What do you do when your air conditioner breaks down during summer or winter in a place where you cannot live without one? If your system breaks down abruptly without a warning, it can stress you out, especially if you do not have the money to buy a new unit.
Luckily, there are several options for financing your heating and cooling system, so choose the one that works best for you.
Company loan – Companies that sell HVAC systems offer financing for their units. You can therefore apply and get financing for purchasing a HVAC system the same day. Since the companies need you to buy the units from their stores, they will facilitate quick approval and processing of the finances. The loans are the easiest and most convenient to get.
Home equity loan – You can only use this option if you have some equity on your home. The interest rate is anywhere between 4% and 9% which makes it the cheapest to get. It is not the best option if you need the finances immediately as it takes around 60 days to mature.
State loan – The loan attracts a low interest rate. You need confirmation from the company selling the unit whether the loan is available in your state. Its interest rate ranges between 6% and 12%.
Balance transfer offer – This option allows you to buy your HVAC using your credit card. The interest rate accrued through this method is high so it is not the best unless you can get a balance of transfer offer.
If you need financing for heating, ventilation, and air conditioners at affordable interest rates, Contact Microf today. Microf is a team of professionals dedicated to getting you a quality HVAC system with a plan that fits your budget.Add to favorites