HVAC Financing for Good & Bad Credit

Can you finance an air conditioner?

Yes, an air conditioner can be financed. Secure financing for your new HVAC or HVAC repairs today with Acorn Finance at some of the lowest rates you can find online.

Can you finance a furnace?

Yes, you can finance a furnace. In most cases, a furnace can be financed for less than $65 per month with no money down. The total cost of purchasing a new furnace usually ranges between $5,000 – $6,000.

How much do new AC units cost?

According to Home Advisor, on average central air conditioning costs between $3,812 – $7,478. For larger homes or homes that have complicated ductwork the cost can be upward of $10,000. Ductless split systems usually cost between $2,000 to $14,500 installed. We recommend working with a state-licensed contractor for installation. In some cases, permits may be required. Furthermore, only a licensed professional can handle the refrigerant chemicals involved. If you are looking for a more affordable AC solution you may want to consider a window air conditioner or a portable unit. You can find window air conditioners for about $150-$500 installed. Portable units usually have similar costs. Some factors that can impact the cost of a new A/C system include…

The unit selected
Installation costs
Additional items (such as ductwork repair)

How much should HVAC installation cost?

According to Home Advisor, the average cost to replace an HVAC system is about $7,000 with a typical range of $5,000 to $10,000. New HVAC installation may cost more money. New installations can cost between $1,500 to $12,500 and up. Repairing or replacing an HVAC system can be frustrating with many variables in relation to the cost. HVAC systems are made up of multiple parts both inside and outside of the home. When it comes to estimating price you should consider how many components you need to replace. While you can get an idea of pricing online, it can vary project to project. In addition, your location may impact the cost as well. Most HVAC companies can provide free estimates. We recommend getting a few estimates for HVAC installation.

Do most HVAC companies offer financing?

Most HVAC companies offer financing. Some may offer in-house financing but a majority of HVAC companies partner with third party lenders to offer financing. Ensuring your HVAC system functions properly can help you achieve maximum efficiency. HVAC systems should be inspected 1-2 times per year, perhaps once in the fall and once in the spring. Whether you need basic maintenance repairs or a new HVAC system you can use financing. If your HVAC system has surprised you with problems, you may be in a hurry to get it fixed. While an HVAC company that offers financing may be an easy solution, you’ll want to ensure you are getting the best deal. Acorn Finance offers a free platform that allows you to compare offers from multiple lenders. Taking advantage of Acorn Finance’s platform can help ensure that you secure the best financing offer.

Can you replace just the outside AC unit?

While you may be able to get away with just replacing the outside AC unit, it’s usually not recommended. Replacing the outdoor and indoor units at the same time helps ensure that units are compatible. Mismatched units may work fine together temporarily but in the long term you may encounter serious problems. In addition, factory warranties may be void from using mismatched units. However, if your AC system is still covered under factory warranty but the outdoor unit needs replacement, you should see if the factory warranty can cover replacement. If it can, this may be one scenario where replacing just the outside unit makes sense.

How much does an air conditioner cost for a 2,000 sq ft home?

If a home has an existing forced-air heating system, it may be easier to add air conditioning. A 2000 square foot home with an existing forced-air heating system may cost about $3,000 to $4,000 to add central air conditioning. Adding ducts can cause project costs to nearly double. If ducts need to be added you’ll probably want to go with a split system. For a 2,000 square foot home you’ll most likely need 30,000 to 34,000 BTUs. Once you have determined how many BTUs you need, you are ready to select a unit to purchase. Units can vary in price, thus causing project costs to fluctuate.

Is it cheaper to replace the furnace and AC together?

In most cases it’s cheaper to replace the furnace and AC together. Replacing a furnace alone usually costs about $2,000 to $5,000. When you add a furnace during an air conditioner replacement, it should cost less. However, if your furnace is less than 10 years old, it may make sense to replace it solo. There’s a good chance it should last until your AC needs to be replaced. A furnace should last 20-30 years and AC systems should be replaced every 10-15 years. If your furnace is 15+ years old you should replace the furnace and AC together. In addition, if installation is complicated or you want to avoid HVAC repairs or replacements for a long time you should replace the furnace and AC together.

Can you negotiate HVAC prices?

