How to Budget for HVAC Installation Costs

How to Budget for HVAC Installation Costs

Are you moving into a new home or carrying out a new HVAC installation but wonder how to save money on the project? Do you need help budgeting for a new HVAC installation? Undoubtedly, air conditioning is essential to all homeowners. It’s the backbone of a comfortable home, and when done right, it can help you save energy and keep your household healthy. With this in mind, why not do it right the first time?

What can you do to ensure that you get the best deal possible on installation costs? Here’s everything you need to know about how to budget for HVAC installation costs.

Determine Your Needs Before Calculating the HVAC Installation Costs

Before you get too far into your budget research, it’s important to determine how much work you need done. You’ll also want to know the available space size.

Consider if you will require an indoor or outdoor unit, gas-powered or electric-powered system, thermostat placement, insulation upgrades, and other factors.

For example, if your air conditioner is too small for your home, it will take longer to cool down and might not maintain an appropriate temperature. If this is the case, you’ll need to upgrade or install a new HVAC system.

The expense will also depend on whether you’re upgrading an older system or installing a new HVAC. Other factors to consider are labour costs and availability. The installer fee, permit fees, and ductwork installation will also affect the HVAC cost.

If you don’t know what type of system your home needs yet or its size, here are some questions to ask:
• How big is your home?
• Do you want a window unit or central air?
• Do you have any special requirements?

Know Your Installation Options

You’ll want to know your options before making any decisions. When considering your HVAC installation costs, decide whether you want a gas or electric system. Gas systems are less expensive to install than electric ones. They also require more maintenance. You’ll also need to decide how many zones you want in your home and if you want any outdoor units.

Electric systems, although more expensive, offer more value for money. They require less attention and last longer. However, the cost of electricity may be more than that of gas, although you’ll have fewer carbon emissions. Consider all factors before settling for an ideal choice.

Get the Best Deal

If you want to get the best deal, you should compare quotes from different providers. There’s no need to go with the first company that offers you a quote; instead, try to find someone who will charge low installation costs but not compromise on quality service.

You can do this by asking your friends and family members for referrals or doing some research on your own. You can also look into websites that offer reviews of other HVAC service providers in your area.

Talk to different providers to know their mode of operation, services offered, and professionalism. Also, consider their reputation before deciding on an ideal choice.

It might take some time to compare quotes and figure out which one suits you best, but it will be worth it in the end when you save money on installation costs.

It’s also an excellent idea to check the financing options available. Financing enables you to acquire a quality installation then enjoy flexible payment terms.

Consider Future Costs

Think about the future when you budget for HVAC installation costs. Do you intend to expand your home, grow your family or have more people live with you? These factors mean that your cooling and heating needs will also change.

Also, would you prefer a system that costs more but is easier to maintain? Are you concerned about carbon emissions and energy efficiency? It’s best to get an HVAC system that will serve your needs for years to come.

It’s also important to consider how much energy your new HVAC unit will use. If your current monthly utility bill is close to $200, it might be worth spending a few extra dollars to ensure your new unit is more efficient, lowering your monthly utility bill.

Understand The Costs of HVAC Installation

It’s important to understand the costs of HVAC installation before making any decisions. Once you know the average cost for heating installation, you can decide how much you can afford and make an educated decision about who to hire for your installation.

The average cost of air conditioning installation in the United States is $4,850 and $9,400 but varies depending on where you live, your home condition, and the unit’s size. Other additional factors include:

Freight fees

If you choose a contractor outside your area, they may charge a freight fee for travelling to your location when installing an HVAC.

Utility Disconnection/Connection Fee

The fee will depend on where you live and whether you want to use the existing system or install a new one. This fee will also depend on the type of service offered (e.g., AC installation only or AC installation with water heater).

Determine How Much You Can Afford to Pay

Even if you have the best intentions of paying for your HVAC installation costs in full, it’s always a good idea to see how much you can afford on an instalment plan. If you don’t have enough cash at hand, financing options are available. Ask the HVAC service provider about financing options so that you can get what you need at a price point that works for your budget.

Do You Need HVAC Financing?

