It’s time to replace your residential heating and cooling system. Since there’s not the cash on hand to pay for it, it’s time to look at different HVAC financing options. As you consider each option, pay close attention to these three attributes. If they’re present, that particular financing solution may be your best bet.
Reasonable Interest Rates
A good place to begin is by checking the APR that applies to the financing. Compare it to what you could get from the bank and other lenders. If it happens to be lower, that financing option is worth investigating further.
You also want to know how that rate is applied to your outstanding balance. Note every lender uses the same approach. Depending on what sort of process is used, financing with a lower rate could actually end up costing more than one with a slightly higher rate.
Terms and Conditions You Understand
Terms and conditions always matter. You want provisions that are easy to understand and do not involve a number of different fees and charges. For example, the right HVAC financing options for you will be free of any type of payment processing fee. Always read the terms and conditions carefully; ask questions and get direct answers. If something doesn’t seem right, take that as a sign to consider another financing option.
Access to Customer Support When You Need It
What sort of customer support will you receive with each of those HVAC financing options? Find out how easy it would be to get answers to questions about your account once the financing is arranged. If there appears to be limited customer support, considering a different option is a good idea.
Remember that it can take several years to pay for a new HVAC system. Make sure that you’re happy with the rate and other terms. Doing so will allow you to manage the financing with ease and pay it off on or before the settlement date.
