Putting in a brand new central AC unit and furnace can be expensive. When your existing system goes out, you may not be prepared for the cost of putting in a brand new replacement. Moreover, you may not be able to use your homeowners’ insurance to cover the costs if the existing system was not ruined by a covered event.
Rather than forgo putting in a new one entirely, you might be interested in using finance options available to you. By applying for a short term loan through one of the available HVAC financing companies, you could cover the costs of buying and installing a replacement without having to drain your bank account.
If you have never before applied for money from HVAC financing companies, you might wonder at what criteria they look before approving or denying you. In many ways, these businesses are just like banks or credit unions when they review your application. They do a hard hit on your credit to check your score and your debt-to-income ratio.
They also review how long you have been employed at your job and what kind of money you earn throughout the year. Even if you have a relatively high amount of debt, you may still be approved for financing if your income is high enough to cover the payments. Your overall debt may not entirely sink your chances of financing.
The company you apply with also may use the HVAC system that you plan to install as collateral. The collateral may actually secure the largest portion of the loan. The approval, however, comes with the understanding that the HVAC system can be repossessed if you do not make payments on the financing you borrowed from the company. Still, the money you get can help you pay for an HVAC system and its installation.
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