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Financing Your HVAC Replacement

By Your Comfort Advisor 4/7/16 9:21 AM Time to read:

 Homeowners often go long periods of time without upgrading their HVAC systems. When they do, they are surprised at the costs. Soaring interest rates from home improvement store credit cards deter them from making the purchase. Local contractors that offer appealing financing alternatives, however, minimize the fear of such a large investment. In fact, low monthly payments ensure a homeowner reaps the savings of an energy efficient system rather than settling for a cheaper unit that would end up costing more in the long run. Financing benefits both parties by broadening the contractor's consumer base and enabling homeowners to replace their energy wasters with high-efficiency equipment.

Home Equity

Initiatives like the Hero program, in partnership with local governments, enable homeowners to upgrade their homes while meeting a public purpose. Unlike a credit card or a line of credit that bases approval on a credit score, programs like these base their approval on the equity in a home. There are no application fees, no money down, fixed rates, and flexible terms of 5-20 years. Additionally, the interest payments may be tax deductible. No payment is necessary until the project is complete. When a homeowner decides to move, they may be able to transfer the system to a new owner.

HVAC Manufacturer

HVAC manufacturers acknowledge that homeowners necessitate high-efficiency upgrades and that they hesitate when they see the cost. That's why large manufacturers, such as Lennox, offer flexible financing options for residential owners who have different levels of credit. With a fast approval process and no application fees, working with a manufacturer is the perfect option for many. Once a person selects their home comfort system, they can apply over the phone or through a financing application website where they will provide their pertinent information. Some manufacturers offer enticing special financing for 12 months with approved credit. Many manufacturers also offer low monthly payments, no down payments, and no prepayment penalties.

Bank/Credit Programs

Banks now work with service contractors to offer credit programs helping homeowners fund home projects like HVAC upgrades. With a revolving line of credit, it is possible to purchase add-ons to an HVAC system now and pay over time. Since every component of the system should be compatible, having an open line of credit can open up new possibilities. For example, if a homeowner replaces the outdoor unit, maximum energy-efficiency is not guaranteed. A revolving line of credit offered by banks enables homeowners to upgrade everything from the ductwork to the registers. Most banks also offer streamlined account management featuring easy bill payment options, paperless statements, 24/7 account access, payment scheduling, and optional card security. They also offer no credit limits, payment options, and competitive interest rates, making them a popular financing option.

These favorable options make it possible for almost any consumer to purchase an energy-efficient HVAC system without dreading the stifling financing terms. Top-rated upgrades for a heating and air conditioning system basically end up paying for themselves in energy savings on monthly utility bills. For all inquiries regarding our specific financing options, contact our comfort advisors at (909) 792-2222.