HVAC Financing Vs Lease to Purchase HVAC

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Lease-Purchase HVAC Program Vs. Traditional HVAC Financing

You may think traditional HVAC financing is a dream come true: It allows you to get a new HVAC now, even if you don’t have the cash to pay for it right at this moment. Through monthly payments, affording a new major appliance is fairly easy and worry free—if you have great credit if you can afford the monthly costs, and if you’re comfortable with the payment period. Lease-purchasing an HVAC is different from traditional HVAC financing in a number of ways. Let’s break it down.

Traditional HVAC Financing

Credit Checks

Traditional HVAC financing is based on credit. This means that if you have damaged credit (under 680), then it’s not likely that you’ll get approved for this financing method. If your credit score is fair but not good, then you could be approved but not at a rate that works for your budget.

Fixed Payment Plans

Buying an HVAC unit on credit likely means that you’ll be locked into a specific payment period, during which time you’ll accrue additional interest, meaning that you’ll end up paying more than the original cost of the unit in the long-run. You could always pay off the unit early, which would be great for your credit, but this plan runs on the assumption that you’ll be in a better financial situation in the near future.

Higher Monthly Payments

If you don’t want to be in a long-term payment plan (so you can avoid paying more in interest than the HVAC unit is worth), then you’ll end up paying higher monthly payments. You might be able to make those payments now, but what if something happens to the economy and you end up getting laid off or furloughed? It’s best to live below your means, in the event of an emergency.

Lease-Purchase HVAC Program

No Credit Checks

Unlike traditional HVAC financing, Lease-Purchase HVAC programs don’t require a credit check. This means that even if you have bad credit (under 680) that you can still get an HVAC unit right now, before you’re able to afford one out of pocket.

Flexible Payment Plans

While traditional financing locks you into a fixed payment period, Lease-Purchase HVAC program payment plans are more flexible, so you can choose a monthly payment that’s right for your budget.

Lower Monthly Payments

Because your monthly payments aren’t based on your credit, you can rest assured that your monthly rates will always be at a price you can afford! Lease-Purchase program monthly payments will always be more affordable than traditional HVAC financing.

Lease-Purchase HVAC Program Vs. Traditional HVAC Financing: Bottom Line

Ultimately, a Lease-Purchase HVAC program is going to be more affordable and easier. All you need to get started is: homeowner’s insurance, your social security number, proof of income, and a co-applicant’s information if necessary. Ready to get the HVAC unit you’ve been dreaming of? Start the application process today. It’s quick and easy. Apply now!

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