Functional cooling systems are essential for quality air and home comfort. With air conditioning being a key feature that tenants or new home buyers look for, an efficient AC unit can increase your property value.

But what happens when the AC breaks down, or you need a bigger one and have no cash for it? Lack of upfront cash shouldn’t stop you from acquiring a sizeable air conditioning system for your home.

You can upgrade your system through affordable and flexible furnace financing Canada.

Let’s look at the types of air conditioning financing, and when is the right time to upgrade your system.

Types of Air Conditioning Financing for Canadians

When your old furnace stops functioning, you don’t have to get stuck without comfortable air temperature in winter or summer! Furnace financing can help you restore the devices immediately and allow you to pay for them for up to six months.

But which air conditioning financing is good for you? Here are crucial furnace financing options that you can choose from:

In-House Financing

Just like car dealerships, most air conditioner retailers provide in-house financing. Considering that air conditioners and furnaces are expensive, in-house financing works for most people. However, this type of financing is limited to given brands.

Before the retailers provide the in-house financing, they’ll want to know your credit score, average income, and debt level. Your financial health information will help the retailer set the repayment schedule and develop a limit to what they’ll be financing.

Financing application doesn’t take long before approval. Yet, you must fill out an application form and give them time to approve or turn down the application. It’s important to commit your repayment plan to what you can comfortably pay for a specific period.

Should the urgency to get a new HVAC system force you to sign the financing documents blindly? Ask the retailer to furnish you with the details of the financial products and the type of AC you’re getting.

The financial information should include the terms, interest rates, and extra fees.

Home Equity Loan or HELOC

Most companies that finance air conditioning accepts home equity loan. If you’ve built some equity on your home, you can apply for a home equity line of credit (HELOC) to get enough money for the purchase.

Your home equity allows you to get access to a home equity loan of a set limit that can come in handy when paying for your AC.

Though HELOC uses your home equity, it doesn’t function like traditional loans. When using HELOC, you’re limited to a specific credit limit. Just like a credit card, you can withdraw as little or as much as you want until you hit the credit limit.

Also, you only pay interest from what you’ve withdrawn, instead of the whole credit limit. If you have built substantial equity in your property, getting heating and air conditioning financing in Canada is easy. The loan also attracts a low-interest rate when compared to other types of loans.

Credit Cards

Does your AC need minor repairs, like compressor cleaning or refrigerant recharging, and don’t have the funds for it? Though interest rates from credit card loans are higher than other loans, they can instantly help you cover minor costs.

If you signed up for your credit card the other day, you could take advantage of the bonus that comes with meeting the minimum spending requirements. This applies where your credit card has an introductory 0% APR.

However, you must pay off the debt before the intro APR ends if you don’t want to pay more interest.

Unsecured Loans

What happens when you have no collateral for your air conditioning financing loan? Companies that finance air conditioning loans find it hard to approve unsecured loans in most cases.

However, if you have a good credit score, you can still get some financing for the appliance.

Unlike the other air conditioning financing options, this type of loan takes time before approval and requires more financial details. If your loan approval goes through, you might probably pay higher interest than secured loans.

Benefits of Air Conditioning Financing

Can your bank balance allow smooth financing of air conditioning units, or must you get a loan to acquire the system? Considering that efficient air conditioning systems are naturally expensive, most Canadians must look for financing.

Here are the benefits of getting air conditioning financing from a trusted dealer:

Access to Better AC Models

If you feel your AC system is outdated, but can’t save enough for a new system, go for air conditioning financing. Through financing, you’ll get a robust, modern, and energy-efficient system within a few hours.

Flexible Payment Schedule

If tight budgets have been blocking you from getting an HVAC system, financing is your answer. The retailer will spread out the principle amount and the interests to several months.

Instead of making a lump sum payment, you’ll get the device in small monthly installments.

Boosts Credit Score

Timely monthly payments can boost your credit score. Payments remitted to your AC financing agency reflect on the credit bureaus. With positive credit reports, your credit score will keep improving.

Should You Repair or Replace Your AC System?

The question of whether to buy or replace the existing system depends on several factors. If technicians keep troubleshooting the device and it’s not working, it’s time for a new system.

Below are reasons why you should upgrade your air conditioning:

• The AC system is over 15 years old
• Regular breakdowns
• Takes time before cooling the house
• Makes loud noises and squeaks

Nothing beats a homeowner than a malfunctioning cooling system during summer. If all your efforts to restore it have failed, don’t incur more repair costs. Get into a furnace financing shop, and get a new system with a flexible repayment period.

Preparation Tips for AC Financing Application

Air conditioning financing agencies look at various financial aspects before approving a simple loan. Thus, it’s prudent that you keep your financial health in check before your financing application.

The following tips will help you get a fast AC financing approval:

• Have a good credit score
• Minimize your outstanding debts
• Evidence that you can afford the entire loan
• Keep your finances in order

With this information, the lenders will take less time to approve the loan. Also, your options will not be limited to certain products since your finances are in good health.

Get the Best Air Conditioning Financing Now

Are you looking for ways to finance your air conditioning? At Furnace Financing Canada, we’ll help you get the best AC system by providing you with a flexible payment schedule at low interest.

Call us today for a free quote about air conditioning financing, and get your financed AC system installed in hours.

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