Negotiating is just part of doing business. HVAC prices can be negotiated. You want the contractor or HVAC company to make money and be motivated to do a good job on your project but you also want to get a great deal. So how do you accomplish both objectives? The best way to negotiate with HVAC companies and contractors is to gather multiple estimates. If the lowest estimate is from the contractor you prefer to work with, you may not need to negotiate. However, if you wish to work with a certain contractor but a competitor gave you a lower estimate, you may want to express a desire to work with a contractor and share the lower bid with them. They may be willing to match or beat the competitors estimate or lower their original estimate to earn your business. Keep in mind, the lowest bid may not be the most reliable or experienced contractor so you should compare more factors than just price when selecting an HVAC company or contractor. Checking online reviews or asking friends and family for referrals can help you find reliable and professional HVAC companies.

How many square feet will a 3-ton AC cool?

Since some areas experience warmer seasons than others, a 3-ton AC system may cool more square footage in Maine than Texas. Different climate zones have different recommendations for proper size systems. In areas like Texas and Florida a 3-ton AC can cool 1,501 to 1,800 square feet. In areas like Maine and Montana a 3-ton AC system can cool 1,651 to 2,100 square feet. To determine how many square feet you can cool with a 3-ton AC in your area you should contact a local HVAC company or contractor.

How much is a 3-ton AC unit installed?

According to Fixr, most homeowners spend about $7,000 to install a 3-ton split system unit with new ductwork and a SEER rating of 16. The SEER rating you need usually depends on what you need from a heating and cooling system. SEER stands for Seasonal Energy Efficiency Ratio. SEER ratings can be compared with miles per gallon in a car. The higher the SEER rating, the more satisfaction you’ll get per energy dollar. Think about it like this – your car may average 30-mpg but may not be as efficient in city traffic. If you have a SEER rating of 16, this is the maximum efficiency but it depends on conditions. In areas with extreme heat or humidity, you should have a higher SEER rating. Most air conditioners have SEER ratings between 13 to 21. How efficient your system is can depend on the SEER rating as well as the size of your home, ductwork, and other factors.

How much does a new A/C system/unit cost?

On average central air conditioning costs between $3,756 – $7,249. For larger homes or homes that have complicated ductwork the cost can be upward of $10,000. Factors that can impact the cost of a new A/C unit include:

• The unit selected
• Installation costs
• Additional items (such as ductwork repair)

Pros & Cons of HVAC Financing

Installing a new HVAC unit can be a hefty but necessary expense. Financing your new HVAC unit can provide an affordable solution. It’s important to do your homework and compare offers in order to make an educated decision when selecting HVAC financing.

Pros

• Affordable solution with low monthly payments
• Funds available quickly
• Save cash or savings for a real emergency

Cons

• Taking on debt
• Interest and fees

How To Secure HVAC Financing

Ready to discover the pros and cons of some of the top HVAC financing options? Keep reading to learn more.

Best HVAC Financing Options: New or HVAC Repair Financing

Personal Loan for HVAC

A personal loan for home improvement or HVAC financing can be an attractive option for good and bad credit types. It’s relatively simple and funds can be made available quickly. In addition, you can avoid many of the closing costs and fees that can be associated with home equity loans. AcornFinance is a reliable and top-rated company that provides personal loans for HVAC financing. Take advantage of affordable payment options and free services while saving tons of time.

Three steps to get started with Acorn Finance:

• #1. Complete and submit a short loan application online
• #2. Receive multiple pre-qualified offers
• #3. Get connected with lenders to obtain your pre-qualified loan

Pros

• Quick funding
• Typically lower interest rate than most credit cards
• Most personal loans are unsecured meaning no collateral required
• Many uses
• Borrow up to $100,000
• Receive pre-qualifying offers without affecting your credit score

Cons

• Origination fee may apply
• Fixed payments that must be made on time
• Rates can be lower for borrowers with good credit
• Prepayment penalties may apply

Credit Cards

Credit cards can be a convenient solution for HVAC financing but you should consider the pros and cons. Some credit cards may offer special 0% interest promotions that you can take advantage of. However, in most cases credit cards have higher interest than personal loans.

