When to Finance

Financial institutions will provide loans for houses, cars, boats, and yes, even HVAC systems. Financing allows individuals to achieve their goals, without adding much strain to their everyday life. With financing available through reputable companies like Air Concepts, let’s take a deeper dive into what this could mean for you.

Under the right conditions, financing a new HVAC system may be a smart option, or in some cases, it might be the only option.  In this current economy, some homeowners do not have the extra funds to pay cash for a new air conditioning unit.  A few questions to ask before deciding on whether to finance are listed below.

Interest rates are always an important factor when it comes to financing. Credit terms vary by financing company. As of the date of this blog, with approved credit, there are a couple of different options we offer through Air Concepts to lift some of the burden off you.

Wells Fargo Bank, N.A.

No Interest if paid in full within 12 months with regular monthly payments

Special Rate of 9.99% APR with 96 equal monthly payments

GreenSky A Goldman Sachs Company (usually more willing to work with lower credit scores)

6 months No Interest w/ payments for 84 months (17.99% – 26.99%)

12 months No Interest w/ payments for 36 months (17.99% – 26.99%)

Special Rate of 9.99% APR with 96 equal monthly payments

If you have enough money in savings to pay cash for a new HVAC unit, financing may not be the way to go. The only reason you may want to finance is to hold on to some of your fluid cash and pay off the loan within the no interest period of 12 months.

If you don’t have enough cash to purchase a unit outright, take advantage of our financing options unless you can get a better APR through your banking institution.

All our installs come with a 1-year labor warranty. The majority of HVAC equipment comes with a 5-year functional parts warranty. At Air Concepts, we register all residential equipment so our customers will receive an additional 5 years on functional parts, making that a total of 10 years on functional parts.

Once your unit is over ten years old, you may notice it needs more servicing, especially if you did not have it regularly serviced over the years. Once you begin paying out of pocket for labor and parts you may find that you are better off purchasing a new unit and this can be done through financing or with cash if that’s available to you.