Without a functioning heating or cooling system, your home may be vulnerable to poor indoor air quality or moisture issues. Furthermore, you, your pets or family members who share your home may experience serious health issues if it’s too hot or cold in your house. Fortunately, financing options may be available to ensure that you can upgrade or repair your home’s HVAC system today.
1. Find a Payment That Meets Your Needs
There are several financing options available that offer a variety of interest rates, payment terms and down payment requirements. For instance, you could take out a personal loan and potentially get an interest rate of below 10% repaid over a term of 60 months with no money down. You could also opt for a home equity line of credit (HELOC) that carries an interest rate of less than 7% that can be repaid over a decade with no money down.
You can also choose to finance the project through the team at Family Heating and Air, Inc in Sebastian, FL. Interest rates and other terms may meet or beat those made available through private lenders that you have a relationship with. You can learn more about pricing and financing options during your initial consultation.
2. Don’t Drain Your Savings
Your HVAC system is just one of many household items that you might need to maintain or upgrade over time. Furthermore, it’s important to have funds available for other expenses such as unexpected car repair or medical bills. Obtaining HVAC financing helps to ensure that you don’t create a financial hardship for yourself even if you have the funds available to pay for a new HVAC system today.
Having financing available also means that you don’t have to pull money out of the stock market or out of a retirement account. Although it can be relatively easy to get the funds, you could trigger a taxable event that increases the overall cost of acquiring a new furnace or air conditioner.
3. Speed Up the Home Improvement Timeline
Having the money to replace your HVAC system means that you don’t have to worry about spending another night in a house that’s borderline inhospitable. You also don’t have to worry about a prolonged interruption to your life that accompanies a home improvement project carried out in stages.
Instead, you can simply pick out what you need and have it installed on your schedule. If necessary, emergency service can be performed to ensure that your home is safe to live in during a humid summer day or cold winter night.
The ability to expedite the HVAC upgrade process may be especially beneficial if you’re planning to sell your home shortly. This is because everything will be in place by the time the house is listed or sold. Ultimately, interested buyers will feel better about making offers on the home knowing that there won’t be major projects to contend with.
4. Avoid the Pitfalls of Revolving Credit
HVAC financing is a lot like a home or car loan in that it comes with a fixed term. Therefore, you’ll know exactly how long you need to pay before you sign any paperwork obligating you to do so.
One of the key benefits of a fixed term is that you won’t spend more than the amount financed. For example, if you borrow $10,000 to put a new furnace in your home, you’ll only pay $10,000 plus any interest that accrues during that time.
At the end of the loan term, the relationship between yourself and the lender simply terminates. Any liens or rights that the lender might have had to your home will disappear. You can also fulfill your obligation to the lender by selling the house and using a portion of the proceeds from the sale to pay any outstanding balance owed.
If you require HVAC repair, installation or maintenance services, contact the team at Family Heating and Air, Inc today! We can also install ductless mini-split systems or heat pumps on your property to help keep it comfortable throughout the year. Maintenance plans are also available to keep your new HVAC system in good condition throughout its useful life.
