Purchasing a new air conditioner can be a significant investment. Depending on the unit or system type, it could cost you $5,000 or more. If paying for it out of pocket isn’t an option, a loan or credit product can help you cover the costs. You may even be able to save money by financing your purchase and taking advantage of 0% interest or other promotional offers.
The best AC financing for your needs depends on a variety of factors, including credit score, loan amount, and interest rate. In general, borrowers with good to excellent credit (typically 690 or higher) are likely to qualify for an HVAC company’s in-house financing or a personal loan with favorable terms. Those with poor credit can sometimes find financing through a bad credit lender, though they will typically pay a higher interest rate than borrowers with good credit.
In addition to traditional forms of payment such as cash, cheque, EFTPOS or bank transfers, Cyber Air Conditioning is proud to offer a number of convenient Buy Now, Pay Later interest free** repayment service providers, Humm90 and Zip. Both of these providers allow you to arrange your repayments in weekly, fortnightly or monthly instalments. This flexibility helps you fit your new air conditioning purchase into a repayment schedule that works for you.
Another option for obtaining AC financing is through a personal loan, which is a lump-sum installment loan that you can repay over a set period of time. Personal loans are available for those with good to fair credit, and the rates are often comparable to those of unsecured debt such as balance transfer credit cards. Some personal loan lenders, such as Upgrade, are a great option for borrowers with bad credit as they don’t have the same stringent requirements as high-end personal loans or banks.
Whether you choose to finance your AC purchase through an in-house financing program, personal loan, or a credit card, there are many benefits of doing so. Besides saving money on energy bills, a modern, efficient HVAC system can increase your home’s resale value and make it more attractive to prospective buyers. In addition, federal tax credits and local utility rebates are available for those who purchase high-efficiency HVAC units. Regardless of your financing method, it’s important to budget your expenses carefully and stay on top of your repayment schedule to avoid paying unnecessary interest fees.
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