You may think the question of whether or not to finance your HVAC system is more of a question for your bank account than for us here at Air Specialist. But that doesn’t mean we can’t give you some guidance!
Here are some factors you should consider:
1. Do You Need a New HVAC System Right NOW?
Sometimes after a maintenance check, our techs will tell you that your HVAC needs to be replaced SOON (for example, if the problem is just an efficiency issue rather than a very pressing mechanical issue).
You’re the only one who knows whether getting this “grace period” means you have time to save up the cash to buy your HVAC system in full. (Asking for money as your Valentine’s gift is always a good strategy, right…?)
This is an obvious point, but we thought we’d mention it anyway: whether you need to finance your HVAC unit depends on WEATHER!
If it’s the middle of winter, you of course really need a heating system NOW.
But if it’s just that your cooling went out in summer, and if everyone in the home is a healthy adult, you might be able to make it work with fans and open windows for a bit. It depends how long it’ll be until you can afford to pay for your new system in full!
3. Your Current Credit
We understand that if you need a new HVAC system now, and you don’t have the cash on hand to pay in full, then you have no choice but to finance your HVAC system. The one thing you’ll want to think about is the potential impact on your credit score if you go the credit card route. 30% of your credit score is dependent on how much you owe.
A bank loan might be the better route to go to try and get a more favorable interest rate. But usually, you won’t have to worry about this anyway because the biggest HVAC dealers have their own financing programs that are usually really good deals!
4. Does Uncle Sam Cover You?
If you qualify, the Texas Department of Housing and Community Affairs Comprehensive Energy Assistance Program (…yes, we know that’s a long name, but there’s also a lengthy amount of ways they can help you!) can support low-income residents, to repair and replace their HVAC systems.
CEAP is not only there to help people get the HVAC systems they need, but also has the stated goal of getting efficient systems and products into as many homes as possible. And we’re all about that! Give them a call at (877) 399-8939.
You could also call us at (713) 481-1305. If you choose to finance, we work hard to find the right lender and the best option for you while being as flexible as possible.
If you’d like to learn more about our financing options, we’d be happy to discuss it with you and make sure we do what works best for your family. That’s because we love our customers. (Happy Valentine’s Day!)