As you will realise, HVAC installation costs can overwhelm your budget, especially when it’s an emergency. The good thing is, you can get quick, easy & affordable HVAC financing that is stress-free. You’ll quickly install the system of your dreams and enjoy convenient repayment terms.

Talk to Furnace Financing. CA. We are here to help you meet your needs with great rates and flexible financing options. Our process is quick and easy with no upfront costs making it quite affordable. Contact us for more information or get a free quote.

What Are the Different Types of Furnaces for Your Home?

What Are the Different Types of Furnaces for Your Home?

Home is where the heart is. And for optimal functionality, comfort, and aesthetics, we install numerous home additions. For every homeowner, a must-have appliance is a furnace.

The furnace is the powerhouse behind your home’s heating and cooling system. They’re a popular heating option due to their low operating noise, high efficiency, compatibility, and long lifespan.

But, did you know there are different types of furnaces? If you are looking to install or replace your home furnace, there is no one-fits-all type of furnace. All have unique features and present different benefits and drawbacks.

Buying a residential furnace is a huge investment, and you want to get it right. However, without knowing what to look for or how to go about it, the purchase can be a catch 22. In determining the type of furnace to meet your heating needs, it’s imperative to know the options available.

Here’s a guide about the different furnace options for your home to get you started.

Types of Furnaces of By Operation

Single-Stage Furnace

As the name suggests, the single-stage furnace has a single stage of operation. They feature a single gas valve that opens and closes to allow gas inflow. Single-stage furnaces are designed to operate at a constant speed.

Since they can only be turned on or off, you’re likely to have a great variance in temperature in your home. For instance, you might be experiencing about four-to-six-degree temperature change when using them. Single-stage furnace functions at eighty percent fuel use efficiency and can use more energy.

However, the single-stage furnace is the most basic type of furnace you can get. It’s less expensive to purchase and also cheap and easier to install. Also, this type of furnace is durable and only requires minimal repair in its lifespan.

Two-Stage Furnaces

Unlike a single-stage furnace, two-stage furnaces offer homeowners more options for operation. You get more control to regulate the amount of gas flowing into the furnace. With a single-stage furnace, you can choose between full/half or low power, depending on the temperature condition of your home.

These furnaces will communicate with the thermostat to regulate power according to heat demands. Also, they are more efficient at heat delivery, keeping your home at a consistent temperature. Two-stage furnace functions at ninety percent fuel use efficiency.

The furnace will operate at half power to keep your home heated on mildly cold days. If temperatures decrease further, the thermostat sends a signal. This automatically opens up the valve and turns the furnace to max power.

Modulating Furnaces

A modulating furnace allows users to enjoy optimal heat at all times. The furnace can adjust the amount of gas-burning to attain the target temperature on the thermostat. Also, it achieves this more accurately with a margin error of only half Fahrenheit.

Modulating furnaces are efficient, providing even temperature at all rooms in your home. If your home is located where winter lasts long, then modulating furnaces can be an ideal option.

They are energy efficient as they don’t waste energy by turning on and off continually. Instead, they run at lower energy levels saving you monthly bills.

While modulating furnaces can be more expensive to purchase, they offer multiple benefits.

Types Of Furnaces by Fuel Type

Gas Furnace

The natural gas furnace is the most popular type of furnace among homeowners. It uses natural gas distributed to residential homes by municipal gas pipelines.

The gas supply to your home jets along the furnace burner and ignites. The generated heat is then transferred through a heat exchanger to warm your home. Gas furnaces are effective at creating even heating and are thus preferred.

Gas furnaces are less expensive to run due to the competitive prices of natural gas compared to other forms of fuel. Also, natural gas provides a reliable and energy-efficient heating source for homeowners.

Oil Furnace

Oil furnaces are popular in rural areas where natural gas lines are not available. To operate an oil furnace, you need a storage tank for the oil. You’ll need to restock it when the supply gets diminished. This implies you need adequate space in your home to store the oil.

Also, it’s crucial to find an oil delivery company that will refill your tanks when levels are low. Remember, your oil furnace won’t run if you run out of oil.

When properly maintained, an oil furnace will last almost twice the lifespan of gar furnaces. Also, maintaining them is easy, and they emit a lot of heat.

