The Home Improvement Guide reports that the average cost for a home HVAC system runs between $3,000 to $5,000. That’s if your air ducts are functioning properly. If they are not, the cost can shoot up to $6,000 to $10,000 because you also need duct work. A new unit will last 15 to 25 years, according to the National Association of Home Builders.
That’s a significant chunk of money. That’s why many people consider financing an HVAC system. In fact, financing an HVAC system is a necessity for 80% of homeowners. The problem is that not everyone will qualify for credit. But there are ways around the low or bad credit conundrum. Let’s take a look at a few ways to leverage a financing air conditioner scenario.
Lease-Purchase
The lease-purchase option almost always means a “yes’ when everyone else has told you “no” when seeking financing for an HVAC system. It’s a realistic option for people with bad credit. Professional finance organizations that specialize in financing air conditioner needs can get you into a lease-purchase deal. This usually means payments from 36 to 60 months. It’s a lease until you finish payments, then you own it!
Second-Look Financing
This is a situation in which a consumer has been turned down for a loan by a prime lending institution. They may be able to get credit from a provider that offers “second-look” financing. Your HVAC seller may even be able to help you find a second-look loan service. it also may be a less expensive option than a lease-purchase arrangement.
Find a Specialist
As it turns out, there are companies that specialize in offering credit arrangements focused on air conditioning and HVAC needs. Do an internet search for, “financing air conditioner” and you’ll find reputable firms that are intersted in working with you on air conditioning credit situations.
