Have you been planning and saving to install a new HVAC system in your Dayton-area home? Or, did your current HVAC system break down, leaving you facing an expensive repair bill? Whether a planned HVAC purchase or an unexpected out-of-pocket expense, financing for HVAC replacement systems is very common these days. In essence, you’re financing greater home comfort, better indoor air quality, and great HVAC energy efficiency. So, which HVAC financing solution is right for you? Read on to explore your options.
Home Equity Loan
A home-improvement project is one of the top reasons people take out a home equity loan. Some of the benefits of using home-equity financing for HVAC replacement are that they traditionally have lower interest rates than other loans, they’re tax-deductible, and they increase your home’s value.
Private Banks and Credit Unions
Another HVAC financing option you may have is taking out a line of credit or borrowing from your banking institution or credit union. The maximum amounts and interest rates are going to vary, but several banking institutions offer low interest rates for these types of home-improvement projects.
Loan Programs
There are government lending programs for home heating and cooling systems. The FHA’s PowerSaver Home Energy Upgrade loan program allows you to borrow up to $7,500, and you don’t have to use your home as collateral. However, you must have home equity, have a minimum credit score of 660, and the HVAC system must be for your primary residence.
HVAC Contractor
Have you talked with your HVAC contractor about financing for HVAC replacement? Well-established HVAC contractors have good working relationships with the manufacturers of the HVAC equipment installed. Dealer or contractor financing is a popular choice that doesn’t put your home equity on the line.
Credit Card Company
Charging your HVAC purchase to your credit card could be another option, but it may depend on your interest rate as well.
Would you like assistance with financing for HVAC replacement equipment or perhaps with HVAC rebates and tax credits? Contact the pros at Ace Hardware Home Services and we’ll be happy to help you save the most money possible.
