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Is HVAC Financing Right for You?


Are you considering investing in an HVAC system? If so, you’ve got a few options to cover the cost. You can pay for it in one go or take out a personal loan.

HVAC financing is helpful as the up-front cost can be unmanageable for many homeowners. But a loan may not be for everyone. In today’s article, let’s determine which option is right for you.

What Are HVAC Loans?

An HVAC loan is a personal loan that you can take out to purchase a new HVAC system. This could be for your first HVAC or a replacement, and there are several options for obtaining a loan.

HVAC Company Financing

If you’re looking to purchase a new HVAC system, estimate spending $7000 on average. Finding the right HVAC loan means considering the best interest rates, loan terms, and how quickly it can be approved. It’s also worth noting that there may be deals and discounts to grab for seasonal purchases.

Companies that install and sell HVAC systems offer HVAC financing through third parties. Ally and Greensky are some of the most common platforms.

Bank Financing

You have the option of HVAC financing through a bank loan. This works in the same way as a standard personal loan. You’ll likely need credit checks, and the process will be lengthier than other HVAC financing options on this list.

Credit Union Financing

You also have the option to explore credit union financing for your new HVAC. Ordinarily, credit union HVAC financing is approved at a low rate for members. However, it’s best to explore the option while keeping an eye on the APR rate and duration of the loan.

FHA Title 1 Loans

FHA Title 1 loans were created and implemented by the federal government to support homeowners with low-to-moderate household income. This only works, though, if you don’t qualify for a traditional home equity loan.

Other HVAC Financing Options

If HVAC company financing, bank financing, credit union financing, or an FHA Title 1 loan isn’t the right path for you to finance your HVAC, here are some alternatives.

Credit Card

If you’ve got an excellent credit score (rated at or upwards of 690 in terms of FICO scores), you may be in a position to take out a 0% interest credit card. These generally come with a promotional period in which you don’t need to pay any interest.


Just make sure you pay off the balance of your HVAC before the interest-free duration ends. This ordinarily is between 15 and 21 months from when you take out your credit card. If you wait, you’ll end up paying interest and finding it harder to pay the balance.

Do I Need An HVAC?

An HVAC is used to both heat and cool a building. But it’s more than temperature adjustment. It also impacts humidity and air purity.

HVACs are usually an unexpected and major expense but an absolute necessity. That’s why these HVAC financing options are perfect for those who find the upfront cost very difficult to digest.

Key Points To Consider For HVAC Financing

In 2021, American homeowners spent an average of $5400 on replacing or adding HVAC systems. According to HomeAdvisor, replacing an HVAC system, which also includes replacement, removal, and proper disposal, can cost $10,000 in some cases.

The Lowest APR Is Usually The Most Cost Effective

As a rule of thumb, the lowest APR usually equates to the most cost-effective option.

Monthly Repayment Cost And Duration

Carefully map out how much you’ll be spending in payments each month and if this suits your lifestyle.

Discounts and Offers

When searching HVAC financing options, you’ll see fairly quickly that there are various discounts and offers available. These discounts can make a huge difference, so make sure to take them into account before choosing an HVAC financing route that works for you. Discounts and offers can include rebates, federal tax credits, and lender credits.

Lender Fees

The final thing to consider when looking at HVAC financing options is lender fees. As with any personal loan, you’re likely to encounter some lender fees that you’ll need to include when costing up. This includes APR but can also include prepayment penalties.

HVAC Financing Benefits

Stay In Budget

Firstly, and arguably most importantly, leveraging HVAC financing means you’re not expected to compromise in terms of quality just so you can save money. You’ll have a clear budget at a higher rate than without HVAC financing, so you’re free to choose a model that’ll perform in every room of your home. You may also lower your energy bills by choosing an energy-efficient HVAC system.

Payment Flexibility & Term Options

HVAC financing will allow you greater flexibility in terms of payments. Rather than paying upfront, you’re able to spread the cost over a duration of time.

HVAC financing is a fantastic option for those who need new HVAC systems. Explore the opportunity to choose between a wide range of finance options so you can get and install an HVAC system without the high upfront cost. Do your research and read all the fine print.

Call HELP today for more information on HVAC financing options!

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