A new heating and air unit in your home can be an advantage for many reasons. With a new unit, you can reduce repair issues, enjoy increased comfort and save on your energy bills. Regardless of how much you want to install a new unit, you could be worried about how you're going to pay for it. Here are a few options you can consider.
Obviously, cash is always an option when paying for an HVAC unit. Of course, a new unit can be a big investment, but if you pay in cash, you can avoid monthly payments. Your HVAC dealer might even offer a cash discount, or you can ask about any other discounts or rebates that you might qualify for to make the purchase more affordable. You may also qualify for tax credits.
2. Credit Card
Many HVAC companies accept major credit and debit cards. If you have a credit card with a high enough credit limit, a credit card can be a good way to finance your HVAC purchase. Just make sure that you keep an eye on interest rates. If your credit card has a high interest rate, you might find that you can score a better rate with HVAC-specific financing through your dealer.
One option that many homeowners don't know about is financing your heating and air unit through your HVAC company. However, many HVAC companies offer financing options for their customers. Then, you can work with your HVAC company from start to finish, from financing your purchase to having your unit installed.
Some companies finance their own accounts or offer rent-to-own options. These options are sometimes ideal for people who have less than perfect credit and can make buying a new unit a reality. Others work directly with banks and other lenders to help their customers secure financing.
The good thing about working with an HVAC company for financing is the fact that they often have good working relationships with the lenders that they deal with. This relationship means that you can get help with choosing a financing option that you might qualify for and getting approved for the loan.
When financing through the HVAC company or one of the lenders that it works with, make sure that you inquire about the interest rate on the loan. Additionally, inquire about the monthly payment amount to make sure that it comfortably fits into your budget. If you aren't happy with the interest rate that is being offered to you, your HVAC dealer may help you find another loan option.
4. Home Equity Credit
If you have owned your home for a while, you might have built up some equity. If your home is worth more than what you owe on your mortgage, then you might qualify for a home equity line of credit.
Basically, home equity credit involves borrowing money against the value of your home. Many people use these loans so that they can improve their homes in various ways, including with projects like installing new HVAC units. Many of these loans come with low interest rates, making them ideal for this type of purchase.
If you're interested in a home equity line of credit, head to your bank's local branch, and sit down with a personal banker. Then, they can tell you more about home equity lines of credit and can help you determine if you qualify.
As you can see, if you are looking to invest in a new heating and air conditioning unit, you can look into a few different payment options. Regardless of the one that you choose, you're sure to appreciate the benefits of having a new, reliable, and energy-efficient unit. For help with installing your new HVAC unit, contact us at Matthew Roberts Incorporated today.