Pros

• Build your credit
• Convenient
• Potential to earn rewards
• Buy now, pay later
• Theft protection
• Special promotions may apply

Cons

• Higher interest rates
• Annual fees may apply
• Vague approval requirements
• Read the fine print
• Increased risk for fraud

Cash or Savings

Using cash or savings to pay for HVAC can be the cheapest option on paper. However, it may be a smarter decision to save your cash or savings for an emergency. There are many competitive options available for HVAC financing.

Pros

• Pay anyone
• No limitations
• Cheapest option on paper

Cons

Cash or savings may be better served for an emergency HVAC Manufacturer Financing In-house HVAC manufacturer financing is offered by many companies. Most of these programs are essentially personal loans or credit cards. HVAC manufacturer financing is typically an easy solution. However, it’s difficult to compare competitive options and offers.

Pros

• Convenient
• Fast application process
• Typically no down payment
• Competitive interest rates

Cons

• Difficult to compare competitive offers
• Can cost more than other options

How much does it cost to replace a HVAC system?

Before you decide whether or not you need HVAC financing, you might be most concerned with how much you will need to spend on a new system. Typically, it will cost anywhere between $5,000 and $10,000 to replace your HVAC system.
HVAC replacement may come as a surprise leaving some homeowners wondering how to afford the repair. In some cases, it might make sense to use a personal loan to finance HVAC repair. You may want to ask your HVAC company if they can offer financing. Some HVAC companies may partner with third-party lenders that offer financing. Whether you secure your own financing or use financing offered by the HVAC company you will want to make sure you get a fair deal. At Acorn Finance you can check personal loan offers within 60 seconds or less with no impact to your credit score.

How long do HVAC units last?

One of the concerns that people may have before securing HVAC financing is how long their new system will last. Besides, those who plan on moving shortly might instead elect to pass this cost to the person who buys their home. Typically, a new HVAC will last somewhere between 15 to 25 years. If your HVAC system is more than 10 years old, it may be time to start considering replacement. A planned replacement is easier to financially prepare for as opposed to a surprise replacement.

How often should you replace your HVAC system?

As we mentioned, an HVAC system will typically last anywhere between 15 to 25 years. HVAC systems can be costly to repair and in most cases it may make sense to just replace the entire system. After 10 years of use, you should start considering HVAC replacement. In addition, if your HVAC system is frequently breaking down it may be a sign that replacement is around the corner. Another indicator that your HVAC may need replacement is your energy bill. If you notice an increase in your energy bill and your usage has not changed, it might be time for a new HVAC system.

Can HVAC last 30 years?

In some cases your HVAC system may last 30 years with proper care. However, it really all depends on the type of system. Furnaces and boilers may last 30 years. However, it’s unlikely that a heat pump or air conditioner will last as long as 30 years.
No matter what kind of system you have it’s important to be familiar with and practice regular require maintenance..If necessary, you should get repairs on major components to help ensure that your HVAC system lasts 30 years. However, you might also feel that the cost of repairs is too expensive if your system is 15 – 20 years old.

How do you know if you need a new HVAC system?

Perhaps you are looking into HVAC replacement because well it’s obvious you need it. However, there are other cases where a homeowner may suspect they need HVAC replacement. So how do you know if you need a new HVAC system? Here are some signs that you may need to get a new HVAC system:
Unusual sounds
HVAC system is 10+ years old
Higher energy bills
Repair costs are higher than a new system
Ultimately, you may have to contact a professional to determine if it’s time for replacement. Before securing financing you should consult a professional and determine if you need repairs or replacement. You should also know how much the work will cost so that you can secure the appropriate loan amount.

Is HVAC worth replacing?

As technology advances, so do HVAC systems. It’s recommended to replace systems every 10 to 15 years. Upgrading your HVAC system may lower your energy bill. Replacing your HVAC system is something most of us do not think about until there is a problem. Having a professional perform regular maintenance can help you understand when replacement will be needed. If your HVAC system needs replacement or repair, you should complete the necessary work right away.

Should ductwork be replaced after 20 years?

The system used to transport air from HVAC systems to your vents and throughout your home is known as ductwork.Most ductwork has a lifespan of 20-25 years. After about 15-20 years, you should definitely consider replacing ductwork. As ductwork begins to deteriorate, HVAC system efficiency can decline and air quality can be affected. Ductwork can be financed as a sole project or bundled with a new HVAC system. According to Home Advisor, ductwork costs about $10-$20 per linear foot with a typical range totaling $462 to $2,038.

