these seasons are typically moderate and less extreme. As a result, HVAC companies are dealing with less demand and can often offer you a better deal.
WHY GET FINANCED THROUGH AN HVAC COMPANY?
There are several key benefits that you can enjoy when you finance your purchase through an HVAC company. For one, you are dealing directly with the service that will install, maintain, and repair your system. You’ll have a sense of security knowing that the company can provide your system and keep it running efficiently.
The next major benefit will be convenience. You save a lot of hassle by avoiding the middleman at the bank. Instead, you can submit your application directly through the HVAC company. The wait is typically short for request approval.
CONTACT GALLAGHER’S FOR MORE HVAC FINANCING INFO
If you need more information about HVAC financing, Gallagher’s Plumbing, Heating and Air Conditioning is here to help. We are the primary source for all of your plumbing, heating, and air conditioning needs. We serve all of the Greater Sacramento and Northern Valley areas. Contact us today to learn more about how to finance your HVAC purchase.