While oil furnaces are less expensive than natural gas, they are less efficient. Also, oil prices fluctuate a lot, and thus difficult to predict or budget for your oil expenses. If not cleaned regularly, ash and soot can accumulate, making the furnace inefficient and very expensive to operate.

Propane Furnace

Today, propane furnaces are becoming more popular. They are the ideal option when oil and gas are not readily available in your area. Like in an oil furnace, propane furnaces require regular refilling to keep your home warm.

Propane furnaces are versatile. In case of a propane shortage or high price, they can be adjusted to use natural gas as an alternative. Also, propane furnaces heat homes quickly since the gas generates more heat than other fuels.

Electric Furnace

If you don’t have access to gas lines or find it expensive to install gas pipes in your home, an electric furnace can be the best option. These furnaces use electric heating elements to heat up your home.

Electric-powered furnaces are affordable to purchase upfront and fit in smaller spaces. If you are on a tight budget, then an electric furnace can be your best option.

Apart from being less expensive to buy, the electric furnace is more efficient with a readily available power source. Also, since they don’t use oil or gases, you don’t have to worry about dangerous leaks in your home or even toxic fumes.

You Now Know Different Types of Furnaces for Homes

When shopping for a new furnace, keep in mind this will be a significant investment. It’s vital to understand your home heating needs and pick a furnace to offer you superior performance and savings. The above are different types of furnaces to choose from.

Are you looking for a furnace? At Furnace Financing CA, we got you covered. We are a full-service HVAC company offering Canadians heating & cooling systems.

Contact us today for a free quote.

Heat Your Home: How to Choose the Best Tankless Hot Water Heater

Heat Your Home: How to Choose the Best Tankless Hot Water Heater

Are you thinking of replacing your traditional water heater due to inefficiency or space consumed? Perhaps you’ve had enough of your hot water running out as soon as you start enjoying the hot shower. If so, it’s time to find the best tankless hot water heater.

Apart from using 30% less energy than the traditional heater, a tankless hot water heater requires no storage space. This modern solution heats water on-demand alleviating the need for hot water storage. Also, you enjoy a significant reduction in utility bills simply because the system doesn’t heat water that is not required.

Whether you opt for natural gas, propane, or electricity run system, you get a quieter and smaller water heater with an extended lifespan. Do you know tankless water has a life expectancy of more than 20 years? Yes, there are multiple benefits to enjoy with the new water heater solution.

If you’ve decided to buy a tankless water heater, you are making a huge investment and need to get it right. But with a myriad of options in the market today, how do you pick the best?

Read more to learn how to choose the best tankless hot water heater.

Determine the Number of Units

The number of units required in your home is a key consideration when choosing a tankless water heater. The number of units required will depend on the number of people using hot water in your home, translating to the average usage.

For instance, while a single unit is enough for a few people, several units may be required for very large families, large homes with multiple bathrooms, or rental properties.

To ensure an adequate supply of hot water, consider working with the right technician. With their years of experience, they evaluate your home’s hot water needs and recommend the number of units required.

Temperature Rise

When choosing your next tankless water heater, the temperature rise is key. This is the difference between inflowing water temperature and the hot water temperature you desire to achieve.

When determining the right temperature rise for your tankless heater, consider several details in your home. One of the key factors is the average temperature of the water flowing into your home water system. You want to make sure your tankless water heater capacity will help you achieve the desired temperatures for hot water.

A calculation based on the inflowing water temperature determines the appropriate temperature rise factor for the tankless system. For instance, when the temperature of inflowing water is 35 degrees, you’ll need a system with a temperature rise factor of around 55 degrees.

To determine the average temperature of your incoming water, there are online heat maps tools to use. With a general idea about your inflowing water temperature, choosing a tankless water heater is easy.

If you find it confusing, find the best HVAC contractor in your area to save the day.

Check on Size

Without background experience in heater systems, choosing the right size can be overwhelming.

Tankless water heaters are rated according to the highest possible temperature rise at a given flow rate. It’s thus necessary to check on flow rate and temperature rise to pick the right size of the tankless water heater.

If you need a high-temperature rise or have several people, then a larger unit is invaluable. Also, it’s the same case when several appliances are running simultaneously.