Should I replace the HVAC before it fails?

If you have the opportunity to replace your HVAC system before it fails, you should. As the unit begins to fail, it can operate much less efficiently. If you can avoid getting to this stage of life you can keep your energy bills down. In addition, in your HVAC systems final stages of its life it may break down often, requiring you to call out a professional several times. This too can add up. Replacing your HVAC system before it fails may force you to make an investment sooner than planned but it may also help save you money in the long run.

What are the best HVAC brands?

Before spending double digits on a new HVAC system, you will want to make sure you choose a high quality system. Below we have listed some of the top brands for HVAC systems. However, we recommend reading consumer reviews and consulting experts before purchasing an HVAC system. Brands often carry a variety of equipment so that they can cater to different budgets and consumers. You will want to make sure you choose an HVAC system that is suitable for your needs and your budget. Here are some of the brands you should check out first while looking around for a new HVAC unit.
Trane
American Standard
Carrier
Goodman
Rheem
Lennox
York
Ruud

What is included in a new HVAC system?

When you buy a new HVAC system, you should receive the system itself along with anything else listed as included. In most cases, this will include the air handler or evaporator, new refrigerant supply lines, outside condensing or compressor unit, thermostat, condensate drain lines, etc. If you plan to install the HVAC system on your own you will want to make sure you get all the materials and tools you need. If possible, we recommend having a professional install your new HVAC system.
Ensuring that your HVAC system is properly installed can help keep it operating safely and efficiently for many years to come. If you are short on funds, you should consider using HVAC financing to complete your project the right way.

What is the best time of year to buy a new HVAC system?

If you are looking to score a deal on your new HVAC system, you should shop during the off-season. In some cases you may not have the chance to prepare or time out your purchase, but if you do, you should wait til off-season comes around.The off-season usually spans from September to mid-November and March to mid-May. When demand is down, you may find an opportunity to save on materials and installation. Some HVAC companies may offer promotional financing during slow times as well to encourage homeowners to replace HVAC systems.

What does HVAC mean?

What is HVAC financing?

Is it common to finance a new HVAC system?

Is it a good idea to finance your HVAC system?

Where to check offers for HVAC loans?

What credit score is needed for a HVAC loan?

Can you get an HVAC loan with bad credit?

A bad credit score can prevent you from securing HVAC financing, even though it may be necessary to get your HVAC repaired. In some cases you can qualify for HVAC financing with bad credit but it will probably be very expensive. Repairing an HVAC system may cost nearly as much as replacing it. Therefore, there is usually no cheap fix to remedy an HVAc unit that is not working properly. If you have bad credit you may need to take a loan from a friend or family member. Before considering this option though you should try to qualify for a personal loan.

At Acorn Finance you can check personal loan offers without impacting your credit score. If you qualify then you can choose the offer you prefer and proceed with finalizing the loan with the lender. Some HVAC companies also offer their own funding, even to people with bad credit. You can ask your preferred company if they have lending or payment options available before you begin looking for other lending options.

You should keep in mind that just because you qualify for financing does not mean that it’s a good idea. With bad credit you will probably have to pay high interest rates and high fees. You will need to make sure you can cover the monthly payment before proceeding with financing.

What credit score do I need to get an air conditioning loan?

Most lenders will require a score of 640 or higher when looking at giving you an air conditioning loan. You might be able to qualify with some lenders though if your credit score is at least 500. Ideally, though, lenders like to see a credit score in the high fair range because it makes you a less risky borrower.

Borrowers who are considered less risky often qualify for lower interest rates and better APR. Some lenders will give you an air conditioning loan with a credit score of less than 640, but they may only offer you very high-interest options. Most lenders will also consider other factors in addition to your credit score. These factors usually include debt-to-income ratio and annual income. In addition to verifying your track record of making on-time payments lenders also want to verify that you have the funds to repay the loan. While you may not have all the cash on hand at once, they will want to know you have enough available cash every month after expenses to cover the monthly payment.

What is the minimum credit score to get an HVAC financed?

