Heating, air conditioning and ventilation systems are a valuable asset for your home. However, that asset comes at a premium. The average American has about $6,000.00 floating around in their savings account. When compared with the cost of an air conditioner or heating unit, most homeowners don’t want to wipe out their savings in order to purchase one. We’ve come up with a list of the top 7 ways Georgia homeowners can finance their HVAC purchase:
- If you have equity in your home, you can apply for a home equity line of credit (HELOC). Leveraging the existing equity in your home for a purchase that adds to the overall value is a sound investment. You can find a basic rundown of what a HELOC is here.
- Work with the company providing your unit. Many companies use third party financing to help you with the cost of your air conditioner. We use a company whom had the lowest interest rates, quickest response time and the best customer service. You can find a link to their site here on our financing page.
- Unsecured loans through energy efficient loan government programs for ENERGY STAR-qualified heating, ventilation, and air-conditioning (HVAC) units. The state of Georgia, along with the federal government has created loan programs in conjunction with the utility companies to help homeowners make more energy efficient choices for their homes. Conveniently, the loan is designed to be repaid through your utility bill each month. Click here to learn more about this program.
- FHA Title I loan insured by the Federal Housing Authority. These are loans provided by financial institutions but they are backed by the federal government. You still need to have decent credit to qualify, but the upside is very little red tape. You simply have to be a homeowner with decent credit and you will be approved for up to $7,500.00 relatively fast. You can learn all about the Title I loans by clicking here.
- What if you have bad credit? If the bank doesn’t trust you because of a low credit score, sometimes asking friends or family is a good way to borrow. With all of the resources available online, formalizing an agreement between friends is easier than ever. With websites like LendFriend.com you can establish interest rates and draw up contracts to create a business-like transaction between private parties. There are also websites like Prosper.com that facilitate peer-to-peer lending. They match borrowers with private lenders. There are investors looking to make a return, including those willing to loan money for home improvements.
- If you qualify as a moderate to low-income household, this is a great resource. The Community Home Investment Program is funded by the Georgia Department of Community Affairs and is designed to help homeowners with repair assistance.
- If you can make the purchase upfront with your own funds, but want to recoup some of that investment, you can find a long list of Federal and State rebate programs in the state of Georgia. From tax credits to grants to rebates, there are many ways to earn back what you’ve shelled out for your HVAC.
There are so many options out there to finance your HVAC. With federal and local governments establishing programs promoting more energy efficient home appliances, the options are wide open. You don’t have to go into major debt or pay high interest on a credit card in order to purchase this important part of your home.