Your HVAC system is responsible for maintaining the desired temperature and circulating clean air throughout your home. During the hot summer days and cold winter nights, you rely on your HVAC system to keep you and your family safe and comfortable. Over time, your HVAC will experience wear and tear. When it reaches the 15 to 25-year mark, you might notice the warning signs that indicate it’s time to purchase a new HVAC unit. If your HVAC system stops working completely, you can’t wait to replace it. Many homeowners wonder how they can afford to replace their HVAC. Luckily, our team at Markool Heating & Cooling is here with everything you need to know about financing a new HVAC unit.

Understanding Your Options for HVAC Financing

While some people prefer to pay for their HVAC system in cash, others prefer to spread out the total cost over time. You can pay with a major credit card, or you can explore options for HVAC financing. Some homeowners choose to take out a personal loan or home equity line of credit (HELOC) through their bank or credit union. However, credit cards and personal loans aren’t your only options for financing your HVAC system. At Markool Heating & Cooling, we offer in-house financing options for buyers with approved credit.

How HVAC Financing Works

Before you sign on the dotted line, you need to understand how in-house finance programs work. Like a bank loan, in-house HVAC financing programs are a great way to avoid paying the entire cost of your new system upfront. HVAC financing offers several benefits over a traditional bank loan or paying with cash upfront.

Shorter Application Process

When you apply for a bank loan or HELOC, the bank often requires a long application that provides a detailed financial and work history. In addition to this application, you may need to provide several months of pay stubs or bank statements to prove your income. The approval process can take several days or weeks, depending on the complexity of your financial history.

For HVAC financing, you will apply for financing directly with Markool Heating & Cooling and our financing partners. This application is shorter than the typical bank loan application. These HVAC finance programs may not require the same detailed financial history and proof of income as a bank loan. Depending on which finance partner you work with, you may be able to complete the application via text or email. The finance partner may return with a decision in a few minutes.

Different Credit Requirements

Bank loans require a strong credit score and low debt-to-income ratio. Although HVAC financing programs check your credit and debt-to-income ratio, these programs typically have a little more flexibility. Similar to bank loans, buyers with high income and credit scores will enjoy the best financing terms and lower interest rates. Buyers who have a few credit missteps and don’t meet the criteria for prime rates may qualify for second-chance financing. These finance programs may include higher interest rates or longer payment terms. To find out if you qualify for our HVAC financing programs, you can ask our team about filling out an application.

Manageable Monthly Payments

For many homeowners, a new HVAC system is a major expense that can rapidly deplete their savings. Frederick homeowners can expect a new unit to cost several thousand dollars. When you add installation and removal costs, the price increases quickly. The size and age of your home will help determine the final cost of replacing your HVAC unit. A larger home or property may need a powerful unit that costs as much as $20,000.

With HVAC financing programs, you don’t have to worry about using up your emergency fund or maxing out your credit card. Our finance programs allow you to spread out the cost of your HVAC system over a longer period. Depending on the financing terms, you can pay off your HVAC system over several months or several years. These finance programs often have lower interest rates than the average credit card.

Special Promotions and Finance Offers

HVAC finance programs may offer special promotional rates that can save you money. Buyers with approved credit may qualify for low or no-interest financing. Some finance programs offer no interest if you pay off the balance in full before the promotional period ends. These programs typically require that you pay the balance off in six or twelve months.

Before You Finance Your New HVAC

Before you apply for financing, you should consider your financial situation. Homeowners should calculate their income and expenses to determine an affordable monthly payment. You also should consider the length of the loan. A shorter loan period will have a higher monthly payment but will save you money on interest. Shorter loan periods typically offer lower interest rates. A longer loan period gives you a lower monthly payment, but you will pay more in interest over the life of the loan.

As you calculate the impact of HVAC financing on your budget, don’t forget to consider potential savings. There are many ways to save money and offset some of the monthly payments for your HVAC system. A new HVAC unit is more efficient than an older system, reducing your energy bills. Smart thermostat features like scheduling and geofencing limit your HVAC’s operation to the hours you are home. Zoning allows you to heat or cool individual rooms or zones in your home. You won’t waste energy heating and cooling unoccupied rooms. These features help you save energy and money.

When you purchase a new HVAC system, you may qualify for government rebates and tax incentives. Our customer service representatives at Markool Heating & Cooling can advise you about all the available incentives. Ask about available manufacturer’s incentives or discounts. Local utility companies often offer rebates for energy-efficient home upgrades. Finally, we also can give you information about any local or federal tax credits. Our team can let you know about program requirements and expiration dates. By taking advantage of these promotions and rebates, you can save money on your HVAC purchase.

Your HVAC Installation Experts in Frederick

If you live in Frederick and the surrounding area, you need a trustworthy team to handle all your heating, cooling, and air quality needs. At Markool Heating & Cooling, we offer our services to residential, commercial, institutional, and industrial customers. We can handle the most complicated projects. When you contact our team at Markool Heating & Cooling, you’ll discover that we place your needs first. A customer service representative responds to your call quickly. We offer easy, convenient scheduling on our website, and when we arrive for your appointment, we focus on finding the right solution for your property. Our friendly, experienced technicians will listen to your concerns and answer any questions.

At Markool Heating & Cooling, we offer a wide range of HVAC services, including installation, repair, and maintenance services. We repair all makes and models of HVAC units. In addition to our HVAC services, our team also offers air duct cleaning to keep air flowing in your home. If you need the services of a trained plumber, you can count on Markool Heating & Cooling. Our experienced plumbers offer water heater repair and installation. You can call us for sewer repair, including drain cleanouts and clogs.

Contact our HVAC specialists at Markool Heating & Cooling in Frederick and ask about our financing programs today!

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