Flow Rate

Flow rate is the amount of water and the temperature at which your appliances will use hot water. In a tankless water heater, the flow rate and the average temperature are measured in gallons-per-minute or GPM.

It’s important to check on the tankless water heater GPM guide to know what you need.

Choose Your Preferred Fuel Source

If you buy a tankless water heater, you have 3 options- propane, electricity, or natural gas. Research to learn about the benefits and drawbacks of each option before choosing.

When thinking of an electricity-powered heater system, consider the impact on the overall power usage of your home. Also, if your home has a weak electric system, consider other options. The tankless water heater may overload your system causing power issues.

Are you looking for the most energy-efficient option? If so, then propane and natural gas tankless heaters will suit you best. Also, units fueled by these options tend to be more powerful than the electric ones.

Consider Maintenance of Tankless Hot Water Heater

Similar to other appliances, tankless water heaters need maintenance from time to time. It’s important to know the level of maintenance required by your preferred unit.

In general, all tankless water heaters need to be serviced annually. Proper maintenance guarantees an extended life span of your unit. Some of the necessary maintenance works include changing the air filter and checking on burner condition.

Also, if you have a hard water supply in your home, the build-up of minerals can damage the water heater. To maintain optimal operation, use vinegar to eliminate accumulated minerals in the unit.

For proper maintenance of your unit, reach out to an experienced technician. These experts have in-depth knowledge of water heater maintenance regimens.

Use These Tips to Choose the Best Tankless Hot Water Heater

A tankless hot water heater is the solution to your traditional water heater’s inefficiencies. While the upfront cost of purchasing and installing the unit may be high, you will recover and enjoy cost savings in the long run.

The above tips will get you started in purchasing the best tankless hot water heater.

Are you looking for an HVAC financing company? At Furnace Financing, we got you covered. We help Canadian homeowners save on utility bills by helping them upgrade their home water heating and cooling systems easily and affordably.

Contact us today for a free quote.

The Different Types of HVAC Financing

The Different Types of HVAC Financing

The demand for HVAC units has been rising, with over 151 million HVAC units expected to be sold in 2024. In Canada alone, the annual demand for AC units was 460,000 as of 2018.

HVAC units are a necessity in most homes and businesses. But a top-quality HVAC unit doesn’t come cheap.

A central air conditioner alone goes for $5,700 on average, with heat pumps costing up to $3,000 more on average. Ductwork installation alone can set you back between $3,000 and $10,000.

Without HVAC financing, many Canadians would struggle to purchase these essential appliances. Of course, you can always opt for air conditioner rental and furnace rental, but there are lots of benefits that come with owning the unit fully, and HVAC financing helps you do just that.

So, what financing options are available for HVAC customers? Read on to learn more.

Personal Loan Financing

Many Canadian homeowners use personal loans to finance various types of home improvements. Consumers love this approach to HVAC financing because of how fast and affordable it is, especially when you need to cover a surprise expense, such as replacing an HVAC unit that has suddenly broken down.

Before applying for a personal loan, note that the interest rates will vary based on your credit. Some lenders will even offer attractive discounts for consumers with a certain amount of retirement savings.

Personal loans also attract origination fees and have a fixed payment schedule. In many cases, these loans have a term of up to 60 months. Of course, you can find more flexible HVAC financing options with payment terms of up to 15 years.

In most cases, personal loans are unsecured, meaning that your assets aren’t at risk. However, lenders will carefully look at your income, credit, and employment to determine your eligibility for the financing.

Credit Card Financing

For people with a high enough credit card limit, financing their HVAC using their credit card is a viable option. This idea is especially smart if you intend to pay off the debt quickly and avoid the high-interest charges.

But if you can’t afford to pay off the credit card balance within a short time, then this financing option can prove expensive in the long run. That’s because credit card rates typically tend to be much higher compared to other loan types. Besides, maxing out your credit cards can negatively impact your credit score.

On the plus side, credit cards offer considerable flexibility as they don’t have a set repayment schedule. 

If using a credit card seems like the best way to finance your HVAC purchase, consider getting a new card that comes with a no-interest introductory period. With such a product, you’ll pay zero interest on the loan, provided the balance is paid off during the promotional period. The longer the promotional period, the better.

