The average cost of an HVAC replacement is around $7,000. If you need to make a repair or replacement, it can be tricky to find the funds if you’re not prepared.

While making an AC repair or replacement can be costly, it can be hard to go without air conditioning. Fortunately, if you don’t have access to the money, there are some solutions that you can make use of to get a new AC system right away. 

Fortunately, we’re here to help. In this guide, we’ll tell you about the best AC financing options to consider, no matter what your budget is.

Ask About In-House Financing

One of the first AC financing options you’ll want to consider is using in-house financing. Getting financing from the HVAC company you’re hiring can be a great solution that will make things simple and easy.

Like with getting a traditional loan, you’ll need to meet certain requirements and will usually need to have a certain credit score first. Depending on your credit score, your rates will vary, so you’ll need to apply for in-house HVAC financing to find out what to expect. 

Apply for a Loan

If you’re looking for air conditioner financing, then traditional personal loans and home improvement loans can also be good options to consider.

You should check with your bank to see what types of loan options are available. You may also want to check with other banks, online lenders, or local credit unions as well if you want to find the very best rate for your loan. 

Consider Using Your Credit Line

You should also consider using a credit card or cash advance to pay for an HVAC repair or installation. While this will probably be a more costly option than a loan or in-house financing will be due to the interest rate, it can serve you well in a pinch.

This may be the better solution if you don’t qualify for a loan. Paying your credit card balance will be simple and straightforward, especially if you already have a credit card that you use regularly. 

Use a Home Equity Loan

If you need to pay for an AC installation or repair, you might also want to consider a home equity loan or a home equity line of credit (HELOC).

These options will allow you to take out cash or a loan while leveraging your home’s value. This can be a great way to get some money to use if you own a house.

However, you’ll also want to be careful. Make sure that you have a clear plan for paying back any money you borrow to ensure that you don’t risk your home. 

Review Your Warranty or Service Contract

Remember that many home HVAC installations come with warranties or service plan contracts. You’ll want to make sure that you consider what options are available to you based on your initial AC installation.

Relying on a warranty or contract to cover the costs of repair or maintenance can be very helpful. It can help you avoid needing to take out a loan or pay a large sum of money.

Understanding How to Find AC Financing

If you want to get an AC replacement or repair, be sure that you understand your AC financing options. Using in-house financing, taking out a loan, or using home equity are all options that you might want to consider.

Need help with your HVAC installation or repair? Contact us today to learn more about how we can help.