Is Financing Available from HVAC Companies?

Whether you need to repair an existing HVAC system or upgrade to a new one, the costs associated with these projects might be higher than you’re comfortable with paying. However, a broken or inefficient HVAC system makes it difficult to regulate the temperature of your indoor air. If you require HVAC services but don’t want to pay everything at once, you may be wondering about the possibility of obtaining financing that allows you to pay in installments.

Do HVAC Companies Offer Financing?

Yes, many HVAC companies provide financing programs that allow homeowners to pay off large projects over an extended period of time. Keep in mind that the repayment period and terms of the financing can vary considerably depending on the company and financing program you choose.

When to Finance an HVAC Project

Different HVAC companies have different requirements when it comes to seeking financing for a HVAC project or system. For example, the company might place a minimum cost that the project needs to reach before financing becomes available. Once you receive a quote from an HVAC company, you can determine if you have the budget to cover the costs or if you would rather finance the project.

The primary advantage of opting for financing is that you’ll avoid paying a sizable up-front amount. Even when you have the money needed to pay for a new HVAC unit or a sizable repair, getting a loan means that you still have access to the capital that you would have otherwise spent immediately.

If you’re upgrading to a more efficient unit, financing the system also allows you to cover the monthly loan payments with the energy savings you receive every month. Over time, you can save thousands of dollars with a more efficient system.

If you want to be certain that you’re buying the right unit, make sure it’s affixed with an ENERGY STAR label and a high rating. Efficiency ratings depend on the type of system you buy and can be listed as a SEER rating for modern air conditioners, an AFUE rating for boilers and furnaces, or an HSPF rating for air-source heat pumps.

Reasons to Finance From an HVAC Company

There are many reasons why you should consider applying for financing from an HVAC company. For example, you may be able to enter a financing program that comes with no pre-payment penalties, which means that you can pay off the loan early without an extra fee being added to your costs.

If you qualify for financing, you’ll make monthly payments to pay off the loan. Your monthly payments will be far more manageable than paying for the entire cost up-front. With many financing programs, you’re able to choose how much you’ll provide as a down payment while also customizing different loan terms. For instance, you could select extended payment terms or a no interest loan, the latter of which typically comes with deferred interest payments.

Types of Projects that Are Covered by HVAC Company Financing

There typically aren’t many limitations placed on financing at HVAC companies. While the total project costs may need to exceed a certain threshold for you to qualify for financing, the loan shouldn’t only apply to new HVAC systems. There’s a good chance that financing will be available for all new HVAC equipment, major HVAC repairs, and other large projects.

The types of financing options you gain access to mainly depend on the company you partner with. While some companies only offer one financing program, others provide a handful of options that are designed to accommodate many different situations. Before you decide to finance your next HVAC repair or replacement, consider all your options. You should also ask any questions that come to mind before applying.

Here at All Temp Co., Inc Air Conditioning, Heating, Plumbing, & Electrical, we offer comprehensive financing programs for Concord, NC homeowners. If you’re about to schedule a major HVAC repair or replacement project, you might want to consider our financing solutions. Our team offers numerous repair, maintenance, and installation services. If you’re not sure about replacing your current HVAC unit, we’ll inspect it and give you our honest opinion. We also offer indoor air quality and plumbing services that you might be interested in. Call us at All Temp Co., Inc Air Conditioning, Heating, Plumbing, & Electrical today to schedule a service or learn more about our financing.