Manufacturer’s Financing Program

Many top HVAC manufacturers offer in-house financing for their HVAC products. You can also find dealers and retailers who provide zero-interest financing for HVACs on-site.

Essentially, these financing programs are personal loans or credit cards offered to consumers through the dealer or manufacturer.  Talk to various heating and cooling companies to determine whether they have financing options you can take advantage of.

Home Equity Financing

Tapping into your home’s equity is another popular way Canadians use to finance home upgrades, including paying for such heating and air conditioning services as HVAC installation. If your home’s current market value surpasses the balance you owe on your home loan, you have equity. 

One of the benefits of using home equity financing is that the interest rates are generally lower than personal loans. That’s because the loan is secured by the house. 

Of course, the main drawback is that you put your home at risk of foreclosure if, for some reason, you can’t make the required monthly payments. 

Among the ways you can borrow money against home equity include:

Home Equity Loan

This type of loan is essentially an additional mortgage that’s secured by your property’s equity. It’s the reason the loan is sometimes referred to as a second mortgage. 

The lender typically gives you the money in a lump sum. Thus, you’ll be required to pay interest on the loan amount from the start. But because there’s collateral in the form of your home, the interest rates are lower.

Home Equity Line of Credit (HELOC)

Similar to your ordinary credit card, a HELOC gives you a credit line to borrow against. There’s a credit limit up to which you can borrow. That limit is generally calculated based on the amount of home equity you have, among other things.

Your home is still used as collateral, which means that interest rates are lower than unsecured loans. The funds available through HELOC can be used to buy an HVAC.

Cash-Out Refinance

You can also opt not to take a second mortgage and instead refinance the existing mortgage. Here, you get a new mortgage for a higher loan amount, and the lender gives you the difference between the two mortgages in cash. You can use this cash any way you want, including financing your HVAC purchase.

Choose the Right HVAC Financing Option for Your Needs

When the time to replace your HVAC comes, you don’t need to worry about coming up with the money needed to fund the purchase. There are plenty of financing options available to you, including personal loans, credit cards, dealer’s financing, and tapping into your home’s equity. Take the time to compare these options, and pick one that worlds best for you.

Would you like help with HVAC financing? Please, contact us today and take advantage of our unbeatable offers.

Air Conditioning Financing for Canadians: Financing Options to Consider

Air Conditioning Financing for Canadians: Financing Options to Consider

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.

How Much Does Air Conditioner Financing Cost?

How Much Does Air Conditioner Financing Cost?

For much of the year, Canada enjoys mild temperatures. However, in some regions or at seasonal extremes, our weather can become rather difficult to bear. Because of this, homes throughout Canada continue to utilize air conditioners.

AC units are tremendously helpful tools for keeping your home warm or cool throughout the year. However, even the best systems run into problems eventually. If your system seems to be on its last legs, the last thing you want is to go through winter without an HVAC unit.

In times like these, people wonder about air conditioner financing. How much does it cost to replace an air conditioning system?

Typically, a new system will cost between $1,500 and $2,800 on its own. However, installation costs could cause the total to fall between $4,500 and $5,500+. A complicated job could cost as much as $10,000!

If this sounds stressful, don’t worry! In this guide, we’ll walk you through your options for financing heating and air conditioning services. We’ll even throw in some tips for keeping your costs low throughout the year!

Options for Air Conditioner Financing

A cost range of $4,500 to $5,500 is a sizeable sum for many families. Affording these expenses could be a challenge if you don’t receive outside help.

Fortunately, you don’t have to pay for all of this out of pocket. There are several financing options available that help you afford your new system. Some of these include:

  • Home equity loan
  • Home equity line of credit
  • Personal loan
  • Contractor financing

Each of these options has different cost ranges depending on their interest rates. We’ll explore these options in more depth in the sections below.

Home Equity Loans

A home equity loan is a second mortgage. These loans allow you to borrow money against the equity you’ve accumulated by paying off your current mortgage.

Why choose this option, you ask? One primary benefit of this method is that its interest rates are typically lower than credit cards or personal loans. As a result, you can save more money in the long run.

These loans also allow you to cut the interest you pay on the loan from your taxable income. However, there are limits as to how much you can borrow from your equity. The standard maximum falls around 85%.

