How To Finance An HVAC System – Or How Not To

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There may be many reasons why you’re looking into how to finance an HVAC system. Maybe your HVAC unit broke beyond repair or you’re wanting to upgrade to a more energy efficient unit. Whatever the case may be, investing in a new HVAC system can be expensive and trying to pay for it outright sometimes isn’t an option.

Curious How To Finance An HVAC System?

Or if you even should? Few people have the money to pay for an HVAC unit out-of-pocket. We get that. It’s important you consider all your HVAC financing options, and all the pros and cons, before making your decision. To avoid potentially high interest rates due to low credit, Microf’s lease-purchase program is also a viable option for many homeowners.

Credit Cards

As with any big home purchase, a credit card can be a helpful way for securing necessary household items without needing to have the money in the bank. This is a great short-term solution but could come with some big long-term problems if you’re not careful. Be mindful of what using a credit card entails when it comes to purchasing an HVAC system. When going this route, you should look out for high interest rates and the length of introductory 0% APR offers.

Personal Loans

When it comes to personal loans, they can come in handy in emergency situations when you need the money and you need it fast. Let’s say your 15-year-old AC unit breaks down on the hottest day of the summer but you don’t have the cash in hand to pay for a repair or a replacement. In most cases, you can get money through a personal loan in just a few days. However, personal loans can come with extremely high interest rates – especially if you have low credit– so you should be careful.

Home Equity Loans

Like personal loans, home equity loans offer fixed interest rates with fixed monthly payments. You’ll also have a specific timeframe in which you must pay the money back. Even though this type of loan is secure, and personal loans are not, they’re both risky. When considering a home equity loan, you should watch out for for these potential downsides:

  • Fees and other unpredictable costs
  • You may not qualify
  • You could lose your home

Contractor Financing

HVAC contractors sometimes offer their own financing. Although convenient, there are still things to be aware of when exploring your options. With contractor financing, you’ll want to watch out for:

  • Short introductory offers: It’s important you’re aware of how long your HVAC company is offering 0% APR on their products.
  • High interest rates: The terms of your loan depends entirely on your credit score and income, which could pose the challenge of high interest rates.

While there are many ways to finance an HVAC system, financing isn’t always the best idea. They come with their own set of risks. However, with Microf’s lease-purchase program, all you need to think about is that brand spanking new HVAC unit – not how you’re going to ever pay for it.

How Does Microf’s Lease-Purchase Program Work?

Unlike traditional HVAC financing, Microf’s lease-to-purchase program doesn’t require you to have a good credit score in order to qualify. Regardless of your budget and credit score, Microf offers you feasible options to get you feeling comfortable again – without breaking the bank. Whether your goal is to have low monthly payments, deferred payments, or something else entirely, Microf works with you to meet your needs and goals. Before considering the route of traditional HVAC financing, fill out the application on our website.  We can connect you with a trusted and reliable contractor to get you back to comfort in no time.

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