Most lenders that offer HVAC financing will want to see a credit score in the mid to high 600’s. However, if your score is lower than this you may still qualify for a personal loan for HVAC financing. Some lenders may accept a minimum credit score of 600. Lenders typically have a minimum credit score requirement. If you know that you have less than perfect credit you should check with the lender to see what the minimum credit score requirement is before applying. In some cases, you may even be able to access this information online. Ensuring that you meet a minimum credit score requirement before applying does not guarantee that you will qualify but it does give you a better chance.

Can you put HVAC repairs on credit?

If you have a credit card with a high enough limit to put your HVAC repairs, this is always an option. It might not be the cheapest or best idea though. Credit cards often have very high interest and high APR that can take you a long time to pay back.

If you have minor repairs though, like $1,000 or less, putting it on your credit card will be more cost-effective and not as time-consuming as applying for a personal loan and waiting for the funding. Credit cards work best when you only need a smaller amount of cash. You can also apply for a small spending limit credit card if you don’t already have one to help you pay for the repairs you need.

Pros of using a credit card:
Once approved, you get quick funding
Use your card for other air conditioning repairs or home improvement projects
The easy application process for most credit card companies

Cons of using a credit card:
Higher interest rates than personal loans
Some HVAC repair companies might charge an additional fee if you are paying with a credit card

Can you get an HVAC repair loan with a 600-credit score?

It is possible to get an HVAC repair loan with a 600-credit score. Lenders might even be more willing to give you a loan if you have a high income or a low debt-to income ratio. Each lender is different, so it is worth it to shop around for lenders before choosing one.

Fair credit lenders will also work with people who have a credit score of 600 or less. They might offer high-interest loans though. Always compare rates and fees when looking at lenders.

What lenders provide HVAC financing for bad credit?

Some lenders can offer financing for borrowers that have bad credit. If you know that you have bad credit you should try to work with a lender that you qualify for. A good place to start is by researching bad credit lenders. You should be able to access some of their requirements online and get a feel for which one might be the best fit. If you want to skip some of the research you can check offers at Acorn Finance. Some of Acorn Finance’s lending partners can help bad credit borrowers.

You can also check with the following companies:
LightStream
Marcus
Discover
Upgrade
LendingClub

How to finance an HVAC with bad credit?

If you have bad credit and can’t afford to take out one of the high-interest loans that you may be offered, saving up and paying cash might be cheaper. However, this isn’t always possible. In some cases, it might even be bad for your health if it’s extremely warm when your air conditioning happens to break.

For urgent repairs, you can consider applying for a personal loan. This is usually a home improvement loan or another type of personal loan that is deposited as a lump sum in your bank account.

Before choosing a lender, always shop around and compare rates before choosing one. You will always want to choose a lender that offers the lowest interest and a minimum monthly payment that you can afford. Checking your credit score before applying for a loan can be beneficial. In some cases your credit score may be better than you thought.

What is considered bad credit when looking for HVAC financing?

This depends on the lender you are applying to and how large of a loan you are requesting. Some lenders might be more lenient than others. However, you will most likely need a FICO score of 600 or higher. A credit score between 300 to 629 is considered bad by most lenders. If you have a credit score in this range it can be especially difficult to qualify for HVAC financing. Even if you get to the fair credit range of 630 to 689, you may still struggle to get HVAC financing.

HVAC Repair Financing Made Easy

In conclusion, HVAC financing allows you to make an affordable monthly payment for your new HVAC unit. Cool down and relax while saving your cash for a rainy day using HVAC financing. Acorn Finance is a trustworthy company that partners with reputable lenders to provide competitive HVAC financing. You can apply online using their simple three step process to receive multiple offers for HVAC financing. This allows you to save time and compare offers easily. Ready to take the next step? Apply online today!

Sources:
homeadvisor.com/cost/heating-and-cooling/install-an-ac-unit/
homeadvisor.com/cost/heating-and-cooling/
aaaheatingandcoolinginc.com/benefits-of-financing-a-furnace-or-ac-unit/
lendingtree.com/personal/financing-a-new-ac-unit/
thesimpledollar.com/loans/home/best-home-improvement-loans/
moneycrashers.com/personal-loans-pros-cons/
wallethub.com/edu/cc/pros-and-cons-of-credit-cards/25830/