One of the most frequently asked questions that we receive is one form or another of “Can I finance a heat pump?”, “Do you guys offer financing for a heating or air conditioning system?”, etc… And it is completely understandable, getting a heating and/ or air conditioning system installed can be very expensive.
But what we have found is that it is one of the most important things you can do for your home. Not only does it help to make you comfortable all year round, but it also helps to make sure that your home stays in good condition.
As we have seen countless times over the years without a proper heating or air conditioning system to promote proper airflow mold can build up within the home. Which isn’t good for you or the home.
Knowing how important a heating or air conditioning system is, many people still think they can only have one installed if they pay for the entire thing in cash, but that is just simply not the case.
Most companies that install these systems offer financing through local or national banks. And almost every bank offers a multitude of ways to get financing for a heating or air conditioning system.
With that said, today we will be taking a look at the options available to you when looking to finance the purchase of a heating or air conditioning system, the necessary steps to take and some of the local lenders you may be able to use when looking to purchase a heating or air conditioning system.
Financing through your HVAC company
As previously stated many of the companies that install heating or air conditioning systems partner with local or national banks to offer financing to their clients.
This is one of the easiest ways to get financing as it streamlines the process of getting the system installed and the financing to pay for the installation all into one process.
The best place to start when looking to go this route is oftentimes taking a look at the company’s website, seeing what options they have for financing and what bank or lender they partner with.
Alternatively you can always call that company and ask if they offer financing, and if so, what kind of financing options are available.
In most cases HVAC companies will offer equipment, project, and installation financing. With this, companies are able to provide financing with varying terms of repayment, usually ranging anywhere from 2 years to 10 years.
This allows people more or less to choose how much your payment will be. Just like with a normal bank however, your credit score can affect how much your financing rate is and what your monthly payment will be.
Financing through a bank
Another option which is oftentimes overlooked or forgotten about is financing through a bank. There are many options available when looking to finance through a bank, some of which include using the equity you currently have in your home, getting a personal loan, using a 0% APR credit card, or using a government backed loan.
Each of these options have their pros and cons so talking to your bank about what might be right for you is always a good idea.
It is important when looking to finance a heat pump that one looks at all the options available to them and chooses what will work best.
Financing a heating and/ or air conditioning system is not always a one size fits all – and choosing the right financing for you is just as important as choosing what heating and/ or cooling system will work best for your home.
Local options (3 of the highest rated lenders)
Bank of the pacific
Being full service, Bank of the Pacific specializes in all things lending. On top of being a mainstay in the community for decades they also have great reviews and are easy to work with.
One Main Financial
One main financial has been in business for over 100 years, mainly specializing in
personal loans and other types of financing. With that they are always a good option
when looking to find financing for a heating or air conditioning system.
Twin Star Credit Union
Providing many different options when it comes to personal loans and home equity lines
of credit Twin Star Credit Union is a solid choice when looking to get financing for your
heating or air conditioning needs.
Is financing right for you?
Now that we have gone over whether or not you can get financing for a heat pump or air conditioner, and explained some of the different options available to someone looking to finance.
You may be wondering if financing is right for you. In some cases it may not be, but again purchasing a heat pump or air conditioner can be very expensive and not everyone has that much cash lying around.
With that however, as we mentioned earlier, getting a heat pump or air conditioner for your home is one of the most important purchases one can make not only for their comfort year round but also for the good of their home.
Over the 19 years that we have been in business we have received the question time and time again “Can we finance a heat pump?” in more ways than one can imagine so hopefully this gives you a better idea as to what options may be available to you.