While having a new HVAC in your home this holiday sounds like a good upgrade, it’s not as fun as it sounds when we talk about the expense. A new system can cost you ten thousand dollars or more. But there’s a way to help you get new equipment and pay it over time—and that’s through financing.
Here are the four (4) financing options you can explore, so you can welcome a new HVAC in your home before the holiday comes.
You can finance your new HVAC with your home improvement credit backed by the Federal Housing Administration. According to the Energy Star, homeowners with HVAC replacement can qualify for FHA financing because the upgrade can be categorized as home improvement.
Together with the FHA, the federal government’s PowerSaver program also allows homeowners to get a loan up to $7,000. It would help if you had home equity for the PowerSaver program.
Loan Programs From Power Company
Other energy providers collaborate with HVAC dealers to let homeowners pay for their HVAC loans through utility bills. According to the Energy Star, the energy loan programs from power supply companies can help you finance your HVAC with low-interest rates when you invest in energy-efficient products. Try to check if your area’s power supply company offers this type of financing and see if you can qualify.
Home Equity Loan
With a home equity loan, homeowners can borrow against the difference between their home’s value and what they owe on it. This kind of loan is a one-time draw, and it is limited to 75-80% of the equity. For example, if your home has a $10,000 value, you can use the $7,500 to $8,000 to purchase the HVAC system. But the downfall here is you can lose your home, together with the HVAC system, once you fail to pay for it.
Financing from HVAC Dealers
HVAC financing options, this one is risk-free and offers homeowners a convenient way to finance their new equipment. HVAC manufacturers agree with credit card companies to charge consumers the purchased equipment’s price. Customers can also get flexible financing options that fit both their budget and comfort. Talk with your HVAC dealer to discuss your financing needs.
Flexible Financing Options for Granbury, TX Homeowners
HVAC financing is essential, especially if you are running out of budget or if your money is set for priorities. Try to evaluate the options we provided above and decide which one suits your needs. But if you prefer the most convenient and hassle-free financing, then we recommend the one you can get from HVAC dealers.
Talk to us at Texas Made Air Conditioning & Heating to learn more about this option or if you need us to help you make your HVAC financing a success.