It can be difficult to find funding to replace a broken HVAC system if you’re strapped for cash. If you choose the wrong option for financing your HVAC system, you could end up paying thousands more than you need to. Many financing programs are available exclusively for those with good credit, but if your credit score isn’t ideal it isn’t quite so easy.
These tips will help you get financing to repair or replace your current AC unit despite a low credit score.
Personal Home Improvement Loan
A personal home improvement loan is an option for urgent repair or replacement of your air conditioning. Look for lending partners who work with a variety of credit scores.
Most banks would turn away borrowers with bad credit when it comes to financing their HVAC system, but Avant is one of the internet’s leading lending sites that accepts clients with credit scores of 580. Getting approved for a loan requires only a $20,000 annual income and it offers flexible loan payments. Your credit score won’t be affected by applying for air conditioner financing.
Most lending partners require a minimum amount of $1,000 for personal loans for home improvement projects. These loans are best used for major AC repairs or complete AC replacements. It is possible to obtain central air financing even if your credit score is below average.
Advantages
➡ Air conditioning repairs can be budgeted responsibly with fixed monthly payments.
➡ You can manage your payments better in the long run by choosing a longer repayment term, usually between 3 and 7 years.
➡ No pre-payment penalties mean you can double up on payments when you have extra cash and pay your loan off early.
➡ During the loan application process with your lender, there are no hidden fees.
➡ You can be approved in as little as 24 hours and receive your money within a couple of days.
Disadvantages
➡ If your credit score is below 600, you may not be able to qualify since most lenders require a credit score of 640 or higher.
➡ Those with poor credit may have to pay significantly higher interest rates and have fewer lending options than those with better credit.
Home Improvement Credit Card
Those with bad credit may be able to qualify for a home improvement credit card if they need urgent repairs of less than $1,000.
The best way to pay for small air conditioning repairs is with a credit card.
Credit cards work best when you need a smaller amount of cash for a shorter period of time; if you can repay your credit card loan in a year or less, you may be best off using one.
Advantages
➡ Your card will usually arrive within 10 days of being approved.
➡ Other air conditioning and home improvement expenses can also be paid with your card.
➡ No loan origination fees, although there may be an annual fee for opening and maintaining the account.
Disadvantages
➡ Your repair costs may be increased by as much as 5% when you pay with a credit card.
➡ You can finance your air conditioning with credit cards, but their interest rates are usually the highest. It is possible to have an interest rate of 20% or more if you have poor credit.
Second-Look Financing
Second-look financing, also referred to as near-prime financing, refers to a financial product that is offered to individuals who score just below the threshold served by primary finance providers and have been turned down by them.
Apply and get access to Second-Look near prime and subprime lending. This includes consumers with bankruptcies on their reports. It is possible for homeowners to get financing for HVAC systems with a credit score of 550.
Available Financing Options at Pacific Aire
Pacific Aire now has special financing. With ZERO PAYMENTS and ZERO INTEREST for a YEAR, on any new HVAC system. We’ll help people stay cool in Simi Valley, Ojai, Fillmore, and all over Ventura County!
If you’re a homeowner who’s a little strapped for cash, finding money to replace a broken HVAC system can be difficult. We don’t want finances to be holding you back so we are offering:
➡ 36 months no interest or
➡ 12 months no interest no payments
Don’t wait to get a hold of this offer, prepare your home and system right now. Our long-term financing allows us to offer low monthly payments
In case you cannot afford an air conditioning system right now but need it right away, we can finance it for you.
We shouldn’t be enduring uncomfortable temperatures because of outdated air conditioning systems. Now is the perfect time to prepare your home for maximum comfort.
Visit https://bit.ly/pacificaire_acreplacement or call us at 805-737-2564 to set up an appointment for your new HVAC system today!
