Replacing a heating and cooling system can be costly. Fortunately, many HVAC companies offer financing to help their customers manage the expense
Benefits of Financing Your New HVAC System
Many homeowners find they don’t have enough money set aside for a new heating and cooling system. This can be due to a number of factors, including the sometimes-emergent nature of the purchase if a current system breaks down unexpectedly. Financing your new HVAC system can help you cut down in initial costs without sacrificing your comfort.
What Are the Benefits of Financing?
There are a number of benefits to financing a heating a cooling system, including:
- Peace of mind—Financing can help make purchasing a new system less stressful, especially if it needs to be done quickly.
- Increased customer service—Customers who finance gain a long-standing relationship with their HVAC company, which can help the customer feel at ease.
- Energy savings—Those who purchase more energy efficient models are able to save more on their utility costs, which helps balance the cost of the HVAC system.
How Do I Qualify for Financing?
Financing is obtained through a lending agency that works with the HVAC company. The lenders will use various documents to determine your offer, including:
- Credit Reports—Your credit report will list all your outstanding lines of credit and your current credit score. Your credit score will determine what your interest rate will be and the amount of finding you qualify for.
- Pay stubs—Bring the last three months’ worth of pay stubs for income verification. If you’re self-employed, bring proof of income through another means, such as tax returns or deposit receipts. If anyone else is listed on the loan, they will have to bring proof of income as well.
- Letters of reference—If you have minimal or poor credit, a letter of reference may help the lender determine your reliability. Helpful types of references are those from your utility company or your employer. These references will show that you’re consistent and responsible.
If you’re looking to replace your current HVAC system but are short on cash, you may want to consider applying for financing. Instead of paying for everything up front, you’ll be able to make monthly payments and won’t lose the ability to heat and cool your home. Speak to your HVAC company today about the financing options available to you.
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