Home Equity Line of Credit

Like home equity loans, this option allows you to use your current home equity. In this case, you’ll use the house’s equity as collateral against which to borrow money in this line of credit.

Your interest rates may vary, as you’ll pay interest for whatever amount of equity you use. The typical cap on how much interest you pay is often around 80%. Sometimes, though, the cap may fall nearer to 90%.

Unfortunately, interest rates aren’t the only cost to consider in this process. In addition to these, you’ll also need to pay closing costs.

Personal Loans

Personal loans are multipurpose loans you can use to finance several personal projects. These include financing a new heating and air conditioning system.

Unlike the previous options, personal loans deliver a lump-sum installment over the course of several months. The rates you receive depend on your credit score.

If your credit isn’t where you’d like it to be, there are still personal loan options for you. However, understand that these methods will likely be more expensive.

How do you qualify for personal loans? Most lenders will examine three primary factors:

  • income
  • credit score
  • current debt

If these factors balance out in your favour, the companies will likely qualify you. Once this happens, the lender will set the terms for your loan.

Air Conditioner Rent to Own 

Another option for financing your air conditioner is to avoid purchasing one at all. Instead, you can look for an air conditioner rental. In many cases, these packages include a furnace rental as well.

Renting your system from heating and cooling companies can vary in cost depending on which company you rent from. However, renting can save you money in several ways.

When you rent systems, you can choose from the most up-to-date and efficient models on the market. Selecting these options can result in significant savings on your monthly energy bills, sometimes up to 45%!

Typically, companies charge you a monthly rate for your rental. Thoroughly examine the rent agreement before signing with anybody.

Methods for Saving Money with Air Conditioners

Once you finance an air conditioner, you probably want to avoid paying high energy bills each month. If you can avoid giving the system too much wear and tear by doing so, even better! So, in this section, we’ll cover some methods for saving money with your air conditioning system.

First, keep your central air conditioning unit under the shade. This practice especially helps in the summer, when the sun beats down on the unit. Keeping it in the shade helps maximize its efficiency.

Furthermore, keeping your air filters clean goes a long way to extending your unit’s lifespan. Clogged filters cause systems to overwork themselves. Over time, this leads to damage in the HVAC system that may need repairs.

Another tip is to keep your AC on low power when you’re out of the house. Many people think they can save money by turning the AC off before they leave. In reality, it takes more energy for air conditioners to start again than to keep them running.

So instead of cutting off the unit, keep the thermostat set to a high temperature. This approach saves the system from overworking itself.

Find Your Air Conditioning Financing Today

Hopefully, you’ve found the answers you need for air conditioner financing. You now have an idea of what method would work best for your financial needs. Now, all you need is to find the company that can provide you with that money.

If that’s all you need, try out our services! We offer several financing options for people in all economic situations. Contact us today to receive a free quote!

What to Expect from Furnace Financing

What to Expect from Furnace Financing

The winter season usually means snow and pumpkin spice latte. The summer season means barbeque and pool parties. You can’t control the fun weather outside, but you want some control inside. 

But what happens if your furnace is not working? Luckily, furnace financing can help you get a brand new furnace without breaking the bank. Continue reading to learn what to expect with furnace financing.

What Is Furnace Financing

HVAC financing refers to the process of obtaining a personal loan to pay for a new HVAC unit. You repay this loan in regular monthly installments over a certain period. 

Thus, HVAC financing enables you to get a new HVAC system when you need it. You don’t have to have funds to pay for it upfront. Financing is available for both ductless and conventional heating and air conditioning systems.

The Benefit of HVAC Financing?

The advantage of financing your new heating unit and air conditioner is that you may replace older, damaged equipment immediately. If your HVAC equipment fails during the winter, you may be exposed to dangerously low temperatures. On the other hand, if your air conditioner fails during the summer, you may be forced to endure uncomfortable or even hazardous high temperatures and humidity

In any case, your house will be unpleasant until the damaged unit is replaced. Without financing, you may have to wait many months before you can purchase a new HVAC system. 

Why Should You Apply for HVAC Financing?

