While there are some benefits, financing can be problematic if you’re not able to secure the right loan
My sibling Jen has been living in his house for about 6 years now. She is a single mom who works hard to make sure his child has a comfortable life. After his divorce, his ex-husband moved out of state which means Jen is primarily responsible for his daughter’s wellbeing. About a year ago, Jen’s Heating, Ventilation and A/C system broke down plus unfortunately, it could not be fixed. The component was seasoned plus needed to be replaced for a while, however my sibling didn’t have the extra currency to purchase a new Heating, Ventilation and A/C system. I provided to help but he declined as he wanted to figure it out on his own! Well, he was able to find a way to get a new component separate from having to spend all the upfront cost. She was able to finance a new component with his Heating, Ventilation and A/C provider. At first, I wasn’t sure if that was the best option for Jen, however as with anything there are pros plus cons to financing. One advantage to financing is that you avoid paying the full price for a new system which could be up to $12,000. Another advantage is you will receive a high energy efficient unit, which will mean some cost saving on your energy bill. So over time, the new component would be paying for itself. While there are some benefits, financing can be problematic if you’re not able to secure the right loan. A high interest rate loan would cost you more in the end, plus a HELOC (house equity line of credit) could prevent you from selling your home. So, it’s just best to weigh your possibilities when it comes to buying a new Heating, Ventilation and A/C system.