If you need a new cooling system for your home, but don’t have a huge outlay of cash, there are several options available to you – some good, and some not so good. You can search for AC unit financing from any number of sources, but in the end, you have to decide which one makes the most sense for you and your situation. Here are some of your options:
Banks and Financial lenders
You can visit your bank or financial institution and ask for a personal loan to finance your new AC system. You have an advantage if you go to your own bank because they know you and you have a history with them. The bad news is that if your credit score or credit history is not up-to-par as they see fit, you could have a hard time obtaining a loan with them. If you do get a loan, the interest rate could be higher because of your bad credit.
Either way, make sure you get the details on how much they will lend you, what the terms of the loan are, what you monthly payment will be and what your interest rate is.
Friends or family
If you can’t get a loan from a bank or lending institution, you can ask a family member or close friend to lend you the money. ONLY do this if you are 100% sure you can pay the money back and be very clear about the terms. It’s situations like this that keep small claims court judges in business. Proceed with caution and use friends and family as a last resort. Not paying them back could lead to some uncomfortable family dinners.
This can be an ideal option if you don’t want large monthly loan payments and don’t want to borrow from people you know. Many companies offer rent-to-own options for those who want the flexibility of lower payments but can pay extra when they have it without penalties. Receive a bonus at work? Put some toward your AC loan and you can pay it off faster!
No matter what your credit score is, or what your credit history, there are options available so that you and your family can be comfortable all summer long. AC unit financing doesn’t have to be difficult or challenging. Everyone deserves a chance to have nice things in life.