HVAC, or heating, ventilation, and air conditioning equipment can be expensive. Whether you need a repair or a complete replacement for your heating or cooling system, the cost may be more than you can pay out of pocket. But HVAC financing is a potential option to make the cost more affordable.
Your HVAC system is not just a luxury, especially during the winter months. You need a heating system to keep your family warm on cold days and nights. No one should have to go without heat, which is why financing is available to help pay for repairs and new equipment.
HVAC Financing Options
There are a few different types of loans that can be used to finance HVAC equipment, including:
- Financing through your HVAC company. Most HVAC companies offer financing through a lender they partner with in the area. This is typically a good option because approval is highly likely and there is often a promotional rate negotiated to encourage the business partner relationship. In many cases you can apply and be approved in minutes for same day service.
- Credit card. Most types of credit cards can be used to pay for anything, including HVAC equipment. You can use a credit card you already have or apply for a new card to pay for your HVAC repair or replacement. Some credit cards offer a zero rate for a promotional period, but be sure to pay it off before it starts accruing interest, as the rate may be high when the promotion ends.
- Personal loan. A personal loan can be used for HVAC purchases. It is usually established as a set amount for a specific purpose. You make payments each month until you have paid off the full amount, then the loan is usually closed. It is not a revolving line of credit like a credit card.
- Home Equity line of credit. A home equity loan allows you to use the equity you have in your home as collateral for a line of credit. The limit can be as high as the total amount of equity you have in your home at the time of the application. Home equity loans are most often used to pay for home improvements, and HVAC system replacement would qualify. However, this type of loan can be risky, because if you fail to make payments you could lose your home.
- Federal loan programs. There are loan options under FHA (Federal Housing Administration). The PowerSaver loan program allows you to use the equity in your home up to $7,500 to finance energy-saving upgrades without risking your home as collateral. Replacing your HVAC system with a new, energy-efficient system, would qualify in most cases. Just be sure to check the requirements and purchase a system that qualifies.
Berico Offers Affordable Options for Financing HVAC Equipment
If you need an expensive repair or a system replacement, you can finance it through Berico. Berico partners with Wells Fargo to offer affordable financing with competitive rates and convenient monthly payments. Your home can be comfortable again in no time with the help of Berico services and financing.
Call (336) 273-8663 or apply for financing today.