How to Finance a New A/C System

how to finance a new a/cSummer is just around the corner, which means your air conditioning unit will be working harder than ever to keep your home cooled. If you haven’t participated in a maintenance plan or had it tuned up recently, this could put a strain on it. One thing you definitely do not want to deal with during our brutal Florida summers is sitting in a home with an air conditioning system that’s not working properly, or worse, one that finally decides to quit on you. Sweating it out while you wait for a service call is uncomfortable, but finding out you need to unexpectedly cover a brand new unit is enough to cause anyone’s temperature to shoot through the roof. Very few homeowners set aside funds to cover major home repairs, but if you find yourself in this position, don’t stress out; there are several ways to finance a new a/c system. Some options are better than others, so it’s best to do your homework before making a decision. Here’s a quick overview of some of the ways you may be able to cover your expenses.

Credit Cards

Using a credit card to finance your new HVAC system is probably not the best solution, not only can an a/c system take a bite out of your credit limit, it may also affect your credit score. If this is your only method to pay for repairs or an upgrade, choose wisely. Use a credit card with low APR, or better yet, try to find one with a balance transfer offer that may give your several months of interest free credit. This will allow you to pay down the balance and keep your finance charges to a minimum.

Banks & Credit Unions

Check with your bank or credit union to see if you are eligible for a personal loan, as this may carry lower finance rates than your credit cards. Other financing options may include a home equity loan or line of credit, depending on the equity in your home and your credit score. Although these types of loans typically have lower rates than an unsecured loan, it’s important to weigh the pros and cons before tapping into your home’s nest egg.

Financing Through an AC Contractor

Many air conditioning companies and contractors offer financing through their own programs. These may include financing options through bank programs, such as the Rheem KwikComfort® Financing offered through Synchrony Bank, where you can defer interest or choose a no interest plan with equal monthly payments, or even special credit card offers, like the Wells Fargo Home Projects credit card. Cool Connections participates in this Wells Fargo credit program and it has many benefits over other credit cards, such as:

  • Promotional interest rates
  • Ability to use credit line for other home projects/repairs
  • Quick application turnaround

Keep in mind that in-house financing and special credit programs are not guaranteed. Similar to other lines of credit, you will need to provide proof of income and pass a credit check before a line of credit will be offered to you.

How Much Will This Cost?

The final cost of your new a/c system will depend on several factors, such as the size of your home, the type of unit installed, seer rating, the condition of your current duct work, and even the age of your home. The good news is that new HVAC systems are more efficient and you should see a reduction in your utility bill fairly soon. In addition, research potential energy rebates that can also reduce your overall costs.

Cool Connections is Jacksonville’s go-to HVAC company. We employ only the best NATE certified technicians and offer competitive rates on A/C  installation and tune-ups, duct cleaning, dryer vent cleaning and other A/C services. Please contact us online or call 904-908-5252 to schedule a free consultation today!