Even if you have the cash on hand to pay for your new HVAC system in full, you may want to apply for financing. The following are a few reasons why:

You Do Not Want To Spend All of Your Money

You may need that money for another purpose. HVAC financing enables you to maintain a healthy bank account with funds set up for a rainy day.

Improve Your Credit

HVAC financing may enable you to improve your credit score. All you have to do is make on-time monthly payments.

Purchase What You Want

With an HVAC loan, you may be able to purchase the system you really want. You will not have to settle for the cheapest one available. While we take pleasure in delivering only the highest-quality HVAC systems, some are more costly than others.

What Credit Score Do You Need to Finance a Furnace?

Most lenders that finance HVAC systems will need a credit score in the mid to upper 600’s. However, if your credit score is lower than this, you may still qualify for an HVAC finance personal loan.

Additional Financing Options for Your New HVAC System

Direct HVAC finance and lease-to-own options are not the only HVAC financing alternatives available. You can consider air conditioner rental.

If you utilize an external lender, some heating and cooling companies may replace your unit. For instance, you may want to use a home equity loan or line of credit. Additionally, you may get a personal loan from your bank or another lender via special financing.

Furnace Rent To Own

There are affordable furnace rental contracts available. While the homeowner pays a monthly charge to utilize the equipment in their home, the rental business retains ownership of the furnace.

In other words, the monthly rental charge does not contribute to the furnace’s amortization. At the end of the contract, the homeowner usually has three options:

  • Renegotiate the leasing agreement and reset the contract’s clock
  • Pay a separate buyout price to acquire the furnace
  • Pay a removal charge to have the furnace removed from the residence

People who consider air conditioner rent to own or heater rent to own often do so to save money.

What To Consider When Shopping for HVAC Financing?

When shopping for HVAC financing, it’s best to check out multiple alternatives. Consider what we have to offer and how it stacks up against the competition. Consider the:

  • Interest rate
  • Repayment period 
  • Monthly payment amount
  • Any related costs

Whichever route you choose, we can install your new HVAC system!

What Is the Cost of Furnace Financing?

The precise cost of your new HVAC unit may depend on several factors. Financing enables you to purchase the device with little or no upfront expenses.

Bear in mind that funding is not free. Interest is how lenders earn money. The higher your credit score is, the cheaper your interest rate will be. Factors that may influence your interest rate include the loan’s size and payback duration.

Furnace and Air Conditioning Options for Homeowners

You’ll want to examine two primary types of HVAC systems. Both are pretty impressive, but it depends on your needs. Here are the two types:

Conventional

With a conventional furnace or air conditioning system, you’ll have an outside unit connected to your house through ductwork. Using the furnace’s blower, the warm or cold air is pushed through the vents in your house. You will use a central thermostat to regulate the temperature.

Ductless

Ductless units are ideal for older houses that lack ductwork. Adding ducts to an older house may be a big undertaking. Rather than that, ductless units may be installed in separate rooms to offer zone-controlled cooling. 

Each ductless unit is linked to a separate outside unit through a small hole in the wall. You may regulate the units individually to maintain the desired temperature in each section of your house.

Do You Need To Replace Your Heating and Cooling Unit?

Some HVAC providers will immediately suggest replacement. This is because it’s a large project that will cost a lot of money. You may only need a simple repair, which is often more affordable. 

Here are indications that you need to replace your heating and cooling unit:

  • The cost to maintain the unit is very costly
  • The air quality in your house has degraded significantly
  • The unit is outdated and cannot be repaired or cleaned

Replacing your unit makes sense only if it is the least costly way to ensure proper operation and air quality in your house.

Where to get HVAC Financing?

If you decide on furnace financing, we will guide you through the procedure. We want you to be informed. Otherwise, you risk spending too much money on a system that is not suitable for you.

Are you prepared to learn more? Contact us today for heating and air conditioning services.

An Overview of the Ins and Outs of Heating and Air Conditioning Systems

An Overview of the Ins and Outs of Heating and Air Conditioning Systems

According to studies, 60% of Canadian households had any type of air conditioner. This number grew since two years prior to the study, meaning more and more households are installing heating and air conditioning systems.

A quality heating and air conditioning system can keep your home comfortable while also being energy efficient and saving you money. If you’re thinking about installing a new one, let’s take a look at everything you need to know about these systems.

