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Benefits of Financing a New HVAC System

When it’s time to upgrade your HVAC system with a newer model, you may be considering whether or not to finance the purchase or pay for a new unit outright. There are pros and cons to each of these options. You can keep reading to learn a few reasons that financing may be the better option when it comes to upgrading your HVAC system. 

If you have questions about HVAC financing in Memphis, TN, you can give our team a call. We are happy to come out to your home and offer an assessment of your HVAC system and then go over all of your options, including financing versus paying for a new unit up front.

1. Invest Sooner Rather Than Later

If you don’t already have enough saved to pay for a new HVAC system right now, financing can be a lifesaver. Financing your HVAC purchase can be the difference between having a new unit and putting off the purchase for longer. 

When you have to postpone an HVAC purchase due to a lack of funding, you face a variety of risks. First, an outdated HVAC system may be unsafe to operate. You’re also likely spending more on energy costs with an older and less-efficient unit.

2. Save Your On-Hand Cash

Maybe you do have enough money saved to fully pay for a new HVAC system, but the major purchase wasn’t in your plans. Sometimes it’s better to finance a major purchase and keep your cash in savings for an emergency. This is especially true if purchasing an HVAC system will eliminate all or most of your savings. 

3. Pay for an Upgrade

Investing in a high-efficiency HVAC system is paramount to saving on energy costs over the life of the unit, which could easily be 15 years. But many homeowners run into issues when the cost of a high-efficiency unit is inevitably more than a more basic model. 

Purchasing a high-efficiency air conditioner or heater may not be in your budget unless you consider financing the purchase. Investing in a high-efficiency HVAC system is a great way to guarantee energy savings for the next 10-15 years. If the purchase exceeds your budget, financing all or part of the unit is a great idea. 

4. Build Credit

Whether you’re new to financing or have a seasoned track record, financing an HVAC unit is a great way to boost your credit score. Having a loan, making on-time payments, and then paying off the loan is a great credit booster no matter where you stand credit-wise. 

If you have fewer items on your credit report, financing is an opportunity to build your credit portfolio. If you have a robust credit profile, financing can help diversify. Most lenders assess a variety of credit factors, and having a diverse portfolio of different types of credit can be beneficial. 

Since 1943, it’s been Automatic in Memphis! Contact the experts at Automatic Air Conditioning, Heating & Plumbing to get started on your next AC replacement and installation.

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