Buying a new HVAC system can be a significant investment, so it’s important to plan your budget accordingly. If you don’t have enough money to cover installation upfront, there are several financing options that can help you shoulder the cost without compromising on HVAC quality. With that in mind, the team at 5 Star Charleston Heating & Air is here to discuss different financing options for HVAC updates.
Give us a call today if you would like to discuss your new HVAC system!
Most Popular Financing Options for HVAC Replacement
Most of the available financing options come down to some kind of loan, but they can vary significantly in terms of interest rates, fund accessibility, and repayment terms. If you are in the market for a new HVAC system, consider these financing options.
Personal Loan
The most basic financing option is getting a personal loan from a traditional bank. Personal loans are flexible as there are no restrictions on how you use the funds, but they often have higher interest rates and stricter credit requirements than other options. Some banks provide home improvement loans, a special type of personal loan specifically for making updates to your home.
Credit Cards
Credit cards are another major option that is straightforward and readily accessible to most with a decent credit score. You can charge the cost of replacement at the get go then pay off the card over the next few months or years. Many larger institutions and retailers, like Wells Fargo and Lowe’s, offer credit cards specifically for home improvement projects that can get you discounts and more flexible payment terms.
Home Equity Line of Credit
A home equity line of credit, or HELOC, is a type of loan arrangement where you can tap into the equity you have in your home as a source of liquid financing. HELOCs operate similarly to credit cards in that you have a monthly revolving credit limit and monthly interest rate. A HELOC can be very useful if you need a variable credit limit for unexpected home improvement purchases.
Vendor Financing
Many HVAC companies offer financing plans to help their customers manage the cost. For example, 5 Star Charleston Heating & Air offers up to 50 loan options with flexible payments and interest rates ranging between 8.99% and 14.99%. We also offer immediate funds approval so you can get the money directly into your account as soon as possible.
Tax Programs
Although not technically a financing option, the federal government offers tax credits for qualifying high-efficiency heating and cooling installations to help manage costs. For example, you can receive up to $2,000 for qualifying heat pump installations. Your local municipality may also provide additional tax credits and rebate programs for energy-efficient HVAC updates.
Affordable and Reliable HVAC Comfort Solutions
If you are considering buying a new HVAC system, contact 5 Star Charleston Heating & Air online or give us a call today at (843) 406-1700 to schedule an appointment and learn more!