How Do HVAC Systems Work?

Heating and air conditioning systems are commonly referred to as HVAC systems, meaning they take care of heating, ventilation, and air conditioning. It is also possible to have ductless heat pumps or mini-split systems.

Your system will include a heating element, which is usually a furnace or boiler. This pairs with a pipe system if you have a fluid-based system or ductwork if you have forced air. Either of these systems helps distribute the heat.

Some systems also include a separate air-cleaning element here. Finally, the air conditioner will include an outside unit that includes a compressor, as well as an evaporator coil attached to the furnace. 

Your air return is the starting point of the ventilation cycle in your home. It sucks in air and brings it through a filter. Then, the air passes into the main system. This air then moves on to the heater or central air conditioner where it is heated or cooled as needed.

The air, which is now at the temperature you want it, is sent back into your home using the ductwork. Blowers, which is essentially a fan that is part of your furnace, helps force the air to move through the ducts.

How to Choose a Heating and Air Conditioning System

If you already have a heating and air conditioning system, odds are that sooner or later you will need to replace it with a new one. Unfortunately, they do break down over time. This causes them to be inefficient or ineffective, possibly raising your energy bills, requiring frequent repairs and maintenance, and making your home less comfortable.

When choosing a new heating or air conditioning system, it’s important to take a careful look at what your system needs to do. You don’t want to buy an oversized unit, but you should make sure it can meet the requirements for your home.

It’s important to choose one that will adequately heat or cool your home. Larger homes require larger units. Some very large homes may even require multiple units. However, smaller homes may only need a relatively small unit.

How Much Does an HVAC System Cost?

Prices will vary depending on where you purchase your air conditioner or furnace from as well as your location. In addition, certain factors like the make and model of the system will also affect the cost. 

You’ll also need to factor in the cost of installation. This can vary drastically depending on your location and your particular home, including how old your current unit is. Modern building codes may require substantial upgrades to venting, piping, and electrical wiring. 

If you’ve never had an HVAC system in your home or have an outdated system, you may need to factor in the cost of installing or updating ductwork. Having a properly working and installed duct system will ensure your new HVAC system will work efficiently, lowering your overall costs.

If you can’t purchase a new heating or air conditioning system outright, there are other options. Furnace rental and air conditioner rental can help you get the system you need now without paying for a whole new system right away.

Another option is to finance your furnace or air conditioner. You can get great rates with flexible options, while still being able to install the heating and cooling system you need. 

Where to Get Heating and Air Conditioning Systems

You can get a heating and air conditioning system from a number of places. Many heating and cooling companies that are known for service and installation also sell some standard HVAC systems if you need one.

However, there are also other options. Some companies offer furnace rent to own or air conditioner rent to own.

You should consider a company that specializes in selling and financing heating and air conditioning systems. Going this route will give you a wider variety of units to choose from, meaning you can get one that will work best for your situation.

In addition, you can get more flexible payment options, making it easier to get the system you need affordably. You could finance your system and only have to deal with low monthly payments. There are options for zero-interest financing and even bad credit financing.

Plus you’ll still have access to licensed and certified installers that are experts in installing heating and cooling systems the right way. 

How to Maintain Your Heating and Air Conditioning System

Keeping up with the maintenance on your heating and air conditioning system is key to keeping it running efficiently. Scheduling your heating and air conditioning services regularly will help you extend your system’s life and save money on your energy bills.

In general, you should have your systems inspected and serviced by a professional before the season in which they’ll be used. For your heating system, this means you should schedule an appointment in the late summer or early fall before you need the heat.

On the other hand, your air conditioner should be serviced in late winter or early spring. This will ensure it’s ready to go for cooling season. You should also be sure to change your filters regularly even between servicings.

If you have an outdoor unit, it is important to maintain the area around it. Make sure there isn’t any debris or vegetation that is too close to the unit. It can get sucked into the fan and cause serious issues.

Keep Your Home Comfortable

Heating and air conditioning systems may seem complicated for the average homeowner when you first learn about them. However, with a little bit of knowledge, you can choose a system that works for you and keep it well maintained.

Get a free quote from Furnace Financing so you can upgrade your heating and cooling system and start enjoying a more comfortable home.

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